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Income taxes

12 Months Ended

Dec. 31, 2021

Disclosure Of Income Taxes [Abstract]

12.	Income taxes

The Company is subject to income taxes, in accordance with the tax laws in Mexico, Spain and Jamaica.

Current income taxes – The income tax rate for the Mexican entities is 30%. With the exception of the airports of Mexicali and Tijuana located in the Border of Mexico with the United States of America, which for year 2019 will be 20%, applying the “Decreto de Estímulos Fiscales Región Fronteriza Norte” in which one third of the income tax will be applied and according to the decree published by the Government of Mexico in December 2020, the decree is extended until 2024. The tax rate for MBJA and PACKAL is 25% in Jamaica, while for DCA in Spain the tax rate is 25%.

To determine deferred income taxes as of December 31, 2019, 2020 and 2021 the Company applied the applicable tax rates to temporary differences based on their estimated reversal dates in Entities of the Company.

Recoverable income taxes paid on dividends – Dividends paid to Shareholders which are not derived from the net tax income account (CUFIN) generate current income taxes and can be credited against the taxes of the Company during the year of the dividend payment and the two subsequent years in the Mexican entities.

Recoverable taxes – In the regular course of operations, the Company generates receivable balances by the overpayment of taxes payable, according to the calculation mechanism established in the Tax Law, which are recoverable through tax returns or offsetting. The main recoverable taxes are Income Tax (ISR), Value Added Tax (IVA) and the Asset Tax (IMPAC).

The balances of recoverable taxes are comprised as follows:

	December 31, 2019		December 31, 2020		December 31, 2021
Recoverable taxes:
ISR	Ps.	98,742	Ps.	479,032	Ps.	590,116
IVA		35,508		350,536		463,539
Withholding taxes		43,130		200,393		176,542
IMPAC		39,186		24,338		24,338
Business flat tax (IETU)		1,929		1,929		-
Corporation taxes		71,599		15,329		-
Other		1,481		1,298		13,108
	Ps.	291,575	Ps.	1,072,855	Ps.	1,267,643

Income Tax – Income tax expense (benefit) for the years ended December 31, 2019, 2020 and 2021 consists of the following:

	2019			2020			2021
ISR:
Current	Ps.	2,055,783		Ps.	722,474		Ps.	2,315,686
Deferred		(164,340	)		(255,407	)		(530,140	)
	Ps.	1,891,443		Ps.	467,067		Ps.	1,785,546

Effective tax rate – The reconciliation of the statutory income tax rate and the actual effective income tax rate as a percentage of income before income taxes for the years ended December 31, 2019, 2020 and 2021 is shown below:

	%			2019			%				2020			%			2021
'Income before income taxes				Ps.	7,346,185					Ps.		2,385,770					Ps.		7,829,263
Income tax by applying the weighted average statutory rate (1)		30.0	%		2,203,856			30.0	%			715,731			30.0	%			2,348,779
Effects of inflation over monetary assets		(3.5	)%		(260,249	)		(10.7	)%			(255,946	)		(6.0	)%			(469,823	)
(Unrecognized) applied tax loss carryforwards		0.8	%		61,953			2.0	%			48,041			(1.1	)%			(89,782	)
Tax rate change		(0.1	)%		(10,332	)		1.9	%			45,220		-				-
Employee benefits		(0.1	%)		(9,586	)		(0.1	%)			(3,127	)		0.2	%			14,949
Other		(1.3	)%		(94,199	)		(3.5	)%			(82,852	)		(0.3	)%			(18,577	)
Effective tax rate		25.8	%	Ps.	1,891,443			19.6	%	Ps.		467,067			22.8	%	Ps.		1,785,546

(1)	The tax rate used for the 2019, 2020 and 2021 previous reconciliations above is the average corporate tax rate, respectively payable by corporate entities in Mexico, Jamaica and Spain on taxable profits in accordance with tax laws in these jurisdictions.

Assets and liabilities deferred income tax recognized –

Deferred taxes are presented according to the origin of the operations of the individual subsidiaries of the Company as IAS - 12 Income taxes does not allow the offsetting of taxes in accordance with the following:

An entity must offset deferred tax assets with tax deferred tax liabilities if, and only if:

(a)

It has a legally enforceable right to offset before the tax authorities the amounts recognized in these items; and

(b)

deferred tax assets and deferred tax liabilities arising from a tax on profits corresponding to the same fiscal authority, which fall under:

(i)

the same company or taxable entity; or

(ii)

different companies or individuals for tax purposes that seek to either liquidate assets and current tax liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which expected to be settled or recovered significant amounts of assets or liabilities for deferred taxes.

The assets for deferred taxes belong to Mexico subsidiaries:



	December 31, 2019		December 31, 2020		December 31, 2021
Deferred ISR asset (liability):
Expected credit loss	Ps.	10,831	Ps.	29,478	Ps.	30,238
Machinery and equipment		50,590		56,298		75,671
Improvements to concession assets		605,052		657,472		834,813
Airport concessions and rights to use airport facilities		4,654,502		4,691,382		5,046,004
Other acquired rights		143,596		146,980		161,316
Derivative financial instruments		82,370		225,548		(5,160	)
Other assets		449		315		459
Tax loss carryforwards		51,304		95,886		6,104
Employee benefits		30,373		41,447		56,313
Accruals		19,877		21,557		25,128
Net deferred income tax asset	Ps.	5,648,944	Ps.	5,966,363	Ps.	6,230,886

The net deferred income tax liability corresponds to the subsidiaries in Jamaica:

	December 31, 2019			December 31, 2020			December 31, 2021
Deferred tax (liability) asset:
Trade receivables	Ps.	(1,169	)	Ps.	(881	)	Ps.	(1,204	)
Machinery, equipment and improvements on leased assets		(76,881	)		(75,262	)		(27,644	)
Improvements to concession assets		(1,712	)		(1,731	)		(1,702	)
Airport concessions		(615,751	)		(590,401	)		(618,567	)
Accruals		13,604			12,796			42,485
Deferred tax liability	Ps.	(681,909	)	Ps.	(655,479	)	Ps.	(606,632	)

Unrecognized deferred income tax assets – Unrecognized deferred income tax assets in the consolidated statement of financial position are comprised of the following items of the Mexican Companies:

	December 31, 2019		December 31, 2020		December 31, 2021
Tax loss carryforwards	Ps.	269,898	Ps.	306,332	Ps.	350,611
Deductible tax temporary difference		102,342		106,187		118,653
	Ps.	372,240	Ps.	412,519	Ps.	469,264

The Company does not recognize deferred tax assets on tax loss carryforwards for which it is not probable to generate future taxable profits to utilize such tax losses.

The Company does not recognize deferred tax assets relating to temporary differences between the accounting and tax value of investments in subsidiaries, as it has the power to control the reversal date of those temporary differences, and does not expect them to reverse in the foreseeable future.

Deferred income tax from tax loss carryforwards – The Company generated tax loss carryforwards in the airports of Los Mochis, Manzanillo, and at Grupo Aeroportuario del Pacífico, S.A.B. de C.V. The Company estimates tax loss carryforwards will be recoverable only in Grupo Aeroportuario del Pacífico, S.A.B. de C.V. With respect to tax legislation relating to concessions, such losses will expire in 2048, except for the tax losses of Grupo Aeroportuario del Pacífico, S.A.B. de C.V., which expire in 2026. Tax losses that can be recovered based on management’s financial projections are recognized as part of the deferred tax asset.

	December 31, 2019			December 31, 2020			December 31, 2021
Tax loss carryforwards	Ps.	1,070,673		Ps.	1,340,729		Ps.	1,189,051
Unrecognized tax loss carryforwards		(899,659	)		(1,021,106	)		(1,168,702	)
Recognized tax loss carryforwards	Ps.	171,014		Ps.	319,623		Ps.	20,349

Balances and movements of deferred taxes during the period.

	Balance as of January 1, 2019			Effects of profit and loss			Other comprehensive income				Balance as of December 31, 2019
Temporary differences for the deferred tax asset:
Expected credit loss	Ps.	10,636		Ps.	195		Ps.	—			Ps.	10,831
Machinery, equipment and improvements on leased assets		46,723			3,867			—				50,590
Improvements to concession assets		567,497			37,554			—				605,051
Airport concessions and rights to use airport facilities		4,592,116			62,386			—				4,654,502
Other acquired rights		139,268			4,328				—			143,596
Derivative financial instruments		(39,492	)		44,931				76,931			82,370
Other assets		445			4				—			449
Tax loss carryforwards		113,257			(61,953	)			—			51,304
Employee benefits		27,805			4,901				(2,333	)		30,373
Accruals		14,024			5,854				—			19,878
Total deferred tax asset	Ps.	5,472,279		Ps.	102,067		Ps.		74,598		Ps.	5,648,944

	Balance as of January 1, 2020		Effects of profit and loss			Other comprehensive income		Balance as of December 31, 2020
Temporary differences for the deferred tax asset:
Expected credit loss	Ps.	10,831	Ps.	18,647		Ps.	—	Ps.	29,478
Machinery, equipment and improvements on leased assets		50,590		5,708			—		56,298
Improvements to concession assets		605,051		52,421			—		657,472
Airport concessions and rights to use airport facilities		4,654,502		36,880			—		4,691,382
Other acquired rights		143,596		3,384			—		146,980
Derivative financial instruments		82,370		15,030			128,148		225,548
Other assets		449		(134	)		—		315
Tax loss carryforwards		51,304		44,582			—		95,886
Employee benefits		30,373		(1,487	)		12,561		41,447
Accruals		19,878		1,679			—		21,557
Total deferred tax asset	Ps.	5,648,944	Ps.	176,710		Ps.	140,709	Ps.	5,966,363

	Balance as of January 1, 2021		Effects of profit and loss			Other comprehensive income			Balance as of December 31, 2021
Temporary differences for the deferred tax asset:
Expected credit loss	Ps.	29,478	Ps.	760		Ps.	—		Ps.	30,238
Machinery, equipment and improvements on leased assets		56,298		19,373			—			75,671
Improvements to concession assets		657,472		177,341			—			834,813
Airport concessions and rights to use airport facilities		4,691,382		354,622			—			5,046,004
Other acquired rights		146,980		14,336			—			161,316
Derivative financial instruments		225,548		(16,094	)		(214,614	)		(5,160	)
Other assets		315		144			—			459
Tax loss carryforwards		95,886		(89,782	)		—			6,104
Employee benefits		41,447		15,708			(842	)		56,313
Accruals		21,557		3,571			—			25,128
Total deferred tax asset	Ps.	5,966,363	Ps.	479,979		Ps.	(215,456	)	Ps.	6,230,886

	Balance as of January 1, 2019			Effects of profit and loss			Other comprehensive income			Balance as of December 31, 2019
Temporary differences for the deferred tax liability:
Trade accounts receivable	Ps.	(820	)	Ps.	-		Ps.	(349	)	Ps.	(1,169	)
Machinery, equipment and improvements on leased assets		(96,496	)		(74,659	)		94,274			(76,881	)
Improvements to concession assets		(1,905	)		97			96			(1,712	)
Airport concessions		(700,168	)		46,461			37,956			(615,751	)
Accruals		14,458			90,374			(91,228	)		13,604
Total deferred tax liability	Ps.	(784,931	)	Ps.	62,273		Ps.	40,749		Ps.	(681,909	)

	Balance as of January 1, 2020			Effects of profit and loss			Other comprehensive income			Balance as of December 31, 2020
Temporary differences for the deferred tax liability:
Trade accounts receivable	Ps.	(1,169	)	Ps.	(3,525	)	Ps.	3,813		Ps.	(881	)
Machinery, equipment and improvements on leased assets		(76,881	)		32,937			(31,318	)		(75,262	)
Improvements to concession assets		(1,712	)		107			(126	)		(1,731	)
Airport concessions		(615,751	)		51,834			(26,484	)		(590,401	)
Accruals		13,604			(2,656	)		1,848			12,796
Total deferred tax liability	Ps.	(681,909	)	Ps.	78,697		Ps.	(52,267	)	Ps.	(655,479	)

	Balance as of January 1, 2021			Effects of profit and loss			Other comprehensive income			Balance as of December 31, 2021
Temporary differences for the deferred tax liability:
Trade accounts receivable	Ps.	(881	)	Ps.	4,818		Ps.	(5,141	)	Ps.	(1,204	)
Machinery, equipment and improvements on leased assets		(75,262	)		23,925			23,693			(27,644	)
Improvements to concession assets		(1,731	)		102			(73	)		(1,702	)
Airport concessions		(590,401	)		48,921			(77,087	)		(618,567	)
Accruals		12,796			(27,603	)		57,295			42,488
Total deferred tax liability	Ps.	(655,479	)	Ps.	50,163		Ps.	(1,313	)	Ps.	(606,632	)