Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 311

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 311
---
 $40  

B. Transactions

Description of the transactions for the years ended December 31, 2024, 2023 and 2022:

  Details                                 Description of the transactions                     2024      2023      2022  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  General and administrative expense      Directors’ fees and reimbursement to directors      $804      $780      $696  

F - 46

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2024

(dollars in thousands, except per share data)

NOTE 18:INCOME TAX

A. Tower Statutory Income Rates

Pursuant to Amendment 73 to the Israeli Investment Law adopted in 2017 and since Tower is an Israeli industrial company located in Migdal Ha’emek, Israel, it meets the conditions for “ Preferred Enterprises” and as such is entitled to an income tax rate of7.5%. Any portion of Tower’s taxable income that is not eligible for Preferred Enterprise benefits, if at all, is to be taxed at the Israeli statutory corporate income tax rate of23%.

B. Income Tax Expense, Net

The Company's provision for income tax is affected by income tax in a multinational tax environment. The income tax provision is an estimate determined based on current enacted tax laws and tax rates at each of its geographic locations, with the use of acceptable allocation methodologies based upon the Company’s organizational structure, operations and business mode of work, resulting in applicable taxable income attributable to each of the locations the Company operates in.

The Company’s income tax provision consists of the following for the years ended December 31, 2024, 2023 and 2022:

Details 2024 2023 2022
──────────────────────────────────────────────────────────────────────────────────────────────────────────
Current tax expense:
Local $ 17,431 $ - $ -
Foreign 5,579 13,374 13,167
Deferred tax expense (benefit):
Local ( 17,141 62,748 21,550
Foreign 4,336 ( 10,810 ( 9,215
Income tax expense, net $ 10,205 $ 65,312 $ 25,502

Details 2024 2023 2022
────────────────────────────────────────────────────────────────────────────────