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TAX SITUATION (Tables) | 12 Months Ended
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Dec. 31, 2019
TAX SITUATION |
Schedule of tax rates |
|  |  |  | Additional
Taxable year |  | Rate |  | rate (surcharge) (*)
2020 |  | 32 |  | 4
2021 |  | 31 |  | 3
2022 |  | 30 |  | 3
As of 2023 |  | 30 |  | —
(*)The additional rate (surcharge ) will be applicable only to financial entities that have a taxable rate equal or greater than 120,000 Unit of tax value ("UVT" from its Spanish acronym) which as of December 31,2019 amounts to a total of S/4.2 million; in that sense, Credicorp Capital Fiduciaria and Banco Compartir must pay the income tax taking into account the aforemetioned.
Schedule of detailed information about reconciliation between the statutory income tax rate and the effective tax rate | The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows:
|  | 2019 |  | 2018 |  | 2017
|  | % |  | % |  | %
Peruvian statutory income tax rate |  | 29.50 |  | 29.50 |  | 29.50
Increase (decrease) in the statutory tax rate due to: |  |  |  |  |  |
(i) Increase arising from income of subsidiaries not domiciled in Peru |  | 1.55 |  | 0.09 |  | 0.47
(ii) Non-taxable income, net |  | (3.91) |  | (2.39) |  | (4.98)
Effective income tax rate |  | 27.14 |  | 27.20 |  | 24.99
Schedule of detailed information about income tax expenses | b) Income tax expense for the years ended December 31, 2019, 2018 and 2017 comprises:
|  | 2019 |  | 2018 |  | 2017
|  | S/(000) |  | S/(000) |  | S/(000)
Current - |  |  |  |  |  |
In Peru |  | 1,469,497 |  | 1,315,896 |  | 1,262,302
In other countries |  | 206,120 |  | 113,912 |  | 134,540
|  | 1,675,617 |  | 1,429,808 |  | 1,396,842
Deferred - |  |  |  |  |  |
In Peru |  | (30,967) |  | 87,952 |  | (18,264)
In other countries |  | (21,573) |  | 3,149 |  | 14,708
|  | (52,540) |  | 91,101 |  | (3,556)
Total |  | 1,623,077 |  | 1,520,909 |  | 1,393,286
Schedule of deferred taxes | c) The following table presents a summary of the Group’s deferred income tax:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Deferred income tax asset, net |  |  |  |
Deferred asset |  |  |  |
Allowance for loan losses for loan portfolio |  | 699,970 |  | 674,689
Provision for profit sharing |  | 57,351 |  | 8,852
Provision for sundry expenses and risks |  | 36,256 |  | 27,404
Provision for pending vacations |  | 24,378 |  | 16,817
Depreciation of improvements for leased premises |  | 19,005 |  | 20,479
Unrealized loss in valuation on cash flow hedge derivatives |  | 14,992 |  | 9,286
Carry forward tax losses |  | 4,773 |  | 6,790
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  | 632 |  | 4,105
Others |  | 51,541 |  | 35,122
Deferred liability |  |  |  |
Intangibles, net |  | (223,101) |  | (159,620)
Buildings depreciation |  | (66,818) |  | (68,398)
Adjustment for difference in exchange of SUNAT and SBS |  | (30,846) |  | (47,289)
Deferred acquisitions costs - DAC |  | (17,578) |  | (14,913)
Unrealized gain due to valuation of investments at fair value through other comprehensive income |  | (12,387) |  | (3,190)
Unrealized gain in valuation on fair value hedge derivatives |  | (9,451) |  | (5,201)
Fluctuation of the fair value of the covered bonds |  | (7,971) |  | (16,558)
Unrealized gain in valuation on cash flow hedge derivatives |  | (2,021) |  | (6,608)
Buildings revaluation |  | (4,795) |  | (5,356)
Others |  | (12,977) |  | (12,694)
Total |  | 520,953 |  | 463,717
Deferred income tax liability, net |  |  |  |
Deferred asset |  |  |  |
Carry forward tax losses |  | 14,309 |  | 20,369
Deferred income due to commission |  | 8,138 |  | 7,503
Allowance for loan losses for insurance |  | 6,945 |  | 8,298
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  | 6,229 |  | 11,893
Provision for sundry expenses and risks |  | 5,313 |  | 3,761
Others |  | 27,913 |  | 5,126
Deferred liability |  |  |  |
Intangibles, net |  | (50,048) |  | (36,907)
Gain generated in the reorganization of Pacífico EPS |  | (39,515) |  | (39,515)
Unrealized gain due to valuation of investments at fair value through other comprehensive income |  | (34,054) |  | (20,790)
Deferred acquisitions costs - DAC |  | (27,925) |  | (28,581)
Technical reserves for premiums |  | (23,180) |  | (12,084)
Others |  | (11,202) |  | (5,107)
Catastrophic insurance reserve |  | (9,776) |  | (9,950)
Leasing operations related to loans |  | (3,810) |  | (4,788)
Buildings revaluation |  | (3,463) |  | (1,694)
Buildings depreciation |  | (78) |  | (3,076)
Fluctuation due to valuation of investments at fair value through profit or loss |  | — |  | (3,061)
Total |  | (134,204) |  | (108,603)
Schedule of summary of income tax returns of major subsidiaries open for examination by tax authorities | d) The Peruvian Tax Authority has the right to review and, if necessary, amend the annual income tax returns filed by Peruvian subsidiaries up to four years after their filing date. Income tax returns of the major subsidiaries open for examination by the tax authorities are as follows:
Banco de Crédito del Perú S.A. |  | 2016 to 2019
Mibanco, Banco de la Microempresa S.A. |  | 2015 to 2019
Prima AFP S.A |  | 2016 to 2019
Pacífico Compañía de Seguros y Reaseguros |  | 2015 to 2019
Pacífico Peruano Suiza |  | 2015 to 2017
Schedule of summary of annual income tax declarations pending examination by the overseas tax authorities | The annual income tax declarations pending examination by the overseas tax authorities are the following:
Banco de Crédito de Bolivia |  | 2011, 2012, 2014 to 2019
Credicorp Capital Colombia |  | 2016 to 2019
Credicorp Capital Holding Chile |  | 2018 to 2019

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