14.	DEFERRED TAX ASSETS AND LIABILITIES

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities of the Group are attributable to the following:

	Assets				Liabilities						Net
	2023 US$’000		2022 US$’000		2023 US$’000			2022 US$’000			2023 US$’000			2022 US$’000
Property, plant and equipment		168		229		-			(5	)		168			224
Intangible assets		-		-		(931	)		(3,950	)		(931	)		(3,950	)
Inventories		105		423		-			-			105			423
Provisions		558		2,194		-			-			558			2,194
Tax value of loss carry-forwards		1,030		1,254		-			-			1,030			1,254
Other items		114		118		(1,369	)		(1,103	)		(1,255	)		(985	)

Deferred tax assets/(liabilities)		1,975		4,218		(2,300	)		(5,058	)		(325	)		(840	)

The deferred tax asset at December 31, 2023 is mainly due to deductible temporary differences relating to provisions and loss carry-forwards In 2023, the deferred tax asset decreased by US$2,243,000 mainly due to an decrease in deductible temporary differences principally attributable to provisions, inventory and loss carry-forwards.

The deferred tax liability is caused by the net book value of non-current assets being greater than the tax written down value of non-current assets, temporary differences due to the acceleration of the recognition of certain charges in calculating taxable income permitted in Ireland and the US. The deferred tax liability decreased by US$2,758,000 in 2023, principally because of impairment charges reducing the carrying value of intangible assets.

Deferred tax assets and liabilities are only offset when the entity has a legally enforceable right to set off current tax assets against current tax liabilities and where the intention is to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously. At December 31, 2023 and at December 31, 2022 no deferred tax assets and liabilities are offset as it is not certain as to whether there is a legally enforceable right to set off current tax assets against current tax liabilities and it is also uncertain as to what current tax assets may be set off against current tax liabilities and in what periods.

Most temporary differences are expected to reverse after 2024.

Movement in temporary differences during the year

	Balance January 1, 2023			Recognised in income			Recognised in discontinued operations		Balance December 31, 2023
	US$’000			US$’000			US$’000		US$’000
Property, plant and equipment		224			(56	)		-		168
Intangible assets		(3,950	)		2,827			192		(931	)
Inventories		423			(318	)		-		105
Provisions		2,194			(1,636	)		-		558
Tax value of loss carry-forwards		1,254			(224	)		-		1,030
Other items		(985	)		(270	)		-		(1,255	)

		(840	)		323			192		(325	)

	Balance January 1, 2022			Recognised in income			Recognised in discontinued operations		Balance December 31, 2022
	US$’000			US$’000			US$’000		US$’000
Property, plant and equipment		466			(242	)		-		224
Intangible assets		(3,969	)		16			3		(3,950	)
Inventories		620			(197	)		-		423
Provisions		1,871			323			-		2,194
Tax value of loss carry-forwards		1,016			238			-		1,254
Other items		(761	)		(224	)		-		(985	)

		(757	)		(86	)		3		(840	)

Unrecognised deferred tax assets

Deferred tax assets have not been recognised by the Group in respect of the following items, which have not been tax effected:

	December 31, 2023		December 31, 2022
	US$’000		US$’000
Capital losses		8,293		8,293
Net operating losses		136,202		75,957
US alternative minimum tax credits		1,790		1,906
Other temporary timing differences		57,986		38,960
US state credit carryforwards		4,015		2,753

		208,286		127,869