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TAX SITUATION (Tables) | 12 Months Ended
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Dec. 31, 2020
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 in the corresponding taxable year have a taxable income equal or greater than 120,000 Tax Value Unit (“UVT” from its Spanish acronym), which as of December 31, 2020 is equivalent to a total of S/4.5 million; in that sense, Credicorp Capital Colombia, Credicorp Capital Fiduciaria and Banco de la Microempresa de Colombia (before Banco Compartir) must pay the income tax taking into account the aforementioned.
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:
|  | 2020 |  | 2019 |  | 2018
|  | In millions |  | % |  | In millions |  | % |  | In millions |  | %
Theoretical tax and income tax rate in Perú |  | (66.1) |  | (29.50) |  | (1,764.0) |  | (29.50) |  | (1,649.8) |  | (29.50)
Increase (decrease) in the statutory tax rate due to: |  |  |  |  |  |  |  |  |  |  |  |
(i) Increase (decrease) due to the profit of subsidiaries not domiciled in Perú |  | 50.1 |  | 22.36 |  | 49.9 |  | — |  | 41.9 |  | —
(ii) Provision tax on dividends |  | (44.6) |  | (19.91) |  | (142.7) |  | — |  | (46.8) |  | —
(iii) Non-taxable income, net |  | 117.3 |  | 52.32 |  | 233.8 |  | 3.91 |  | 133.7 |  | 2.39
(iv) Change in estimate of deferred tax rate, net (Banco de Crédito de Bolivia) |  | 53.3 |  | 23.80 |  | — |  | — |  | — |  | —
Income tax and effective income tax rate |  | 110.0 |  | 49.06 |  | (1,623.0) |  | (25.59) |  | (1,521.0) |  | (27.11)
Schedule of detailed information about income tax expenses | b) Income tax expense for the years ended December 31, 2020, 2019 and 2018 comprises:
|  | 2020 |  | 2019 |  | 2018
|  | S/(000) |  | S/(000) |  | S/(000)
Current - |  |  |  |  |  |
In Peru |  | 926,361 |  | 1,469,497 |  | 1,315,896
In other countries |  | 110,973 |  | 206,120 |  | 113,912
|  | 1,037,334 |  | 1,675,617 |  | 1,429,808
Deferred - |  |  |  |  |  |
In Peru |  | (927,130) |  | (30,862) |  | 87,952
In other countries |  | (220,181) |  | (21,573) |  | 3,149
|  | (1,147,311) |  | (52,435) |  | 91,101
Total |  | (109,977) |  | 1,623,182 |  | 1,520,909
Schedule of deferred taxes | c) The following table presents a summary of the Group’s deferred income tax:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Deferred income tax asset, net |  |  |  |
Deferred asset |  |  |  |
Allowance for loan losses for loan portfolio |  | 1,738,240 |  | 699,970
Freezing credits (zero rate) and FAE funds |  | 45,317 |  | —
Provision for profit sharing |  | 40,648 |  | 57,351
Carry forward tax losses |  | 34,972 |  | 4,773
Provision for pending vacations |  | 25,994 |  | 24,378
Provision for sundry expenses and risks |  | 24,972 |  | 35,056
Depreciation of improvements for leased premises |  | 24,945 |  | 19,005
Provision of interest on overdue refinanced loans |  | 24,254 |  | —
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  | 21,062 |  | 632
Provision of Stock awards |  | 15,325 |  | 2,233
Unrealized loss in valuation on cash flow hedge derivatives |  | 999 |  | 14,992
Others |  | 83,717 |  | 50,403
Deferred liability |  |  |  |
Intangibles, net |  | (219,980) |  | (223,101)
Buildings depreciation |  | (65,052) |  | (66,818)
Adjustment for difference in exchange of SUNAT and SBS |  | (28,424) |  | (30,846)
Unrealized gain due to valuation of investments at fair value through other comprehensive income |  | (28,377) |  | (12,387)
Deferred acquisitions costs - DAC |  | (14,705) |  | (17,578)
Unrealized gain from valuation of fair value hedging derivatives |  | (13,714) |  | (9,451)
Buildings revaluation |  | (4,234) |  | (4,795)
Unrealized gain in valuation on cash flow hedge derivatives |  | (3,974) |  | (2,021)
Fluctuation of the fair value of the covered bonds |  | (1,707) |  | (7,971)
Others |  | (6,623) |  | (12,977)
Total |  | 1,693,655 |  | 520,848
Deferred income tax liability, net |  |  |  |
Deferred asset |  |  |  |
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  | 20,488 |  | 6,229
Carry forward tax losses |  | 19,443 |  | 14,309
Provision for sundry expenses and risks |  | 18,634 |  | 5,313
Deferred income due to commission |  | 9,021 |  | 8,138
Allowance for loan losses for insurance |  | — |  | 6,945
Provision for profit sharing |  | 4,041 |  | 8,562
Others |  | 21,514 |  | 19,351
Deferred liability |  |  |  |
Intangibles, net |  | (41,491) |  | (50,048)
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 |  | (36,796) |  | (34,054)
Deferred acquisitions costs - DAC |  | (26,616) |  | (27,925)
Technical reserves for premiums |  | — |  | (23,180)
Catastrophic insurance reserve |  | (10,682) |  | (9,776)
Leasing operations related to loans |  | (3,595) |  | (3,810)
Buildings revaluation |  | (3,558) |  | (3,463)
Others |  | (36,417) |  | (11,280)
Total |  | (105,529) |  | (134,204)
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 2020
Mibanco, Banco de la Microempresa S.A. |  | 2016 to 2020
Prima AFP S.A |  | 2016 to 2020
Pacífico Compañía de Seguros y Reaseguros |  | 2017 to 2020
Pacífico Peruano Suiza |  | 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 |  | 2012, 2014, 2015 to 2020
Credicorp Capital Colombia |  | 2016, 2017, 2018 to 2020
Credicorp Capital Holding Chile |  | 2020

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