Incredimail 2011 Annual Report Download - page 119

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PERION NETWORK LTD. AND ITS SUBSIDIARIES
(Formerly: Incredimail Ltd.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 10:
-
INCOME TAXES (Cont.)
g.
A reconciliation of the Company's effective tax rate to the statutory tax rate in Israel is as follows:
Year ended December 31,
2009
2010
2011
Income before taxes on income
$
11,558
$
11,621
$
5,840
Statutory tax rate in Israel
26
%
25
%
24
%
Theoretical income tax expense
$
3,005
$
2,905
$
1,402
Increase (decrease) in tax expenses resulting from:
"Approved Enterprise" benefits
(4
)
-
(1,751
)
Non
-
deductible expenses
232
230
78
Previous years taxes
185
-
(156
)
Losses and timing differences for which no deferred taxes were recorded
-
-
994
Tax adjustment in respect of different tax rate
-
-
(400
)
Losses (gains) from marketable securities and ARSs for which valuation allowance has
been provided
22
-
-
Other
105
97
5
Taxes on income
$
3,545
$
3,232
172
Benefit per Ordinary share, resulting from "Approved Enterprise" status:
Basic
$
-
$
-
$
0.18
Diluted
$
-
$
-
$
0.18
h.
Income taxes are comprised as follows:
Year ended December 31,
2009
2010
2011
Deferred tax (benefit) expense
$
1,515
$
(385
)
$
(1,140
)
Current taxes
1,845
3,617
1,468
Previous years taxes
185
-
(156
)
$
3,545
$
3,232
$
172
F
-
32