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Current Taxes and Deferred Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Major components of tax expense (income) [abstract]

Schedule of total tax receivable

		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	)

Schedule of income tax expenses

		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	%

Schedule of reconciliation of effective tax rate

		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.

Schedule of effect of deferred taxes on income and equity

		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