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Current Taxes and Deferred Taxes | 12 Months Ended
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Dec. 31, 2019
Major components of tax expense (income) [abstract] |
Current Taxes and Deferred Taxes |
17. | Current Taxes and Deferred Taxes:
| (a) | Current Tax:
The Bank and its subsidiaries at the end of each year, have constituted a First Category Income Tax Provision, which was determined based on current tax regulations, and has been reflected in the statement of financial position net of taxes to be recovered or payable, as applicable, as of December 31, 2018 and 2019, according to the following detail:
|  | 2018 |  |  | 2019 |
|  | MCh$ |  |  | MCh$ |
Income taxes |  |  | 134,781 |  |  |  | 222,266 |
Less: |  |  |  |  |  |  |  |
Monthly prepaid taxes (PPM) |  |  | (126,917 | ) |  |  | (143,200 | )
Credit for training expenses |  |  | (2,224 | ) |  |  | (1,900 | )
Other |  |  | (1,410 | ) |  |  | (1,234 | )
Total tax (receivable) payable, net |  |  | 4,230 |  |  |  | 75,932 |
|  | 2018 |  |  | 2019 |
|  | MCh$ |  |  | MCh$ |
Current tax assets |  |  | 677 |  |  |  | 357 |
Current tax liabilities |  |  | (4,907 | ) |  |  | (76,289 | )
Total tax receivable (payable), net |  |  | (4,230 | ) |  |  | (75,932 | )
| (b) | Income Tax:
The Bank's tax expense recorded for the years ended December 31, 2017, 2018 and 2019 is detailed as follows:
|  | 2017 |  |  | 2018 |  |  | 2019 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Income tax expense: |  |  |  |  |  |  |  |  |
Current year taxes |  |  | 105,024 |  |  |  | 143,136 |  |  |  | 232,404 |
Tax from previous period |  |  | (1,401 | ) |  |  | 2,574 |  |  |  | (331 | )
Subtotal |  |  | 103,623 |  |  |  | 145,710 |  |  |  | 232,073 |
(Credit) charge for deferred taxes: |  |  |  |  |  |  |  |  |  |  |  |
Origin and reversal of temporary differences |  |  | 20,043 |  |  |  | 11,435 |  |  |  | (58,733 | )
Effect of changes in tax rate |  |  | (5,729 | ) |  |  | ― |  |  |  | ― |
Subtotal |  |  | 14,314 |  |  |  | 11,435 |  |  |  | (58,733 | )
Other |  |  | (2,576 | ) |  |  | 2,623 |  |  |  | 321 |
Net charge to income for income taxes |  |  | 115,361 |  |  |  | 159,768 |  |  |  | 173,661 |
Tax Rate |  |  | 25.50 | % |  |  | 27.00 | % |  |  | 27.00 | %
| (c) | Reconciliation of effective tax rate:
The following table reconciles the income tax rate to the effective rate applied to determine the Bank's income tax expense as of December 31, 2017, 2018 and 2019:
|  | 2017 |  |  | 2018 |  |  | 2019 |
|  | Tax rate % |  |  | MCh$ |  |  | Tax rate % |  |  | MCh$ |  |  | Tax rate % |  |  | MCh$ |
Income tax calculated on net income before tax |  |  | 25.50 |  |  |  | 175,298 |  |  |  | 27.00 |  |  |  | 206,116 |  |  |  | 27.00 |  |  |  | 209,901 |
Subordinated Debt Payment (*) |  |  | (5.67 | ) |  |  | (38,997 | ) |  |  | (3.21 | ) |  |  | (24,515 | ) |  |  | ― |  |  |  | ― |
Additions or deductions (**) |  |  | (2.88 | ) |  |  | (19,794 | ) |  |  | (4.18 | ) |  |  | (31,894 | ) |  |  | (5.10 | ) |  |  | (39,612 | )
Effect of changes in tax rate |  |  | (0.83 | ) |  |  | (5,729 | ) |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |
Other |  |  | 0.67 |  |  |  | 4,583 |  |  |  | 1.32 |  |  |  | 10,061 |  |  |  | 0.43 |  |  |  | 3,372 |
Effective rate and income tax expense |  |  | 16.79 |  |  |  | 115,361 |  |  |  | 20.93 |  |  |  | 159,768 |  |  |  | 22.34 |  |  |  | 173,661 |
(*) | The tax expense related to the subordinated debt held by SAOS S.A, it ended during the current fiscal year, as a result of the generation of sufficient resources to pay off the total debt.
(**) | The deductions of the tax rate for 2017, 2018 and 2019 mainly relate to permanent differences between tax and financial accounting rules.
| (d) | Effect of deferred taxes on income and equity:
The effects of deferred taxes on assets, liabilities and income accounts are detailed as follows:
|  | Balance as of |  |  | Effect |  |  | Balance as of |  |  | Effect |  |  | Balance as of |
|  | January 1, 2018 |  |  | Income |  |  | Equity |  |  | December 31, 2018 |  |  | Income |  |  | Equity |  |  | December 31, 2019 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Debit differences: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for loan losses |  |  | 138,643 |  |  |  | 3,232 |  |  |  | ― |  |  |  | 141,875 |  |  |  | 9,606 |  |  |  | ― |  |  |  | 151,481 |
Personnel provisions |  |  | 12,521 |  |  |  | 756 |  |  |  | ― |  |  |  | 13,277 |  |  |  | 3,720 |  |  |  | ― |  |  |  | 16,997 |
Staff vacations |  |  | 6,908 |  |  |  | 333 |  |  |  | ― |  |  |  | 7,241 |  |  |  | 203 |  |  |  | ― |  |  |  | 7,444 |
Accrued interest and indexation adjustments from past due loans |  |  | 3,414 |  |  |  | (182 | ) |  |  | ― |  |  |  | 3,232 |  |  |  | 442 |  |  |  | ― |  |  |  | 3,674 |
Staff severance indemnities provision |  |  | 1,457 |  |  |  | (8 | ) |  |  | 35 |  |  |  | 1,484 |  |  |  | (59 | ) |  |  | 66 |  |  |  | 1,491 |
Provisions of credit card expenses |  |  | 8,955 |  |  |  | 858 |  |  |  | ― |  |  |  | 9,813 |  |  |  | (1,592 | ) |  |  | ― |  |  |  | 8,221 |
Provisions of accrued expenses |  |  | 16,358 |  |  |  | (9,450 | ) |  |  | ― |  |  |  | 6,908 |  |  |  | 3,656 |  |  |  | ― |  |  |  | 10,564 |
Derivative instruments adjustments |  |  | ― |  |  |  | 1,356 |  |  |  | ― |  |  |  | 1,356 |  |  |  | 114 |  |  |  | ― |  |  |  | 1,470 |
Adjustment for valuation and impairment of financial assets at fair value through OCI |  |  | ― |  |  |  | (419 | ) |  |  | 1,365 |  |  |  | 946 |  |  |  | ― |  |  |  | (946 | ) |  |  | ― |
Leasing |  |  | 32,549 |  |  |  | 669 |  |  |  | ― |  |  |  | 33,218 |  |  |  | 8,574 |  |  |  | ― |  |  |  | 41,792 |
Other adjustments |  |  | 6,246 |  |  |  | (5,233 | ) |  |  | 1 |  |  |  | 1,014 |  |  |  | 35,510 |  |  |  | (1 | ) |  |  | 36,523 |
Total debit differences |  |  | 227,051 |  |  |  | (8,088 | ) |  |  | 1,401 |  |  |  | 220,364 |  |  |  | 60,174 |  |  |  | (881 | ) |  |  | 279,657 |
Credit differences: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property and equipment and investment properties |  |  | 14,281 |  |  |  | 709 |  |  |  | ― |  |  |  | 14,990 |  |  |  | 534 |  |  |  | ― |  |  |  | 15,524 |
Adjustment for valuation and impairment of financial assets at fair value through OCI |  |  | 2,392 |  |  |  | ― |  |  |  | (2,392 | ) |  |  | ― |  |  |  | (937 | ) |  |  | 3,382 |  |  |  | 2,445 |
Transitory assets |  |  | 5,486 |  |  |  | 28 |  |  |  | ― |  |  |  | 5,514 |  |  |  | 2,815 |  |  |  | ― |  |  |  | 8,329 |
Derivative instruments adjustments |  |  | 4,378 |  |  |  | (4,378 | ) |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |
Accrued interest to effective rate |  |  | 1,603 |  |  |  | (39 | ) |  |  | ― |  |  |  | 1,564 |  |  |  | (183 | ) |  |  | ― |  |  |  | 1,381 |
Advance payment of lump-sum under union contracts |  |  | ― |  |  |  | 6,699 |  |  |  | ― |  |  |  | 6,699 |  |  |  | (3,365 | ) |  |  | ― |  |  |  | 3,334 |
Intangible assets amortization |  |  | 5,503 |  |  |  | ― |  |  |  | ― |  |  |  | 5,503 |  |  |  | ― |  |  |  | ― |  |  |  | 5,503 |
Other adjustments |  |  | 8,943 |  |  |  | 328 |  |  |  | ― |  |  |  | 9,271 |  |  |  | 2,577 |  |  |  | ― |  |  |  | 11,848 |
Total credit differences |  |  | 42,586 |  |  |  | 3,347 |  |  |  | (2,392 | ) |  |  | 43,541 |  |  |  | 1,441 |  |  |  | 3,382 |  |  |  | 48,364 |
Total Assets (Liabilities), net |  |  | 184,465 |  |  |  | (11,435 | ) |  |  | 3,793 |  |  |  | 176,823 |  |  |  | 58,733 |  |  |  | (4,263 | ) |  |  | 231,293 |

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