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Current Taxes and Deferred Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Current Taxes and Deferred Taxes |
Schedule of current tax |
|  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |
Income taxes |  | 122,644 |  | 108,844 |
Less: |  |  |  |  |
Monthly prepaid taxes (PPM) |  | (126,266 | ) | (123,717 | )
Credit for training expenses |  | (2,031 | ) | (2,036 | )
Real Estate Tax |  | — |  | — |
Other |  | (1,004 | ) | (2,670 | )
Total tax payable (receivable), net |  | (6,657 | ) | (19,579 | )
Schedule of total tax receivable |
|  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |
Current tax assets |  | 6,657 |  | 23,032 |
Current tax liabilities |  | — |  | (3,453 | )
Total tax receivable, net |  | 6,657 |  | 19,579 |
Schedule of income tax expenses |
|  | 2015 |  | 2016 |  | 2017 |
|  | MCh$ |  | MCh$ |  | MCh$ |
Income tax expense: |  |  |  |  |  |  |
Current year taxes |  | 122,147 |  | 134,759 |  | 105,024 |
Tax from previous period |  | (1,851 | ) | 1,030 |  | (1,401 | )
Subtotal |  | 120,296 |  | 135,789 |  | 103,623 |
(Credit) charge for deferred taxes: |  |  |  |  |  |  |
Origin and reversal of temporary differences |  | (18,964 | ) | (26,044 | ) | 20,043 |
Effect of changes in tax rate |  | (18,234 | ) | (9,158 | ) | (5,729 | )
Subtotal |  | (37,198 | ) | (35,202 | ) | 14,314 |
Other |  | (777 | ) | (375 | ) | (2,576 | )
Net charge to income for income taxes |  | 82,321 |  | 100,212 |  | 115,361 |
Tax Rate |  | 22.50 | % | 24.00 | % | 25.50 | %
Schedule of reconciliation of effective tax rate |
|  | 2015 |  | 2016 |  | 2017 |
|  | Tax rate % |  | MCh$ |  | Tax rate % |  | MCh$ |  | Tax rate % |  | MCh$ |
Income tax calculated on net income before tax |  | 22.50 |  | 155,751 |  | 24.00 |  | 162,063 |  | 25.50 |  | 175,298 |
Subordinated Debt Payment (*) |  | (4.57 | ) | (31,638 | ) | (5.05 | ) | (34,092 | ) | (5.67 | ) | (38,997 | )
Additions or deductions (**) |  | (3.91 | ) | (27,032 | ) | (3.90 | ) | (26,332 | ) | (2.88 | ) | (19,794 | )
Tax from previous years |  | (0.27 | ) | (1,851 | ) | 0.15 |  | 1,030 |  | (0.20 | ) | (1,401 | )
Effect of changes in tax rate |  | (2.63 | ) | (18,234 | ) | (1.36 | ) | (9,158 | ) | (0.83 | ) | (5,729 | )
Other |  | 0.77 |  | 5,325 |  | 1.00 |  | 6,701 |  | 0.87 |  | 5,984 |
Effective rate and income tax expense |  | 11.89 |  | 82,321 |  | 14.84 |  | 100,212 |  | 16.79 |  | 115,361 |
(*) The tax benefit associated with the dividend payment made to SAOS S.A., as payment of the subordinated debt held with the Central Bank, should disappear as the liability of SM-Chile with the Central Bank is completely paid off. (**) The deductions of the tax rate for 2015, 2016 and 2017 mainly relate to permanent differences between tax and financial accounting rules.
Schedule of increasing first category tax rates |
Year |  | Rate |
2014 |  | 21.0 | %
2015 |  | 22.5 | %
2016 |  | 24.0 | %
2017 |  | 25.5 | %
2018 |  | 27.0 | %
Schedule of effect of deferred taxes on income and equity |
|  | Balance as of December 31, |  | Effect |  | Balance as of December 31, |  | Effect |  | Balance as of December 31, |  | Effect |  | Balance as of December |
|  | 2014 |  | Income |  | Equity |  | 2015 |  | Income |  | Equity |  | 2016 |  | Income |  | Equity |  | 31, 2017 |
|  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |  | MCh$ |
Debit differences: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for loan losses |  | 100,734 |  | 14,804 |  | — |  | 115,538 |  | 12,181 |  | — |  | 127,719 |  | (12,276 | ) | — |  | 115,443 |
Obligations with agreements to repurchase |  | (968 | ) | — |  | — |  | (968 | ) | — |  | — |  | (968 | ) | — |  | — |  | (968 | )
Personnel provisions |  | 9,597 |  | (1,447 | ) | — |  | 8,150 |  | 3,081 |  | — |  | 11,231 |  | 1,290 |  | — |  | 12,521 |
Staff vacations |  | 5,489 |  | 779 |  | — |  | 6,268 |  | 406 |  | — |  | 6,674 |  | 234 |  | — |  | 6,908 |
Accrued interest and indexation adjustments from past due loans |  | 3,738 |  | 286 |  | — |  | 4,024 |  | (669 | ) | — |  | 3,355 |  | 59 |  | — |  | 3,414 |
Staff severance indemnities provision |  | 2,344 |  | (117 | ) | 9 |  | 2,236 |  | (337 | ) | (45 | ) | 1,854 |  | (352 | ) | (45 | ) | 1,457 |
Provisions of credit card expenses |  | 10,637 |  | 2,991 |  | — |  | 13,628 |  | (1,169 | ) | — |  | 12,459 |  | (3,504 | ) | — |  | 8,955 |
Provisions of accrued expenses |  | 11,466 |  | 220 |  | 102 |  | 11,788 |  | 2,701 |  | — |  | 14,489 |  | 1,869 |  | — |  | 16,358 |
Leasing |  | — |  | 18,239 |  | — |  | 18,239 |  | 18,880 |  | — |  | 37,119 |  | (4,570 | ) | — |  | 32,549 |
Other adjustments |  | 4,009 |  | 258 |  | — |  | 4,267 |  | 975 |  | — |  | 5,242 |  | 1,411 |  | 1 |  | 6,654 |
Total debit differences |  | 147,046 |  | 36,013 |  | 111 |  | 183,170 |  | 36,049 |  | (45 | ) | 219,174 |  | (15,839 | ) | (44 | ) | 203,291 |
Credit differences: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments with agreement to repurchase |  | 125 |  | — |  | — |  | 125 |  | — |  | — |  | 125 |  | — |  | — |  | 125 |
Depreciation of property and equipment and investment properties |  | 14,304 |  | (1,141 | ) | — |  | 13,163 |  | (1,348 | ) | — |  | 11,815 |  | 2,466 |  | — |  | 14,281 |
Adjustment for valuation financial assets available-for-sale |  | 11,310 |  | — |  | 2,357 |  | 13,667 |  | — |  | (12,575 | ) | 1,092 |  | 1 |  | 1,299 |  | 2,392 |
Hedge cash adjustment |  | 259 |  | — |  | — |  | 259 |  | — |  | — |  | 259 |  | — |  | — |  | 259 |
Leasing equipment |  | 1,898 |  | (2,992 | ) | — |  | (1,094 | ) | — |  | — |  | (1,094 | ) | — |  | — |  | (1,094 | )
Transitory assets |  | 3,633 |  | 162 |  | — |  | 3,795 |  | 977 |  | — |  | 4,772 |  | 714 |  | — |  | 5,486 |
Derivative instruments adjustments |  | 5,983 |  | 4,296 |  | — |  | 10,279 |  | (2,572 | ) | — |  | 7,707 |  | (3,329 | ) | — |  | 4,378 |
Assets received in lieu of payments |  | (1,434 | ) | (196 | ) | — |  | (1,630 | ) | 240 |  | — |  | (1,390 | ) | 830 |  | — |  | (560 | )
Accrued interest to effective rate |  | 2,303 |  | 257 |  | — |  | 2,560 |  | (313 | ) | — |  | 2,247 |  | (644 | ) | — |  | 1,603 |
Intangible assets amortization |  | 7,141 |  | (501 | ) | — |  | 6,640 |  | (550 | ) | — |  | 6,090 |  | (587 | ) | — |  | 5,503 |
Other adjustments |  | 7,284 |  | (1,070 | ) | — |  | 6,214 |  | 4,413 |  | 1 |  | 10,628 |  | (976 | ) | 1 |  | 9,653 |
Total credit differences |  | 52,806 |  | (1,185 | ) | 2,357 |  | 53,978 |  | 847 |  | (12,574 | ) | 42,251 |  | (1,525 | ) | 1,300 |  | 42,026 |
Total Assets (Liabilities), net |  | 94,240 |  | 37,198 |  | (2,246 | ) | 129,192 |  | 35,202 |  | 12,529 |  | 176,923 |  | (14,314 | ) | (1,344 | ) | 161,265 |

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