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Current and Deferred Taxes | 12 Months Ended
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Dec. 31, 2019
Current and Deferred Taxes [Abstract] |
CURRENT AND DEFERRED TAXES | NOTE 15 CURRENT AND DEFERRED TAXES
| a) | Current taxes
As of December 31, 2019 and 2018, 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, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Summary of current tax liabilities (assets) |  |  |  |  |  |  |  |
Current tax (assets) |  |  | (11,648 | ) |  |  | - |
Current tax liabilities |  |  | - |  |  |  | 8,093 |
Total tax payable (recoverable) |  |  | (11,648 | ) |  |  | 8,093 |
(Assets) liabilities current taxes detail (net) |  |  |  |  |  |  |  |
Income tax, tax rate |  |  | 153,424 |  |  |  | 196,527 |
Minus: |  |  |  |  |  |  |  |
Provisional monthly payments |  |  | (159,943 | ) |  |  | (186,060 | )
Credit for training expenses |  |  | (2,145 | ) |  |  | (1,937 | )
Land taxes leasing |  |  |  |  |  |  | - |
Grant credits |  |  | (1,149 | ) |  |  | (1,320 | )
Other |  |  | (1,835 | ) |  |  | 883 |
Total tax payable |  |  | (11,648 | ) |  |  | 8,093 |
| b) | Effect on income
The effect of income tax expense on income for the years ended December 31, 2019, 2018 and 2017 is comprised of the following items:
|  | As of December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |
Current tax |  |  | 153,424 |  |  |  | 196,527 |  |  |  | 145,112 |
Credits (debits) for deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | 37,432 |  |  |  | (25,517 | ) |  |  | (6,751 | )
Valuation provision |  |  | - |  |  |  | (56 | ) |  |  | 5,955 |
Subtotals |  |  | 190,856 |  |  |  | 170,954 |  |  |  | 144,316 |
Tax for rejected expenses (Article No21) |  |  | 927 |  |  |  | 1,110 |  |  |  | 610 |
Other |  |  | (16,709 | ) |  |  | (4,920 | ) |  |  | 105 |
Net charges for income tax expense |  |  | 175,074 |  |  |  | 167,144 |  |  |  | 145,031 |
| 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, 2019, 2018 and 2017, is as follows:
|  | For the year ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | Tax |  |  |  |  |  | Tax |  |  |  |  |  | Tax |  |  |  |
|  | rate |  |  | Amount |  |  | rate |  |  | Amount |  |  | rate |  |  | Amount |
|  | % |  |  | MCh$ |  |  | % |  |  | MCh$ |  |  | % |  |  | MCh$ |
Tax calculated over profit before tax |  |  | 27.00 |  |  |  | 214,566 |  |  |  | 27.00 |  |  |  | 207,046 |  |  |  | 25.50 |  |  |  | 183,671 |
Price level restatement for tax purposes(1) |  |  | (6.33 | ) |  |  | (50,297 | ) |  |  | (5.15 | ) |  |  | (39,494 | ) |  |  | (3.03 | ) |  |  | (21,829 | )
Single penalty tax (rejected expenses) |  |  | 0.12 |  |  |  | 927 |  |  |  | 0.14 |  |  |  | 1,110 |  |  |  | 0.08 |  |  |  | 610 |
Effect of tax reform changes on deferred tax(2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2.86 | ) |  |  | (20,600 | )
Real estate taxes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | 1.24 |  |  |  | 9,878 |  |  |  | (0.20 | ) |  |  | (1,518 | ) |  |  | 0.44 |  |  |  | 3,179 |
Effective tax rates and expenses for income tax |  |  | 22.03 |  |  |  | 175,074 |  |  |  | 21.79 |  |  |  | 167,144 |  |  |  | 20.13 |  |  |  | 145,031 |
| (1) | Mainly corresponds to the permanent differences originated from the Own Tax Monetary Correction and the effect of the bonds received to article 104 of LIR.
| 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, 2019 and 2018:
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Deferred tax assets |  |  |  |  |  |  |  |
Debt instruments at FVOCI |  |  | 8,074 |  |  |  | 1,166 |
Cash flow hedges |  |  | 10,918 |  |  |  | 65 |
Total deferred tax assets recognised through other comprehensive income |  |  | 18,992 |  |  |  | 1,231 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Available for sale investments |  |  | - |  |  |  | - |
Debt instruments at FVOCI |  |  | (15,830 | ) |  |  | (2,976 | )
Cash flow hedges |  |  | - |  |  |  | (2,711 | )
Total deferred tax liabilities recognised through other comprehensive income |  |  | (15,830 | ) |  |  | (5,687 | )
Net deferred tax balances in equity |  |  | 3,162 |  |  |  | (4,456 | )
Deferred taxes in equity attributable to shareholders of the Bank |  |  | 3,444 |  |  |  | (4,102 | )
Deferred tax in equity attributable to non-controlling interests |  |  | (282 | ) |  |  | (354 | )
| e) | Effect of deferred taxes on income
As of December 31, 2019 and 2018, the Bank has recorded effects for deferred taxes in the financial statements:
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Deferred tax assets |  |  |  |  |  |
Interests and adjustments |  |  | 9,531 |  |  |  | 9,384 |
Non-recurring charge-offs |  |  | 15,325 |  |  |  | 13,389 |
Assets received in lieu of payment |  |  | 1,214 |  |  |  | 785 |
Exchange rate adjustments |  |  | - |  |  |  | 1,675 |
Property, plant and equipment valuation |  |  | 6,381 |  |  |  | 6,138 |
Allowance for loan losses |  |  | 188,956 |  |  |  | 184,488 |
Provision for expenses |  |  | 89,098 |  |  |  | 63,134 |
Derivatives |  |  | - |  |  |  | 3,924 |
Leased assets |  |  | 116,226 |  |  |  | 107,897 |
Subsidiaries tax losses |  |  | 5,416 |  |  |  | 5,314 |
Prepaid expenses |  |  | - |  |  |  | 156 |
Right of use assets |  |  | 249 |  |  |  | - |
Total deferred tax assets |  |  | 432,396 |  |  |  | 396,284 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Valuation of investments |  |  | (17,518 | ) |  |  | (42 | )
Prepaid expenses |  |  | (20,347 | ) |  |  | (349 | )
Depreciation |  |  | - |  |  |  | - |
Valuation provision |  |  | (6,058 | ) |  |  | (5,989 | )
Derivatives |  |  | (36,512 | ) |  |  | - |
Exchange rate adjustments |  |  | (2,817 | ) |  |  | (3,383 | )
Other |  |  | (75 | ) |  |  | (20 | )
Total deferred tax liabilities |  |  | (83,327 | ) |  |  | (9,783 | )
| 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, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Deferred tax assets |  |  |  |  |  |
Recognised through other comprehensive income |  |  | 18,992 |  |  |  | 1,231 |
Recognised through profit or loss |  |  | 432,396 |  |  |  | 396,284 |
Total deferred tax assets |  |  | 451,388 |  |  |  | 397,515 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Recognised through other comprehensive income |  |  | (15,830 | ) |  |  | (5,687 | )
Recognised through profit or loss |  |  | (83,327 | ) |  |  | (9,783 | )
Total deferred tax liabilities |  |  | (99,157 | ) |  |  | (15,470 | )

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