TAXES ON INCOME (TAX BENEFIT) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| TAXES ON INCOME (TAX BENEFIT) | NOTE 6 – TAXES ON INCOME (TAX BENEFIT) The following table summarizes the Company’s taxes on income:
The Company had an effective tax rate of 13% for the six months ended June 30, 2025 compared to an effective tax rate of (3)% for the six months ended June 30, 2024. For the six months ended June 30, 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. On July 4, 2025, tax reform legislation was enacted in the United States through the passage of H.R.1, One Big Beautiful Bill Act (“HR1”), which includes significant corporate tax changes, including a restoration of the current deductibility for domestic research expenditures beginning in 2025, with transition options for previously capitalized amounts. The Company continues to evaluate the impact that the new legislation will have on the consolidated financial statements. |
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