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CURRENT AND DEFERRED TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
Current And Deferred Taxes |
Schedule of taxes payable (recoverable) | 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,
Schedule of 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
Schedule of 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.
Schedule of 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)
Schedule of 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)
Schedule 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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