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CURRENT AND DEFERRED TAXES | 12 Months Ended
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Dec. 31, 2018
Current And Deferred Taxes |
CURRENT AND DEFERRED TAXES | NOTE 16 CURRENT AND DEFERRED TAXES a) Current taxes As of December 31, 2018 and 2017, the Bank recognises taxes payable (recoverable), which is determined based on the currently applicable tax legislation. This amount is recorded net of recoverable taxes, and is shown as follows:
| As of December 31, |
| 2018 |  | 2017
| MCh$ |  | MCh$
Summary of current tax liabilities (assets) |  |  |
Current tax (assets) | - |  | -
Current tax liabilities | 8,093 |  | 6,435
Total tax payable (recoverable) | 8,093 |  | 6,435
(Assets) liabilities current taxes detail (net) |  |  |
Income tax, tax rate(*) | 196,527 |  | 145,112
Minus: |  |  |
Provisional monthly payments | (186,060) |  | (136,562)
Credit for training expenses | (1,937) |  | (1,768)
Land taxes leasing | - |  | -
Grant credits | (1,320) |  | (968)
Other | 883 |  | 621
Total tax payable | 8,093 |  | 6,435
(*)The tax rate is 27,0% for 2018 and 25,5% for 2017, b) Effect on income The effect of tax expense on income for the years ended December 31, 2018, 2017 and 2016 is comprised of the following items:
|  | As of December 31,
|  | 2018 |  | 2017 | 2016
|  | MCh$ |  | MCh$ | MCh$
Income tax expense |  |  |  |  |
Current tax |  | 196,527 |  | 145,112 | 145,963
Credits (debits) for deferred taxes |  |  |  |  |
Origination and reversal of temporary differences |  | (25,517) |  | (6,751) | (37,269)
Valuation provision |  | (56) |  | 5,955 | -
Subtotals |  | 170,954 |  | 144,316 | 108,694
Tax for rejected expenses (Article No,21) |  | 1,110 |  | 610 | 336
Other |  | (4,920) |  | 105 | 1
Net charges for income tax expense |  | 167,144 |  | 145,031 | 109,031
c) Effective tax rate reconciliation The reconciliation between the income tax rate and the effective rate applied in determining tax expenses as of December 31, 2018, 2017 and 2016, is as follows:
|  | For the year ended December 31,
| 2018 |  | 2017 |  | 2016
| Tax rate |  | Amount |  | Tax rate |  | Amount |  | Tax |  |  |
|  | rate |  | Amount |
| % |  | MCh$ |  | % |  | MCh$ |  | % |  | MCh$ |
Tax calculated over profit before tax | 27.00 |  | 207,046 |  | 25.50 |  | 183,671 |  | 24.00 |  | 140,991 |
Price level restatement for tax purposes(1) | (5.15) |  | (39,494) |  | (3.03) |  | (21,829) |  | (5.49) |  | (32,256) |
Single penalty tax (rejected expenses) | 0.14 |  | 1,110 |  | 0.08 |  | 610 |  | 0.06 |  | 336 |
Effect of tax reform changes on deferred tax(2) | 0.00 |  | - |  | (2.86) |  | (20,600) |  | 0.01 |  | 86 |
Real estate taxes | 0.00 |  | - |  | 0.00 |  | - |  | 0.00 |  | - |
Other | (0.20) |  | (1,518) |  | 0.44 |  | 3,179 |  | (0.02) |  | (126) |
Effective rates and expenses for income tax | 21.80 |  | 167,144 |  | 20.13 |  | 145,031 |  | 18.56 |  | 109,031 |
(1) Price level restatement on tax purpose capital. (2) In accordance with Chilean Law N°20,780 published in September 29, 2014 the income tax rate are 25.5% and 27% for 2017 and 2018 respectively. d) Effect of deferred taxes on comprehensive income Below is a summary of the separate effect of deferred tax on other comprehensive income, showing the asset and liability balances, for the years ended December 31, 2018 and 2017:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Deferred tax assets |  |  |
| Available for sale investments | - |  | 368
| Debt instruments at FVOCI | 1,166 |  | -
| Cash flow hedges | 65 |  | 908
Total deferred tax assets recognised through other comprehensive income | 1,231 |  | 1,276
Deferred tax liabilities |  |  |
| Available for sale investments | - |  | (841)
| Debt instruments at FVOCI | (2,976) |  | -
| Cash flow hedges | (2,711) |  | -
Total deferred tax liabilities recognised through other comprehensive income | (5,687) |  | (841)
Net deferred tax balances in equity | (4,456) |  | (435)
Deferred taxes in equity attributable to shareholders of the Bank | (4,102) |  | 791
Deferred tax in equity attributable to non-controlling interests | (354) |  | (356)
e) Effect of deferred taxes on income As of December 31, 2018 and 2017, the Bank has recorded effects for deferred taxes in the financial statements:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Deferred tax assets |  |  |
Interests and adjustments | 9,384 |  | 8,645
Non-recurring charge-offs | 13,389 |  | 11,651
Assets received in lieu of payment | 785 |  | 1,582
Exchange rate adjustments | 1,675 |  | 882
Property, plant and equipment valuation | 6,138 |  | 4,410
Allowance for loan losses | 184,488 |  | 160,359
Provision for expenses | 63,134 |  | 73,518
Derivatives | 3,924 |  | 5,249
Leased assets | 107,897 |  | 98,090
Subsidiaries tax losses | 5,314 |  | 5,277
Prepaid expenses | 156 |  | 151
Total deferred tax assets | 396,284 |  | 369,814
Deferred tax liabilities |  |  |
Valuation of investments | (42) |  | (1,911)
Prepaid expenses | (349) |  | -
Depreciation | - |  | (532)
Valuation provision | (5,989) |  | (5,955)
Exchange rate adjustments | (3,383) |  | -
Other | (20) |  | (432)
Total deferred tax liabilities | (9,783) |  | (8,830)
f) Summary of deferred tax assets and liabilities Below is a summary of the deferred taxes impact on equity and income,
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Deferred tax assets |  |  |
Recognised through other comprehensive income | 1,231 |  | 1,276
Recognised through profit or loss | 396,284 |  | 369,815
Total deferred tax assets | 397,515 |  | 371,091
Deferred tax liabilities |  |  |
Recognised through other comprehensive income | (5,687) |  | (841)
Recognised through profit or loss | (9,783) |  | (8,822)
Total deferred tax liabilities | (15,470) |  | (9,663)

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