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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes |
41. | Income Taxes
(1) | Income tax expense (benefit) for the years ended December 31, 2022, 2023 and 2024 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Current income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment of income tax |  | ￦ |  |  |  |  | 563,681 |  |  |  | 621,957 |  |  |  | 1,301,275 |
Adjustment in respect of prior years due to change in estimate |  |  |  |  |  |  | 48,374 |  |  |  | (32,100 | ) |  |  | (44,892 | )
Current income tax directly recognized in equity |  |  |  |  |  |  | (350,348 | ) |  |  | 93,705 |  |  |  | (128,337 | )
|  |  |  |  |  |  | 261,707 |  |  |  | 683,562 |  |  |  | 1,128,046 |
Deferred tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation and realization of temporary differences |  |  |  |  |  |  | (564,801 | ) |  |  | (1,845,236 | ) |  |  | (1,561,484 | )
Reclassified from equity to loss |  |  |  |  |  |  | (4,964 | ) |  |  | — |  |  |  | — |
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods |  |  |  |  |  |  | (38,708 | ) |  |  | (15,244 | ) |  |  | (7,740 | )
Changes in deferred tax on tax losses carryforwards |  |  |  |  |  |  | (9,175,755 | ) |  |  | (1,650,017 | ) |  |  | 2,012,537 |
Tax credit carryforwards |  |  |  |  |  |  | 34,019 |  |  |  | (16,734 | ) |  |  | 72,371 |
Amount due to change in tax rate or regulations |  |  |  |  |  |  | 73,991 |  |  |  | 5,836 |  |  |  | (9,169 | )
|  |  |  |  |  |  | (9,676,218 | ) |  |  | (3,521,395 | ) |  |  | 506,515 |
Income tax expense (benefit) |  | ￦ |  |  |  |  | (9,414,511 | ) |  |  | (2,837,833 | ) |  |  | 1,634,561 |
(2) | Reconciliation between actual income tax expense (benefit) and amount computed by applying the statutory tax rate to profit (loss) before income taxes for the years ended December 31, 2022, 2023 and 2024 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Profit (loss) before income tax |  | ￦ |  |  |  |  | (33,843,619 | ) |  |  | (7,553,977 | ) |  |  | 5,256,529 |
Income tax expense (benefit) computed at applicable tax rate (*1) |  |  |  |  |  |  | (9,306,995 | ) |  |  | (1,936,840 | ) |  |  | 1,363,018 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of applying gradual tax rate |  |  |  |  |  |  | (10,362 | ) |  |  | (10,362 | ) |  |  | (10,362 | )
Effect of non-taxable income |  |  |  |  |  |  | (9,471 | ) |  |  | (26,993 | ) |  |  | (86,442 | )
Effect of non-deductible expenses |  |  |  |  |  |  | 39,663 |  |  |  | 39,411 |  |  |  | 28,712 |
Effect of tax losses that are not recognized as deferred tax assets |  |  |  |  |  |  | 19,275 |  |  |  | — |  |  |  | (797 | )
Effects of tax credits and deduction |  |  |  |  |  |  | (98,684 | ) |  |  | (53,724 | ) |  |  | (54,364 | )
Reversal of unrecognized deferred tax assets, net |  |  |  |  |  |  | (38,708 | ) |  |  | (15,244 | ) |  |  | (7,740 | )
Effect of change in deferred tax due to change in tax rate |  |  |  |  |  |  | 393,416 |  |  |  | 211,736 |  |  |  | (11,985 | )
Deduction of deferred tax assets |  |  |  |  |  |  | (85,514 | ) |  |  | 29,095 |  |  |  | — |
Deferred tax related to investments in subsidiaries, associates and joint ventures |  |  |  |  |  |  | (375,064 | ) |  |  | (1,063,007 | ) |  |  | 447,833 |
Others, net |  |  |  |  |  |  | 9,559 |  |  |  | 20,195 |  |  |  | 11,580 |
|  |  |  |  |  |  | (155,890 | ) |  |  | (868,893 | ) |  |  | 316,435 |
Adjustment in respect of prior years due to change in estimate |  |  |  |  |  |  | 48,374 |  |  |  | (32,100 | ) |  |  | (44,892 | )
Income tax expense (benefit) |  | ￦ |  |  |  |  | (9,414,511 | ) |  |  | (2,837,833 | ) |  |  | 1,634,561 |
Effective tax rate |  |  |  |  |  |  | (* 2 | ) |  |  | (* 2 | ) |  |  | (* 2 | )
| (*1) | Applicable tax rates are 26.5%, 25.64% and 25.93% as of December 31, 2022, 2023 and 2024, respectively.
| (*2) | The effective tax rate for the year ended December 31, 2022, 2023 is not calculated due to the resulting income tax benefit and the average effective tax rate for the year ended December 31, 2024 is 31.10%.
(3) | Income tax directly adjusted to equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2022, 2023 and 2024 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Dividends of hybrid bond |  | ￦ |  |  |  |  | 4,149 |  |  |  | — |  |  |  | — |
Disposal of subsidiaries |  |  |  |  |  |  | 406 |  |  |  | — |  |  |  | — |
|  | ￦ |  |  |  |  | 4,555 |  |  |  | — |  |  |  | — |
(4) | Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2022, 2023 and 2024 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Income tax recognized as other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on valuation of financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | (31,416 | ) |  |  | (10,624 | ) |  |  | (61,807 | )
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  |  |  | 40,390 |  |  |  | 4,863 |  |  |  | (8,435 | )
Remeasurement of defined benefit liability |  |  |  |  |  |  | (322,489 | ) |  |  | 133,134 |  |  |  | 139,566 |
Investments in associates |  |  |  |  |  |  | (66,677 | ) |  |  | (40,213 | ) |  |  | (134,639 | )
Others |  |  |  |  |  |  | 25,289 |  |  |  | 6,545 |  |  |  | (63,022 | )
|  | ￦ |  |  |  |  | (354,903 | ) |  |  | 93,705 |  |  |  | (128,337 | )
(5) | Changes in deferred tax assets (liabilities) recognized in the consolidated statements of financial position for the years ended December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |
|  |  |  |  | Beginning balance |  |  | Amounts recognized in profit or loss |  |  | Amount recognized in other comprehensive income (loss) |  |  | Amounts recognized directly in equity |  |  | Ending balance |
|  |  |  |  | In millions of won |
Deferred tax on temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee benefits |  |  | ￦ |  |  |  | 199,553 |  |  |  | 6,597 |  |  |  | 133,134 |  |  |  | — |  |  |  | 339,284 |
Cash flow hedge |  |  |  |  |  |  | (55,340 | ) |  |  | 29,622 |  |  |  | 4,863 |  |  |  | — |  |  |  | (20,855 | )
Investments in subsidiaries, associates and joint ventures |  |  |  |  |  |  | (8,377,687 | ) |  |  | 1,300,263 |  |  |  | (40,213 | ) |  |  | — |  |  |  | (7,117,637 | )
Property, plant and equipment |  |  |  |  |  |  | (7,541,638 | ) |  |  | 534,361 |  |  |  | — |  |  |  | — |  |  |  | (7,007,277 | )
Finance lease |  |  |  |  |  |  | (405,639 | ) |  |  | 179,943 |  |  |  | — |  |  |  | — |  |  |  | (225,696 | )
Intangible assets |  |  |  |  |  |  | (24,931 | ) |  |  | 1,526 |  |  |  | — |  |  |  | — |  |  |  | (23,405 | )
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 3,457 |  |  |  | (5,199 | ) |  |  | — |  |  |  | — |  |  |  | (1,742 | )
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  | 21,143 |  |  |  | 16,839 |  |  |  | (10,624 | ) |  |  | — |  |  |  | 27,358 |
Deferred revenue |  |  |  |  |  |  | 169,980 |  |  |  | (13,580 | ) |  |  | — |  |  |  | — |  |  |  | 156,400 |
Provisions |  |  |  |  |  |  | 7,089,344 |  |  |  | (47,684 | ) |  |  | — |  |  |  | — |  |  |  | 7,041,660 |
Doubtful receivables |  |  |  |  |  |  | 2,474 |  |  |  | (74 | ) |  |  | — |  |  |  | — |  |  |  | 2,400 |
Other finance liabilities |  |  |  |  |  |  | 21,418 |  |  |  | (3,426 | ) |  |  | — |  |  |  | — |  |  |  | 17,992 |
Gains or losses on foreign exchange translation |  |  |  |  |  |  | 134,316 |  |  |  | (6,306 | ) |  |  | — |  |  |  | — |  |  |  | 128,010 |
Allowance for doubtful accounts |  |  |  |  |  |  | 58,235 |  |  |  | (2,492 | ) |  |  | — |  |  |  | — |  |  |  | 55,743 |
Accrued income |  |  |  |  |  |  | 16,614 |  |  |  | 17,321 |  |  |  | — |  |  |  | — |  |  |  | 33,935 |
Special deduction for property, plant and equipment |  |  |  |  |  |  | (215,159 | ) |  |  | 3,299 |  |  |  | — |  |  |  | — |  |  |  | (211,860 | )
Others |  |  |  |  |  |  | 1,487,572 |  |  |  | (277,889 | ) |  |  | 6,545 |  |  |  | — |  |  |  | 1,216,228 |
|  |  |  |  |  |  | (7,416,288 | ) |  |  | 1,733,121 |  |  |  | 93,705 |  |  |  | — |  |  |  | (5,589,462 | )
Deferred tax on unused tax losses and tax credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unused tax losses |  |  |  |  |  |  | 11,662,105 |  |  |  | 1,676,638 |  |  |  | — |  |  |  | — |  |  |  | 13,338,743 |
Excess of donation limit |  |  |  |  |  |  | 81,046 |  |  |  | (34,724 | ) |  |  | — |  |  |  | — |  |  |  | 46,322 |
Tax credit |  |  |  |  |  |  | 150,409 |  |  |  | 52,665 |  |  |  | — |  |  |  | — |  |  |  | 203,064 |
|  |  |  |  |  |  | 11,893,560 |  |  |  | 1,694,569 |  |  |  | — |  |  |  | — |  |  |  | 13,588,129 |
|  |  | ￦ |  |  |  | 4,477,272 |  |  |  | 3,427,690 |  |  |  | 93,705 |  |  |  | — |  |  |  | 7,998,667 |
|  |  |  |  | 2024 |
|  |  |  |  | Beginning balance |  |  | Amounts recognized in profit or loss |  |  | Amount recognized in other comprehensive income (loss) |  |  | Amounts recognized directly in equity |  |  | Ending balance |
|  |  |  |  | In millions of won |
Deferred tax on temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee benefits |  |  | ￦ |  |  |  | 339,284 |  |  |  | 384,503 |  |  |  | 139,566 |  |  |  | — |  |  |  | 863,353 |
Cash flow hedge |  |  |  |  |  |  | (20,855 | ) |  |  | (126,825 | ) |  |  | (8,435 | ) |  |  | — |  |  |  | (156,115 | )
Investments in subsidiaries, associates and joint ventures |  |  |  |  |  |  | (7,117,637 | ) |  |  | (597,996 | ) |  |  | (134,639 | ) |  |  | — |  |  |  | (7,850,272 | )
Property, plant and equipment |  |  |  |  |  |  | (7,007,277 | ) |  |  | (462,457 | ) |  |  | — |  |  |  | — |  |  |  | (7,469,734 | )
Finance lease |  |  |  |  |  |  | (225,696 | ) |  |  | 683 |  |  |  | — |  |  |  | — |  |  |  | (225,013 | )
Intangible assets |  |  |  |  |  |  | (23,405 | ) |  |  | (3,168 | ) |  |  | — |  |  |  | — |  |  |  | (26,573 | )
Financial assets at fair value through profit or loss |  |  |  |  |  |  | (1,742 | ) |  |  | 1,012 |  |  |  | — |  |  |  | — |  |  |  | (730 | )
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  | 27,358 |  |  |  | 18,110 |  |  |  | (61,807 | ) |  |  | — |  |  |  | (16,339 | )
Deferred revenue |  |  |  |  |  |  | 156,400 |  |  |  | 1,705,918 |  |  |  | — |  |  |  | — |  |  |  | 1,862,318 |
Provisions |  |  |  |  |  |  | 7,041,660 |  |  |  | 561,988 |  |  |  | — |  |  |  | — |  |  |  | 7,603,648 |
Doubtful receivables |  |  |  |  |  |  | 2,400 |  |  |  | (136 | ) |  |  | — |  |  |  | — |  |  |  | 2,264 |
Other finance liabilities |  |  |  |  |  |  | 17,992 |  |  |  | (561 | ) |  |  | — |  |  |  | — |  |  |  | 17,431 |
Gains or losses on foreign exchange translation |  |  |  |  |  |  | 128,010 |  |  |  | 87,265 |  |  |  | — |  |  |  | — |  |  |  | 215,275 |
Allowance for doubtful accounts |  |  |  |  |  |  | 55,743 |  |  |  | 12,078 |  |  |  | — |  |  |  | — |  |  |  | 67,821 |
Accrued income |  |  |  |  |  |  | 33,935 |  |  |  | (48,467 | ) |  |  | — |  |  |  | — |  |  |  | (14,532 | )
Special deduction for property, plant and equipment |  |  |  |  |  |  | (211,860 | ) |  |  | 542 |  |  |  | — |  |  |  | — |  |  |  | (211,318 | )
Others |  |  |  |  |  |  | 1,216,228 |  |  |  | 166,914 |  |  |  | (63,022 | ) |  |  | — |  |  |  | 1,320,120 |
|  |  |  |  |  |  | (5,589,462 | ) |  |  | 1,699,403 |  |  |  | (128,337 | ) |  |  | — |  |  |  | (4,018,396 | )
Deferred tax on unused tax losses and tax credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unused tax losses |  |  |  |  |  |  | 13,338,743 |  |  |  | (2,038,156 | ) |  |  | — |  |  |  | — |  |  |  | 11,300,587 |
Excess of donation limit |  |  |  |  |  |  | 46,322 |  |  |  | (4,112 | ) |  |  | — |  |  |  | — |  |  |  | 42,210 |
Tax credit |  |  |  |  |  |  | 203,064 |  |  |  | (35,313 | ) |  |  | — |  |  |  | — |  |  |  | 167,751 |
|  |  |  |  |  |  | 13,588,129 |  |  |  | (2,077,581 | ) |  |  | — |  |  |  | — |  |  |  | 11,510,548 |
|  |  | ￦ |  |  |  | 7,998,667 |  |  |  | (378,178 | ) |  |  | (128,337 | ) |  |  | — |  |  |  | 7,492,152 |
(6) | Deferred tax assets (liabilities) recognized in the consolidated statements of fi n ancial position as of December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Deferred tax assets |  | ￦ |  |  |  |  | 13,161,802 |  |  |  | 13,436,624 |
Deferred tax liabilities |  |  |  |  |  |  | (5,163,135 | ) |  |  | (5,944,472 | )
|  | ￦ |  |  |  |  | 7,998,667 |  |  |  | 7,492,152 |
(7) | Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Deductible temporary differences and others |  | ￦ |  |  |  |  | 1,811,062 |  |  |  | 1,416,650 |
(8) | Pillar Two Model Rules
The Company has assessed the potential exposure arising from the Pillar Two legislation based on the financial information for the year ended December 31, 2024. Based on the assessment, the Company has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Company expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities. The current income tax expense recognized for the year ended December 31, 2024 in relation with the additional Pillar Two income taxes amounts to approximately ￦3,727 million. The Company has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

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