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TAX SITUATION (Tables) | 12 Months Ended
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Dec. 31, 2021
TAX SITUATION [Abstract] |
Reconciliation Between the Statutory Income Tax Rate and Effective Tax Rate | The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | In millions |  |  | % |  |  | In millions |  |  | % |  |  | In millions |  |  | % |
Theoretical tax and income tax rate in Perú |  |  | (1,573.2 | ) |  |  | (29.50 | ) |  |  | (66.1 | ) |  |  | (29.50 | ) |  |  | (1,762.2 | ) |  |  | (29.50 | )
Decrease (Increase) in the statutory tax rate due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(i) Decrease (Increase) due to the profit of subsidiaries not domiciled in Perú |  |  | (12.8 | ) |  |  | (0.24 | ) |  |  | 50.1 |  |  |  | 22.36 |  |  |  | 49.6 |  |  |  | 0.83 |
(ii) Provision tax on dividends |  |  | (78.6 | ) |  |  | (1.47 | ) |  |  | (44.6 | ) |  |  | (19.91 | ) |  |  | (142.1 | ) |  |  | (2.39 | )
(iii) Non-taxable income, net |  |  | 3.5 |  |  |  | 0.06 |  |  |  | 117.3 |  |  |  | 52.32 |  |  |  | 231.5 |  |  |  | 3.91 |
(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 |  |  | (1,660.99 | ) |  |  | (31.15 | ) |  |  | 109.98 |  |  |  | 49.06 |  |  |  | (1,623.18 | ) |  |  | (27.14 | )
Income Tax Expenses |
| b) | Income tax expense for the years ended December 31, 2021, 2020 and 2019 comprises:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Current - |  |  |  |  |  |  |  |  |  |  |  |
In Perú |  |  | 945,937 |  |  |  | 926,361 |  |  |  | 1,469,497 |
In other countries |  |  | 167,657 |  |  |  | 110,973 |  |  |  | 206,120 |
|  |  | 1,113,594 |  |  |  | 1,037,334 |  |  |  | 1,675,617 |
Deferred - |  |  |  |  |  |  |  |  |  |  |  |
In Perú |  |  | 548,920 |  |  |  | (927,130 | ) |  |  | (30,862 | )
In other countries |  |  | (1,527 | ) |  |  | (220,181 | ) |  |  | (21,573 | )
|  |  | 547,393 |  |  |  | (1,147,311 | ) |  |  | (52,435 | )
Total |  |  | 1,660,987 |  |  |  | (109,977 | ) |  |  | 1,623,182 |
Deferred Income Tax |
| c) | The following table presents a summary of the Group’s deferred income tax:
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Deferred income tax asset, net |  |  |  |  |  |  |  |
Deferred asset |  |  |  |  |  |  |  |
Allowance for loan losses for loan portfolio |  |  | 1,266,336 |  |  |  | 1,738,240 |
Provision for profit sharing |  |  | 84,625 |  |  |  | 40,648 |
Provision for sundry expenses and risks |  |  | 62,029 |  |  |  | 24,972 |
Carry forward tax losses |  |  | 35,243 |  |  |  | 34,972 |
Provision for pending vacations |  |  | 28,287 |  |  |  | 25,994 |
Depreciation of improvements for leased premises |  |  | 28,177 |  |  |  | 24,945 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  |  | 23,744 |  |  |  | 999 |
Provision of Stock awards |  |  | 14,641 |  |  |  | 15,325 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  |  | 7,372 |  |  |  | 21,062 |
Freezing credits (zero rate) and FAE funds |  |  | – |  |  |  | 45,317 |
Provision of interest on overdue refinanced loans |  |  | – |  |  |  | 24,254 |
Others |  |  | 97,732 |  |  |  | 83,717 |
Deferred liability |  |  |  |  |  |  |  |
Intangibles, net |  |  | (242,521 | ) |  |  | (219,980 | )
Adjustment for difference in exchange of SUNAT and SBS |  |  | (119,246 | ) |  |  | (28,424 | )
Buildings depreciation |  |  | (59,029 | ) |  |  | (65,052 | )
Deferred acquisitions costs - DAC |  |  | (15,900 | ) |  |  | (14,705 | )
Unrealized gain due to valuation of investments at fair value through other comprehensive income |  |  | (10,966 | ) |  |  | (28,377 | )
Unrealized gain from valuation of fair value hedging derivatives |  |  | (8,800 | ) |  |  | (13,714 | )
Buildings revaluation |  |  | (3,642 | ) |  |  | (4,234 | )
Unrealized gain in valuation on cash flow hedge derivatives |  |  | (3,407 | ) |  |  | (3,974 | )
Fluctuation of the fair value of the covered bonds |  |  | – |  |  |  | (1,707 | )
Others |  |  | (7,316 | ) |  |  | (6,623 | )
Total |  |  | 1,177,359 |  |  |  | 1,693,655 |
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Deferred income tax liability, net |  |  |  |  |  |  |  |
Deferred asset |  |  |  |  |  |  |  |
Provision for sundry expenses and risks |  |  | 20,710 |  |  |  | 18,634 |
Carry forward tax losses |  |  | 19,757 |  |  |  | 19,443 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  |  | 16,636 |  |  |  | 20,488 |
Deferred income from commissions on remuneration |  |  | 7,850 |  |  |  | 4,041 |
Provision for profit sharing |  |  | 6,193 |  |  |  | 9,021 |
Others |  |  | 16,519 |  |  |  | 21,514 |
Deferred liability |  |  |  |  |  |  |  |
Intangibles, net |  |  | (41,179 | ) |  |  | (41,491 | )
Gain generated in the reorganization of Pacífico EPS |  |  | (39,515 | ) |  |  | (39,515 | )
Deferred acquisitions costs - DAC |  |  | (23,160 | ) |  |  | (26,616 | )
Unrealized gain due to valuation of investments at fair value through other comprehensive income |  |  | (22,839 | ) |  |  | (36,796 | )
Reserve for reinstatement premium costs and deductibles |  |  | (11,762 | ) |  |  | (10,682 | )
Leasing operations related to loans |  |  | (3,409 | ) |  |  | (3,595 | )
Buildings revaluation |  |  | (3,296 | ) |  |  | (3,558 | )
Others |  |  | (47,563 | ) |  |  | (36,417 | )
Total |  |  | (105,058 | ) |  |  | (105,529 | )
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 2021 |
MiBanco, Banco de la Microempresa S.A. |  |  | 2016 to 2021 |
Pacífico Compañía de Seguros y Reaseguros |  |  | 2017 to 2021 |
Credicorp Capital Servicios Financieros |  |  | 2017 to 2021 |
Credicorp Capital Perú |  |  | 2017 to 2021 |
Credicorp Capital Holding Perú S.A.A. |  |  | 2017 to 2021 |
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 | 2016 to 2020
Credicorp Capital Colombia | 2016 to 2020
Credicorp Capital Holding Chile | 2019 to 2020

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