Taxes on Income
|12 Months Ended|
Dec. 31, 2020
|Income Tax Disclosure [Abstract]|
|TAXES ON INCOME||
NOTE 14:- TAXES ON INCOME
Corporate tax rate in Israel in 2020 was 23%, 2019 - 23% and in 2018 was 23%.
The Company received final tax assessments through 2015.
As of December 31, 2020, the Company had carryforward losses amounting to approximately USD 140,485.
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:
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.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef