Table:
|  | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017 |
| --- | --- | --- | --- |
| Income tax benefit (expense) computed at statutory rate | (297) | (353) | (238) |
| Non-deductible and non-taxable permanent differences, net | 4 | 45 | 17 |
| Income (loss) on equity-method investments | — | — | — |
| Valuation allowance adjustments | 2 | 141 | 92 |
| Effect on deferred taxes of changes in enacted tax rates | 14 | (62) | (70) |
| Current year credits | 50 | 43 | 40 |
| Other tax and credits | (51) | (20) | (36) |
| Benefits from tax holidays | 129 | 135 | 114 |
| Net impact of changes to uncertain tax positions | (5) | (16) | (43) |
| Earnings of subsidiaries taxed at different rates | (2) | (9) | (19) |
| Income tax benefit (expense) | (156) | (96) | (143) |
Paragraphs:
The tax holidays represent a tax exemption period aimed to attract foreign technological investment in certain tax jurisdictions. The effect of the tax benefits, from tax holidays for countries which are profitable, on basic earnings per share was $0.14, $0.15 and $0.13 for the years ended December 31, 2019, 2018, and 2017, respectively. These agreements are present in various countries and include programs that reduce up to and including 100% of taxes in years affected by the agreements.
The Company’s tax holidays expire at various dates through the year ending December 31, 2028. In certain countries, tax holidays can be renewed depending on the Company still meeting certain conditions at the date of expiration of the current tax holidays.
In May 2019, Switzerland voted a tax reform which cancelled all favourable tax regimes and introduced a single tax rate for all companies, which triggered the revaluation of all deferred tax assets and liabilities. Enactment of this law occurred in third quarter of 2019, which resulted in a tax benefit of $20 million. The remeasurement of deferred taxes was reconciled in the fourth quarter of 2019 to include the current year activity, which did not have a material impact on the net remeasurement.
Question:
What is tax holidays?
Answer: The tax holidays represent a tax exemption period aimed to attract foreign technological investment in certain tax jurisdictions.