TAXES ON INCOME

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

TAXES ON INCOME

NOTE 16 - TAXES ON INCOME

A. The Company is subject to income taxes under Israeli tax laws:

1. Corporate tax rates in Israel

The Israeli corporate tax rate was 23% in 2023, 2022 and 2021. Such tax rate changes had no significant impact on the Company’s financial statements.

2. As of December 31, 2023, the Company generated net operating losses of approximately $73,448, which may be carried forward and offset against taxable income in the future for an indefinite period.

3. The Company is still in its development stage and has not yet generated significant revenues; therefore, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a full valuation allowance was recorded.

	Year Ended December 31,
	2023			2022			2021
Deferred tax assets:	USD in thousands
Operating loss carryforward		73,448			68,870			51,683
Deferred taxes due to carryforward losses		16,893			15,840			11,887
Valuation allowance		(16,893	)		(15,840	)		(11,887	)
Net deferred tax asset		—			—			—

4. The Company has no unrecognized tax positions and foreign sources of income.

5. Foresight Autonomous Holdings Ltd. has final tax assessments until and including 2019. Foresight Ltd. And Eye-Net has final tax assessments until and including 2018.

6. Effective tax expense (benefit): The components of loss before tax and a reconciliation of the Company’s income tax expense to the Company’s theoretical statutory tax benefit is as follows:

	Year Ended December 31,
	2023			2022			2021
Loss before taxes on income		18,410			21,676			15,036
Israeli statutory income tax rate		23	%		23	%		23	%
Theoretical statutory tax benefit		4,234			4,985			3,458
Losses for which a valuation allowance was provided or benefit from loss carryforwards and permanent differences		(4,234	)		(4,985	)		(3,458	)
Income tax expense		-			-			-