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v3.19.2

Note 19 - Tax assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Tax Assets And Liabilties Abstract |
Reconciliation of Taxation at the Spanish Corporation Tax Rate to the Tax Expense recorded for the period |
Reconciliation of Taxation at the Spanish Corporation Tax Rate to the Tax Expense Recorded for the Period (Millions of euros)
| 2018 | 2017 | 2016
| Amount | Effective Tax % | Amount | Effective Tax % | Amount | Effective Tax %
Profit or (-) loss before tax | 8.446 |  | 6.931 |  | 6.392 |
From continuing operations | 8.446 |  | 6.931 |  | 6.392 |
Taxation at Spanish corporation tax rate 30% | 2.534 |  | 2.079 |  | 1.918 |
Lower effective tax rate from foreign entities (*) | (234) |  | (307) |  | (298) |
Mexico | (78) | 28% | (100) | 27% | (105) | 26%
Chile | (18) | 21% | (29) | 21% | (27) | 17%
Colombia | 10 | 33% | (3) | 29% | 22 | 36%
Peru | (12) | 28% | (16) | 27% | (18) | 26%
Turkey | (132) | 20% | (182) | 21% | (176) | 21%
Others | (4) |  | 23 |  | 6 |
Revenues with lower tax rate (dividends/capital gains) | (57) |  | (53) |  | (69) |
Equity accounted earnings | 3 |  | (2) |  | (11) |
Other effects | 49 |  | 452 |  | 159 |
Current income tax | 2.295 |  | 2.169 |  | 1.699 |
Of which: |  |  |  |  |  |
Continuing operations | 2.295 |  | 2.169 |  | 1.699 |
(*) Calculated by applying the difference between the tax rate in force in Spain and the one applied to the Group’s earnin gs in each jurisdiction.
Effective Tax Rate |
Effective Tax Rate (Millions of euros)
|  | 2018 | 2017 | 2016
Income from: |  |  |  |
Consolidated Tax Group |  | 1.482 | (678) | (483)
Other Spanish Entities |  | 33 | 29 | 52
Foreign Entities |  | 6.931 | 7.580 | 6.823
Total |  | 8.446 | 6.931 | 6.392
Income tax and other taxes |  | 2.295 | 2.169 | 1.699
Effective Tax Rate |  | 27,17% | 31,3% | 26,6%
Tax recognized in total equity |
Tax recognized in total equity (Millions of euros)
|  | 2018 | 2017 | 2016
Charges to total equity |  |  |  |
Debt securities and others |  | (87) | (355) | (533)
Equity instruments |  | (56) | (74) | (2)
Subtotal |  | (143) | (429) | (535)
Total |  | (143) | (429) | (535)
Table Of Tax Assets And Liabiltiies Explanatory |
Tax assets and liabilities (Millions of euros)
|  | 2018 | 2017 | 2016
Tax assets |  |  |  |
Current tax assets |  | 2.784 | 2.163 | 1.853
Deferred tax assets |  | 15.316 | 14.725 | 16.391
Pensions |  | 405 | 395 | 1.190
Financial Instruments |  | 1.401 | 1.453 | 1.371
Other assets (investments in subsidiaries) |  | 302 | 357 | 662
Impairment losses |  | 1.375 | 1.005 | 1.390
Other |  | 990 | 870 | 1.236
Secured tax assets (*) |  | 9.363 | 9.433 | 9.431
Tax losses |  | 1.480 | 1.212 | 1.111
Total |  | 18.100 | 16.888 | 18.245
Tax Liabilities |  |  |  |
Current tax liabilities |  | 1.230 | 1.114 | 1.276
Deferred tax liabilities |  | 2.046 | 2.184 | 3.392
Financial Instruments |  | 1.136 | 1.427 | 1.794
Charge for income tax and other taxes |  | 910 | 757 | 1.598
Total |  | 3.276 | 3.298 | 4.668
(*) Law guaranteeing the deferred tax assets has been approved in Spain in 2013. In years 2016 and 2017 guaranteed deferred tax assets also existed in Portugal but in year 2018 they lost the guarantee due to the merge between BBVA Portugal S.A. and BBVA, S.A.
Deferred tax assets and liabilities |
Deferred tax assets and liabilities (Millions of euros)
|  | 2018 | 2017 | 2016
|  | Deferred Assets | Deferred Liabilities | Deferred Assets | Deferred Liabilities | Deferred Assets | Deferred Liabilities
Balance at the beginning |  | 14.725 | 2.184 | 16.391 | 3.392 | 15.878 | 3.418
Pensions |  | 10 | - | (795) | - | 168 | -
Financials Instruments |  | (52) | (291) | 82 | (367) | (103) | (113)
Other assets |  | (55) | - | (305) | - | 108 | -
Impairment losses |  | 370 | - | (385) | - | 44 | -
Others |  | 120 | 153 | (366) | (841) | 255 | -
Guaranteed Tax assets |  | (70) | - | 2 | - | (105) | -
Tax Losses |  | 268 | - | 101 | - | 146 | -
Charge for income tax and other taxes |  | - | - | - | - | - | 87
Balance at the end |  | 15.316 | 2.046 | 14.725 | 2.184 | 16.391 | 3.392
Secured Tax Assets |
Secured tax assets (Millions of euros)
|  | 2018 | 2017 (*) | 2016 (*)
Pensions |  | 1.874 | 1.897 | 1.901
Impairment losses |  | 7.489 | 7.536 | 7.530
Total |  | 9.363 | 9.433 | 9.431
(*) In 2017 and 2016 guaranteed deferred tax assets also existed in Portugal but in 2018 they lost the guarantee.

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