TAX BENEFIT

3 Months Ended

Mar. 31, 2025

TAX BENEFIT

TAX BENEFIT

NOTE 5 – TAX BENEFIT

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

	Three Months Ended March 31,
(U.S. dollars in thousands)	2025		2024
Deferred taxes on income	$	(113)	$	(138)
Total tax benefit	$	(113)	$	(138)

The Company had an effective tax rate of (3)% for the three months ended March 31, 2025 and for the three months ended March 31, 2024. For the three months ended March 31, 2025, 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 of 2017 (the “TCJA”), which was enacted in December 2017.