Taxes on Income

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

TAXES ON INCOME

NOTE 6:- TAXES ON INCOME

The Company’s subsidiaries are separately taxed under the domestic tax laws of the jurisdiction of incorporation of each entity.

a. Corporate tax rates in U.S.:

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (“the TCJA”) was signed into law, permanently lowering the corporate federal income tax rate from 35% to 21%, effective January 1, 2018. The company is subject to U.S. income tax laws. There are no significant provisions for U.S. federal, state or other taxes for any period.

b. Corporate tax rates in Israel:

The Israeli statutory corporate tax rate and real capital gains were 23% in 2020-2021.

c. 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 are as follows:

	December 31,
	2021			2020
Deferred tax assets:
Carry forward tax losses	$	1,412		$	1,174
Net deferred tax asset before valuation allowance		1,412			1,174
Valuation allowance		(1,412	)		(1,174	)
Net deferred tax asset	$	-		$	-

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on consideration of these factors, the Company recorded a full valuation allowance at December 31, 2021, and 2020.

d. Net operating carry-forward losses for tax purposes:

As of December 31, 2021, the Company’s carry-forward losses amounting to approximately $6,532, and Saffron Tech’s carry-forward losses amounting to approximately $1,456, which can be carried forward for an indefinite period.