TAXES ON INCOME

3 Months Ended

Mar. 31, 2024

TAXES ON INCOME

TAXES ON INCOME

NOTE 6 – TAXES ON INCOME

The following table summarizes the Company’s taxes on income:

	Three Months Ended
(U.S. dollars in thousands)	March 31, 2024		March 31, 2023
Current taxes on income		-	$	195
Deferred taxes on income	$	(138)		-
Total taxes on income (tax benefit)	$	(138)	$	195

The Company had an effective tax rate of (3)% for the three months ended March 31, 2024, compared to an effective tax rate of 7% for the three months ended March 31, 2023. For the three months ended March 31, 2024, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was the result of forecasted profits derived primarily from U.S. taxable GILTI income mainly due to Section 174 of the U.S. Tax Cuts and Jobs Act, which was enacted in December 2017 (the “TCJA”).