|12 Months Ended
Dec. 31, 2022
|Income Tax Disclosure [Abstract]
NOTE 9 - INCOME TAX
The Company and its Israeli subsidiary are taxed under Israel tax laws:
After the Company consummates its Net Operating Losses, the corporate tax rate applicable for the years 2020-2022, is 23%.
The Company and its subsidiary have tax assessments that are considered to be final through tax year 2017.
As of December 31, 2022, CollPlant Biotechnologies Ltd. and CollPlant Ltd had approximately $21,075, and $66,339, 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, 2022 and 2021, the Company does not have a provision for uncertain tax positions.