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Note 19 - Tax assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2020
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 year (Millions of Euros)
| 2020 | 2019 | 2018
| Amount | Effective tax % | Amount | Effective tax % | Amount | Effective tax %
Profit or (-) loss before tax | 3.576 |  | 6.398 |  | 8.446 |
From continuing operations | 5.248 |  | 7.046 |  | 7.565 |
From discontinued operations | (1.672) |  | (648) |  | 881 |
Taxation at Spanish corporation tax rate 30% | 1.073 |  | 1.920 |  | 2.534 |
Lower effective tax rate from foreign entities (*) | (181) |  | (381) |  | (234) |
Mexico | (32) | 29% | (112) | 27% | (78) | 28%
Chile | (2) | 23% | (2) | 27% | (18) | 21%
Colombia | 3 | 31% | 6 | 32% | 10 | 33%
Peru | (7) | 28% | (12) | 28% | (12) | 28%
Turkey | (73) | 25% | (86) | 23% | (132) | 20%
USA | (75) | 16% | (97) | 17% | (97) | 20%
Others | 5 |  | (78) |  | 93 |
Revenues with lower tax rate (dividends/capital gains) | (49) |  | (49) |  | (57) |
Equity accounted earnings | 12 |  | 18 |  | 3 |
Other effects (**) | 661 |  | 545 |  | (27) |
Income tax | 1.516 |  | 2.053 |  | 2.219 |
Of which: Continuing operations | 1.459 |  | 1.943 |  | 2.042 |
Of which: Discontinued operations | 57 |  | 110 |  | 177 |
Effective Tax Rate |
Effective tax rate (Millions of Euros)
|  | 2020 | 2019 | 2018
Income from: |  |  |  |
Consolidated tax group in Spain |  | 259 | (718) | 1.482
Other Spanish entities |  | 7 | 7 | 33
Foreign entities |  | 4.982 | 7.757 | 6.050
Gains (losses) before taxes from continuing operations |  | 5.248 | 7.046 | 7.565
Tax expense or income related to profit or loss from continuing operations |  | 1.459 | 1.943 | 2.042
Effective tax rate |  | 27,8% | 27,6% | 27,0%
Tax recognized in total equity |
Tax recognized in total equity (Millions of Euros)
|  | 2020 | 2019 | 2018
Charges to total equity |  |  |  |
Debt securities and others |  | (230) | (130) | (87)
Equity instruments |  | (43) | (40) | (56)
Subtotal |  | (273) | (170) | (143)
Total |  | (273) | (170) | (143)
Table Of Tax Assets And Liabiltiies Explanatory |
Tax assets and liabilities (Millions of Euros)
| 2020 | 2019 | 2018
Tax assets |  |  |
Current tax assets | 1.199 | 1.765 | 2.784
Deferred tax assets | 15.327 | 15.318 | 15.316
Pensions | 439 | 456 | 405
Financial Instruments | 1.292 | 1.386 | 1.401
Loss allowances | 1.683 | 1.636 | 1.375
Other | 1.069 | 1.045 | 1.292
Secured tax assets | 9.361 | 9.363 | 9.363
Tax losses | 1.483 | 1.432 | 1.480
Total | 16.526 | 17.083 | 18.100
Tax liabilities |  |  |
Current tax liabilities | 545 | 880 | 1.230
Deferred tax liabilities | 1.809 | 1.928 | 2.046
Financial Instruments | 908 | 1.014 | 1.136
Other | 901 | 914 | 910
Total | 2.355 | 2.808 | 3.276
Deferred tax assets and liabilities |
Deferred tax assets and liabilities. Annual variations (Millions of Euros)
|  | 2020 | 2019 | 2018
|  | Deferred assets | Deferred liabilities | Deferred assets | Deferred liabilities | Deferred assets | Deferred liabilities
Balance at the beginning |  | 15.318 | 1.928 | 15.316 | 2.046 | 14.725 | 2.184
Pensions |  | (17) | - | 51 | - | 10 | -
Financials instruments |  | (94) | (106) | (15) | (122) | (52) | (291)
Loss allowances |  | 47 | - | 261 | - | 370 | -
Others |  | 24 | (13) | (247) | 4 | 65 | 153
Guaranteed tax assets |  | (2) | - | - | - | (70) | -
Tax losses |  | 51 | - | (48) | - | 268 | -
Balance at the end |  | 15.327 | 1.809 | 15.318 | 1.928 | 15.316 | 2.046
Secured Tax Assets |
Secured tax assets (Millions of Euros)
|  | 2020 | 2019 | 2018
Pensions |  | 1.924 | 1.924 | 1.924
Loss allowances |  | 7.437 | 7.439 | 7.439
Total |  | 9.361 | 9.363 | 9.363

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