Taxes on Income
|12 Months Ended|
Dec. 31, 2022
|Income Tax Disclosure [Abstract]|
|TAXES ON INCOME||
NOTE 15:- TAXES ON INCOME
Israeli tax rate:
The Corporate tax rate in Israel relevant to the Company in 2020, 2021 and 2022 - 23%.
The Company’s subsidiaries are separately taxed under the U.S. tax laws at a corporate rate of 21%.
The following are the domestic (i.e. Israeli) and foreign components of the Company’s loss before income taxes:
The reconciliation of the income tax benefit that would result from applying the Israeli statutory tax rate to the Company’s reported income tax (benefit) is as follows:
As of December 31, 2022, the Company had a net operating loss carryforward for Israeli tax purposes of approximately $95,612. These net operating loss carryforwards can be carried forward and offset against taxable income indefinitely.
Deferred tax assets and liabilities are recognized for the 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 and for carryforwards.
The principal components of the Company’s deferred tax assets are as follows:
Based on the available evidence, management believes that it is more likely than not that certain of its deferred tax assets relating to net operating loss carryforwards and other temporary differences in Israel will not be realized and accordingly, a valuation allowance has been provided.
The Company has not received final tax assessments since its incorporation.
As of December 31, 2022, 2021 and 2020, the Company did not have any unrecognized tax benefits and does not expect that the amount of unrecognized tax benefits will change significantly within the next 12 months. The Company’s accounting policy is to accrue interest and penalties related to an underpayment of income taxes as a component of income tax expense.
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