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NOTE
14:- TAXES ON INCOME
Israeli
taxation:
Corporate
tax rate in Israel in 2019 was 23%, 2018 - 23% and in 2017 was 24%.
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b. |
Final
tax assessments: |
The
Company received final tax assessments through 2014.
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c. |
Net
operating carryforward losses for tax purposes and other temporary differences: |
As
of December 31, 2019, the Company had carryforward losses amounting to approximately USD 118,642.
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d. |
Deferred
income taxes: |
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes.
Significant
components of the Company's deferred tax assets and liabilities are as follows:
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|
December 31, |
|
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|
2019 |
|
|
2018 |
|
| Deferred tax assets: |
|
|
|
|
|
|
| Net operating loss carry forward |
|
$ |
27,288 |
|
|
$ |
22,931 |
|
| Temporary differences mainly relating to Research
and Development |
|
|
2,241 |
|
|
|
1,399 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax asset before valuation allowance |
|
|
29,529 |
|
|
|
24,330 |
|
| Valuation allowance |
|
|
(29,529 |
) |
|
|
(24,330 |
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| Deferred tax asset |
|
|
- |
|
|
|
- |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Other temporary differences |
|
|
- |
|
|
|
- |
|
| Deferred tax asset, net |
|
$ |
- |
|
|
$ |
- |
|
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e. |
Reconciliation
of the theoretical tax expense to the actual tax expense:
The
main reconciling item between the statutory tax rate of the Company and the effective tax rate is the recognition of valuation
allowance in respect of deferred taxes relating to accumulated net operating losses carried forward due to the uncertainty
of the realization of such deferred taxes.
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