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TAX SITUATION (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | In millions |  |  | % |  |  | In millions |  |  | % |  |  | In millions |  |  | % |
Theoretical tax and income tax rate in Perú |  |  | (2,040.9 | ) |  |  | (29.50 | ) |  |  | (2,022.5 | ) |  |  | (29.50 | ) |  |  | (1,573.2 | ) |  |  | (29.50 | )
Decrease (Increase) in the statutory tax rate due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(i) Decrease (Increase) due to the profit of subsidiaries not domiciled in Perú |  |  | 52.8 |  |  |  | 0.77 |  |  |  | (75.8 | ) |  |  | (1.11 | ) |  |  | (12.8 | ) |  |  | (0.24 | )
(ii) Provision tax on dividends |  |  | (235.7 | ) |  |  | (3.44 | ) |  |  | (168.4 | ) |  |  | (2.46 | ) |  |  | (78.6 | ) |  |  | (1.47 | )
(iii) Non-taxable income, net |  |  | 335.3 |  |  |  | 4.59 |  |  |  | 156.2 |  |  |  | 2.29 |  |  |  | 3.6 |  |  |  | 0.06 |
Income tax and effective income tax rate |  |  | (1,888.5 | ) |  |  | (27.58 | ) |  |  | (2,110.5 | ) |  |  | (30.78 | ) |  |  | (1,661.0 | ) |  |  | (31.15 | )
Income Tax Expenses |
| b) | Income tax expense for the years ended December 31, 2023, 2022 and 2021 comprises:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
Current - |  |  |  |  |  |  |  |  |  |  |  |
In Perú |  |  | 1,669,370 |  |  |  | 1,799,467 |  |  |  | 945,937 |
In other countries |  |  | 295,169 |  |  |  | 197,971 |  |  |  | 167,657 |
|  |  | 1,964,539 |  |  |  | 1,997,438 |  |  |  | 1,113,594 |
Deferred - |  |  |  |  |  |  |  |  |  |  |  |
In Perú |  |  | (28,734 | ) |  |  | 37,447 |  |  |  | 548,920 |
In other countries |  |  | (47,354 | ) |  |  | 75,616 |  |  |  | (1,527 | )
|  |  | (76,088 | ) |  |  | 113,063 |  |  |  | 547,393 |
Total |  |  | 1,888,451 |  |  |  | 2,110,501 |  |  |  | 1,660,987 |
Deferred Income Tax |
| c) | The following table presents a summary of the Group’s deferred income tax:
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
Deferred income tax asset, net |  |  |  |  |  |  |  |
Deferred asset |  |  |  |  |  |  |  |
Allowance for loan losses for loan portfolio |  |  | 1,023,000 |  |  |  | 1,108,687 |
Provision for profit sharing |  |  | 70,908 |  |  |  | 73,402 |
Provision for sundry expenses and risks |  |  | 59,984 |  |  |  | 35,393 |
Carry forward tax losses |  |  | 63,668 |  |  |  | 50,675 |
Provision for pending vacations |  |  | 32,370 |  |  |  | 31,724 |
Depreciation of improvements for leased premises |  |  | 20,436 |  |  |  | 23,762 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  |  | 5,837 |  |  |  | 5,160 |
Provision of Stock awards |  |  | 13,821 |  |  |  | 45,510 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  |  | 39,364 |  |  |  | 71,214 |
Unrealized gain from valuation of fair value hedging derivatives |  |  | – |  |  |  | 8,246 |
Others |  |  | 209,491 |  |  |  | 120,239 |
Deferred liability |  |  |  |  |  |  |  |
Intangibles, net |  |  | (176,271 | ) |  |  | (253,696 | )
Adjustment for difference in exchange of Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT) and SBS |  |  | (45,016 | ) |  |  | (61,858 | )
Buildings depreciation |  |  | (63,839 | ) |  |  | (64,462 | )
Deferred acquisitions costs |  |  | (16,070 | ) |  |  | (16,537 | )
Unrealized gain due to valuation of investments at fair value through other comprehensive income |  |  | (3,743 | ) |  |  | (1,099 | )
Buildings revaluation |  |  | (2,552 | ) |  |  | (3,113 | )
Unrealized gain in valuation on cash flow hedge derivatives |  |  | (804 | ) |  |  | (5,262 | )
Others |  |  | (48,389 | ) |  |  | (33,238 | )
Total |  |  | 1,182,195 |  |  |  | 1,134,747 |
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
Deferred income tax liability, net |  |  |  |  |  |  |  |
Deferred asset |  |  |  |  |  |  |  |
Provision for sundry expenses and risks |  |  | 12,395 |  |  |  | 21,192 |
Carry forward tax losses |  |  | 19,757 |  |  |  | 19,757 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income |  |  | 8,731 |  |  |  | 41,146 |
Provision for workers profit sharing |  |  | 17,897 |  |  |  | 12,911 |
Deferred income from commissions on remuneration |  |  | 5,274 |  |  |  | 4,992 |
Others |  |  | 8,674 |  |  |  | 10,270 |
Deferred liability |  |  |  |  |  |  |  |
Intangibles, net |  |  | (36,569 | ) |  |  | (37,315 | )
Gain generated in the reorganization of Pacífico EPS |  |  | (39,515 | ) |  |  | (39,515 | )
Deferred acquisitions costs |  |  | (8,186 | ) |  |  | (22,991 | )
Unrealized gain due to valuation of investments at fair value through other comprehensive income |  |  | (13,846 | ) |  |  | (10,716 | )
Reserve for reinstatement premium costs and deductibles |  |  | (10,942 | ) |  |  | (11,251 | )
Leasing operations related to loans |  |  | (3,038 | ) |  |  | (3,224 | )
Buildings revaluation |  |  | (3,296 | ) |  |  | (3,296 | )
Others |  |  | (64,853 | ) |  |  | (56,965 | )
Total |  |  | (107,517 | ) |  |  | (75,005 | )
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, 2017, 2020 to 2023 |
Mibanco |  |  | 2018, 2021 to 2023 |
Pacífico Compañía de Seguros y Reaseguros |  |  | 2018 to 2023 |
Credicorp Capital Servicios Financieros |  |  | 2018 to 2023 |
Credicorp Capital Perú |  |  | 2018 to 2023 |
Credicorp Capital Holding Perú S.A.A. |  |  | 2018 to 2023 |
Grupo Credito |  |  | 2018 to 2023 |
Income Tax Returns of Major Subsidiaries Auditing the Sworn Declaration by Tax Authorities | It is worth mentioning that the Tax Authority is auditing the sworn declaration of:
Banco de Crédito del Perú | 2019
Mibanco | 2021
Grupo Crédito | 2017
Annual Income Tax Declarations Pending Examination by the Overseas Tax Authorities | The Bolivian, Chilean and Colombian Tax Authorities have the power to review and, if applicable, make a new determination for the income tax the subsidiaries to Credicorp located in said countries, upon presentation of their Income Tax declarations. Additionally, in the case of Colombia, a period of 6 years was established for the taxpayers obliged to apply Transfer Prices or taxpayers who report tax losses. The annual income tax declarations pending examination by the overseas tax authorities are the following:
Banco de Crédito de Bolivia | 2015 to 2023
Credicorp Capital Colombia | 2017 to 2023
Mibanco Colombia | 2019 to 2023

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