Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Taxes on Income

v3.21.1
Taxes on Income
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
TAXES ON INCOME

NOTE 14:- TAXES ON INCOME


  a. Corporate tax rates:

Israeli taxation:


Corporate tax rate in Israel in 2020 was 23%, 2019 - 23% and in 2018 was 23%.


  b. Final tax assessments:

The Company received final tax assessments through 2015.


  c. Net operating carryforward losses for tax purposes and other temporary differences:

As of December 31, 2020, the Company had carryforward losses amounting to approximately USD 140,485.


  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:


    December 31,  
    2020     2019  
Deferred tax assets:            
Net operating loss carry forward   $ 32,312     $ 27,288  
Temporary differences mainly relating to Research and Development     3,581       2,241  
                 
Deferred tax asset before valuation allowance     35,893       29,529  
Valuation allowance     (35,893 )     (29,529 )
Deferred tax asset, net   $ -     $ -  

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.