|12 Months Ended|
Dec. 31, 2021
|Income Tax Disclosure [Abstract]|
NOTE 10 - INCOME TAX
The Company and its Israeli subsidiary are taxed under Israel tax laws:
The corporate tax rates applicable for the years 2019-2021 ,is 23%.
The Company and its subsidiary have tax assessments that are considered to be final through tax year 2016.
As of December 31, 2021, CollPlant Biotechnologies Ltd. and CollPlant Ltd had approximately $7,761 , and $54,807, respectively, of net carried forward tax losses which are available to be offset against future taxable income in future with no limited period of use.
Realization of deferred tax assets is contingent upon sufficient future taxable income during the period that deductible temporary differences and carried forward losses are expected to be available to be offset against taxable income. As the achievement of required future taxable income is not likely, the Company recorded a full valuation allowance.
The primary difference between the statutory tax rate of the Company and the effective rate results virtually from the changes in valuation allowance in respect of carried forward tax losses for tax purposes and research and development expenses due to the uncertainty of the realization of such tax benefits.
As of December 31, 2021 and 2020, the Company does not have a provision for uncertain tax positions.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef