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Income tax and deferred taxes | 12 Months Ended
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Dec. 31, 2021
Disclosure of income tax [Abstract] |
Disclosure of income tax [text block] |
Note 25 | Income tax and deferred taxes
Tax receivables as of December 31, 2021 and 2020, are as follows:
| 25.1 | Current and non-current tax assets
(a) Current
Current tax assets |  | As of December 31, 2021 |  |  | As of December 31, 2020 |
|  | ThUS$ |  |  | ThUS$ |
Monthly provisional income tax payments, Chilean companies |  |  | 435 |  |  |  | 37,123 |
Monthly provisional income tax payments, foreign companies |  |  | 62 |  |  |  | 1,265 |
Corporate tax credits (1) |  |  | 674 |  |  |  | 1,566 |
1st category tax absorbed by tax losses (2) |  |  | 26,848 |  |  |  | 2,322 |
Taxes in recovery process |  |  | 129,523 |  |  |  | 89,948 |
Total |  |  | 157,542 |  |  |  | 132,224 |
(b) Non-current
Non-current tax assets |  | As of December 31, 2021 |  |  | As of December 31, 2020 |
|  | ThUS$ |  |  | ThUS$ |
Monthly provisional income tax payments, Chilean companies compensated by the specific tax on mining activity (Lithium) |  |  | 6,398 |  |  |  | 6,398 |
Specific tax on mining activities (IEAM) paid by Lithium (on consignment) |  |  | 83,966 |  |  |  | 83,966 |
Total |  |  | 90,364 |  |  |  | 90,364 |
| (1) | These credits are available for companies and are related to corporate tax payments in April of the following year. These credits include, among others, credits for training expenses (SENCE), credits for acquisition of fixed assets, donations and credits in Chile for taxes paid abroad.
| (2) | This concept corresponds to the tax loss absorptions determined by the company at the end of the year, which must be attributed to the dividends received during the year.
| 25.2 | Current tax liabilities
Current tax liabilities |  | As of December 31, 2021 |  |  | As of December 31, 2020 |
|  | ThUS$ |  |  | ThUS$ |
1st Category income tax |  |  | 139,842 |  |  |  | 14,736 |
Foreign company income tax |  |  | 27,055 |  |  |  | 7,838 |
Article 21 single tax |  |  | 38 |  |  |  | 69 |
Total |  |  | 166,935 |  |  |  | 22,643 |
Income tax is calculated based on the profit or loss for tax purposes that is applied to the effective tax rate applicable in Chile. As established by Law No. 20,780 is 27%. The royalty is determined by applying the taxable rate to the net operating income obtained, according to the chart in force. The Company currently provisioned 6.51% for mining royalties that involve operations in the Salar de Atacama and 5.22% for caliche extraction operations. The income tax rate for the main countries where the Company operates is presented below:
|  | Income tax |  |  | Income tax |
Country |  | 2021 |  |  | 2020 |
Spain |  |  | 25 | % |  |  | 25 | %
Belgium |  |  | 25 | % |  |  | 25 | %
Mexico |  |  | 30 | % |  |  | 30 | %
United States |  |  | 21% + 3.51 | % |  |  | 21% + 3.36 | %
South Africa |  |  | 28 | % |  |  | 28 | %
China |  |  | 25%+12% (1) |  |  |  | 25 | %
| (1) | Additional 12% tax over the VAT calculation
| 25.3 | Income tax and deferred taxes
| (a) | Deferred tax assets and liabilities as of December 31, 2021
|  | Net liability position |
Description of deferred tax assets and liabilities as of December 31, 2021 |  | Assets |  |  | Liabilities |
|  | ThUS$ |  |  | ThUS$ |
Unrealized loss |  |  | 144,181 |  |  |  | - |
Property, plant and equipment and capitalized interest |  |  | - |  |  |  | (189,073 | )
Restoration and rehabilitation provision |  |  | 6,567 |  |  |  | - |
Manufacturing expenses |  |  | - |  |  |  | (108,181 | )
Employee benefits and unemployment insurance |  |  | - |  |  |  | (7,485 | )
Vacation accrual |  |  | 6,039 |  |  |  | - |
Inventory provision |  |  | 20,557 |  |  |  | - |
Materials provision |  |  | 10,554 |  |  |  | - |
Others employee benefits |  |  | 929 |  |  |  | - |
Research and development expenses |  |  | - |  |  |  | (5,387 | )
Bad debt provision |  |  | 2,708 |  |  |  | - |
Provision for legal complaints and expenses |  |  | 334 |  |  |  | - |
Loan acquisition expenses |  |  | - |  |  |  | (8,967 | )
Financial instruments recorded at market value |  |  | 5,242 |  |  |  | - |
Specific tax on mining activity |  |  | - |  |  |  | (4,545 | )
Tax loss benefit |  |  | 7,113 |  |  |  | - |
Other |  |  | 8,862 |  |  |  | - |
Foreign items (other) |  |  | 136 |  |  |  | - |
Balances to date |  |  | 213,222 |  |  |  | (323,638 | )
Net balance |  |  |  |  |  |  | (110,416 | )
(b) | Deferred tax assets and liabilities as of December 31, 2020
|  | Net liability position |
Description of deferred tax assets and liabilities as of December 31, 2020 |  | Assets |  |  | Liabilities |
|  | ThUS$ |  |  | ThUS$ |
Unrealized loss |  |  | 90,585 |  |  |  | - |
Property, plant and equipment and capitalized interest |  |  | - |  |  |  | (187,168 | )
Restoration and rehabilitation provision |  |  | 6,598 |  |  |  | - |
Manufacturing expenses |  |  | - |  |  |  | (107,215 | )
Employee benefits and unemployment insurance |  |  | - |  |  |  | (6,669 | )
Vacation accrual |  |  | 6,138 |  |  |  | - |
Inventory provision |  |  | 22,200 |  |  |  | - |
Materials provision |  |  | 8,812 |  |  |  | - |
Research and development expenses |  |  | - |  |  |  | (3,580 | )
Bad debt provision |  |  | 5,072 |  |  |  | - |
Provision for legal complaints and expenses |  |  | 19,637 |  |  |  | - |
Loan acquisition expenses |  |  | - |  |  |  | (5,212 | )
Financial instruments recorded at market value |  |  | - |  |  |  | (3,929 | )
Specific tax on mining activity |  |  | - |  |  |  | (3,014 | )
Tax loss benefit |  |  | 844 |  |  |  | - |
Other |  |  | 1,454 |  |  |  | - |
Foreign items (other) |  |  | - |  |  |  | (654 | )
Balances to date |  |  | 161,340 |  |  |  | (317,441 | )
Net balance |  |  |  |  |  |  | (156,101 | )
| (c) | Reconciliation of changes in deferred tax liabilities (assets) as of December 31, 2021
Reconciliation of changes in deferred tax liabilities (assets) |  | Deferred tax liability (asset) at beginning of period |  |  | Deferred tax (expense) benefit recognized in profit (loss) for the year |  |  | Deferred taxes related to items credited (charged) directly to equity |  |  | Total increases (decreases) in deferred tax liabilities (assets) |  |  | Deferred tax liability (asset) at end of period |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Unrealized loss |  |  | (90,585 | ) |  |  | (53,596 | ) |  |  | - |  |  |  | (53,596 | ) |  |  | (144,181 | )
Property, plant and equipment and capitalized interest |  |  | 187,168 |  |  |  | 1,905 |  |  |  | - |  |  |  | 1,905 |  |  |  | 189,073 |
Restoration and rehabilitation provision |  |  | (6,597 | ) |  |  | 30 |  |  |  | - |  |  |  | 30 |  |  |  | (6,567 | )
Manufacturing expenses |  |  | 107,215 |  |  |  | 966 |  |  |  | - |  |  |  | 966 |  |  |  | 108,181 |
Employee benefits and unemployment insurance |  |  | 6,669 |  |  |  | 687 |  |  |  | 130 |  |  |  | 817 |  |  |  | 7,486 |
Vacation accrual |  |  | (6,138 | ) |  |  | 99 |  |  |  | - |  |  |  | 99 |  |  |  | (6,039 | )
Inventory provision |  |  | (22,200 | ) |  |  | 1,643 |  |  |  | - |  |  |  | 1,643 |  |  |  | (20,557 | )
Materials provision |  |  | (8,812 | ) |  |  | (1,742 | ) |  |  | - |  |  |  | (1,742 | ) |  |  | (10,554 | )
Derivative financial instruments |  |  | - |  |  |  | 14,246 |  |  |  | (14,246 | ) |  |  | - |  |  |  | - |
Others employee benefits |  |  | - |  |  |  | (929 | ) |  |  | - |  |  |  | (929 | ) |  |  | (929 | )
Research and development expenses |  |  | 3,581 |  |  |  | 1,806 |  |  |  | - |  |  |  | 1,806 |  |  |  | 5,387 |
Bad debt provision |  |  | (5,072 | ) |  |  | 2,364 |  |  |  | - |  |  |  | 2,364 |  |  |  | (2,708 | )
Provision for legal complaints and expenses |  |  | (19,637 | ) |  |  | 19,303 |  |  |  | - |  |  |  | 19,303 |  |  |  | (334 | )
Loan approval expenses |  |  | 5,212 |  |  |  | 3,755 |  |  |  | - |  |  |  | 3,755 |  |  |  | 8,967 |
Financial instruments recorded at market value |  |  | 3,929 |  |  |  | (5,354 | ) |  |  | (3,818 | ) |  |  | (9,172 | ) |  |  | (5,243 | )
Specific tax on mining activity |  |  | 3,012 |  |  |  | 1,521 |  |  |  | 12 |  |  |  | 1,533 |  |  |  | 4,545 |
Tax loss benefit |  |  | (844 | ) |  |  | (6,269 | ) |  |  | - |  |  |  | (6,269 | ) |  |  | (7,113 | )
Others |  |  | (1,454 | ) |  |  | (7,408 | ) |  |  | - |  |  |  | (7,408 | ) |  |  | (8,862 | )
Foreign items (other) |  |  | 654 |  |  |  | (790 | ) |  |  | - |  |  |  | (790 | ) |  |  | (136 | )
Total temporary differences, unused losses and unused tax credits |  |  | 156,101 |  |  |  | (27,763 | ) |  |  | (17,922 | ) |  |  | (45,685 | ) |  |  | 110,416 |
| (d) | Reconciliation of changes in deferred tax liabilities (assets) as of December 31, 2020
Reconciliation of changes in deferred tax liabilities (assets) |  | Deferred tax liability (asset) at beginning of period |  |  | Deferred tax (expense) benefit recognized in profit (loss) for the year |  |  | Deferred taxes related to items credited (charged) directly to equity |  |  | Total increases (decreases) in deferred tax liabilities (assets) |  |  | Deferred tax liability (asset) at end of period |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Unrealized loss |  |  | (82,076 | ) |  |  | (8,509 | ) |  |  | - |  |  |  | (8,509 | ) |  |  | (90,585 | )
Property, plant and equipment and capitalized interest |  |  | 197,167 |  |  |  | (9,999 | ) |  |  | - |  |  |  | (9,999 | ) |  |  | 187,168 |
Facility closure provision |  |  | (7,311 | ) |  |  | 714 |  |  |  | - |  |  |  | 714 |  |  |  | (6,597 | )
Manufacturing expenses |  |  | 106,420 |  |  |  | 795 |  |  |  | - |  |  |  | 795 |  |  |  | 107,215 |
Employee benefits and unemployment insurance |  |  | 6,000 |  |  |  | 514 |  |  |  | 155 |  |  |  | 669 |  |  |  | 6,669 |
Vacation accrual |  |  | (5,591 | ) |  |  | (547 | ) |  |  | - |  |  |  | (547 | ) |  |  | (6,138 | )
Inventory provision |  |  | (23,885 | ) |  |  | 1,685 |  |  |  | - |  |  |  | 1,685 |  |  |  | (22,200 | )
Materials provision |  |  | (7,982 | ) |  |  | (830 | ) |  |  | - |  |  |  | (830 | ) |  |  | (8,812 | )
Derivative financial instruments |  |  | - |  |  |  | 1,001 |  |  |  | (1,001 | ) |  |  | - |  |  |  | - |
Others employee benefits |  |  | (2,689 | ) |  |  | 2,689 |  |  |  | - |  |  |  | 2,689 |  |  |  | - |
Research and development expenses |  |  | 3,535 |  |  |  | 46 |  |  |  | - |  |  |  | 46 |  |  |  | 3,581 |
bad debt provision |  |  | (3,542 | ) |  |  | (1,530 | ) |  |  | - |  |  |  | (1,530 | ) |  |  | (5,072 | )
Provision for legal complaints and expenses |  |  | (2,546 | ) |  |  | (17,091 | ) |  |  | - |  |  |  | (17,091 | ) |  |  | (19,637 | )
Loan approval expenses |  |  | 3,856 |  |  |  | 1,356 |  |  |  | - |  |  |  | 1,356 |  |  |  | 5,212 |
Financial instruments recorded at market value |  |  | 1,287 |  |  |  | - |  |  |  | 2,642 |  |  |  | 2,642 |  |  |  | 3,929 |
specific tax on mining activity |  |  | 1,354 |  |  |  | 1,668 |  |  |  | (10 | ) |  |  | 1,658 |  |  |  | 3,012 |
Tax loss benefit |  |  | (2,296 | ) |  |  | 1,452 |  |  |  | - |  |  |  | 1,452 |  |  |  | (844 | )
Others |  |  | 2,021 |  |  |  | (3,475 | ) |  |  | - |  |  |  | (3,475 | ) |  |  | (1,454 | )
Foreign items (other) |  |  | (311 | ) |  |  | 965 |  |  |  | - |  |  |  | 965 |  |  |  | 654 |
Total temporary differences, unused losses and unused tax credits |  |  | 183,411 |  |  |  | (29,096 | ) |  |  | 1,786 |  |  |  | (27,310 | ) |  |  | 156,101 |
(e) | Deferred taxes related to benefits for tax losses
The Company’s tax loss carryforwards were mainly generated by losses in Chile, which in accordance with current Chilean tax regulations have no expiration date. As of December 31, 2021, and 2020, tax loss carryforwards are detailed as follows:
Deferred taxes related to benefits for tax losses |  | As of December 31, 2021 |  |  | As of December 31, 2020 |
|  | ThUS$ |  |  | ThUS$ |
Chile |  |  | 7,113 |  |  |  | 818 |
Foreign |  |  | - |  |  |  | 26 |
Total |  |  | 7,113 |  |  |  | 844 |
The tax losses as of December 31, 2021, which are the basis for these deferred taxes correspond mainly to SQM S.A., SQM Potasio S.A., Comercial Hydro S.A., Orcoma SpA., Orcoma Estudio SpA y SCM Bufalo.
| (f) | Movements in deferred tax assets and liabilities
Movements in deferred tax assets and liabilities as of December 31, 2021 and 2020 are detailed as follows:
|  | Assets (liabilities) |
Movements in deferred tax assets and liabilities |  | As of December 31, 2021 |  |  | As of December 31, 2020 |
|  | ThUS$ |  |  | ThUS$ |
Deferred tax assets and liabilities, net opening balance |  |  | (156,101 | ) |  |  | (183,411 | )
Increase (decrease) in deferred taxes in profit or loss |  |  | 27,763 |  |  |  | 29,096 |
Increase (decrease) deferred taxes in equity |  |  | 17,922 |  |  |  | (1,786 | )
Total |  |  | (110,416 | ) |  |  | (156,101 | )
| (g) | Disclosures on income tax (expenses) benefits
Current and deferred tax (expenses) benefits are detailed as follows:
|  | (Expense) Income |
Disclosures on income tax (expense) benefit |  | As of December 31, 2021 |  |  | As of December 31, 2020 |  |  | As of December 31, 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Current income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  |
Current tax (expense) |  |  | (279,105 | ) |  |  | (97,374 | ) |  |  | (116,483 | )
Adjustments to prior year current income tax (expense) benefit |  |  | 2,326 |  |  |  | (1,901 | ) |  |  | 12,222 |
Current income tax expense, net, total |  |  | (276,779 | ) |  |  | (99,275 | ) |  |  | (104,261 | )
Deferred tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax benefits relating to the creation and reversal of temporary differences |  |  | 28,445 |  |  |  | 26,219 |  |  |  | 2,551 |
Tax adjustments related to the creation and reversal of temporary differences from the previous year |  |  | (682 | ) |  |  | 2,877 |  |  |  | (8,309 | )
Total deferred tax benefits, net |  |  | 27,763 |  |  |  | 29,096 |  |  |  | (5,758 | )
Income tax expense |  |  | (249,016 | ) |  |  | (70,179 | ) |  |  | (110,019 | )
Tax (expenses) benefit for foreign and domestic parties are detailed as follows:
|  | (Expense) Income |
Income tax (expense) benefit |  | As of December 31, 2021 |  |  | As of December 31, 2020 |  |  | As of December 31, 2019 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Current income tax benefit (expense) by foreign and domestic parties, net |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expenses, foreign parties, net |  |  | (46,748 | ) |  |  | (9,782 | ) |  |  | (7,394 | )
Current income tax expenses, domestic, net |  |  | (230,031 | ) |  |  | (89,493 | ) |  |  | (96,867 | )
Current income tax expense, net, total |  |  | (276,779 | ) |  |  | (99,275 | ) |  |  | (104,261 | )
Deferred tax benefit (expense) by foreign and domestic parties, net |  |  |  |  |  |  |  |  |  |  |  |
Current income tax (expense) benefit, foreign parties, net |  |  | (6,679 | ) |  |  | 10,284 |  |  |  | 2,370 |
Current income tax benefits, domestic, net |  |  | 34,442 |  |  |  | 18,812 |  |  |  | (8,128 | )
Deferred tax expense, net, total |  |  | 27,763 |  |  |  | 29,096 |  |  |  | (5,758 | )
Income tax expense |  |  | (249,016 | ) |  |  | (70,179 | ) |  |  | (110,019 | )
(h) | Disclosures on the tax effects of other comprehensive income components:
|  | As of December 31, 2021 |
Income tax related to other income and expense components with a charge or credit to net equity |  | Amount before taxes (expense) gain |  |  | (Expense) income for income taxes |  |  | Amount after taxes |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Gains (losses) from defined benefit plans |  |  | 4,679 |  |  |  | (142 | ) |  |  | 4,537 |
Cash flow hedges |  |  | (52,762 | ) |  |  | 14,246 |  |  |  | (38,516 | )
Reserve for (losses) gains from financial assets measured at fair value through other comprehensive income |  |  | (12,072 | ) |  |  | 3,818 |  |  |  | (8,254 | )
Total |  |  | (60,155 | ) |  |  | 17,922 |  |  |  | (42,233 | )
|  | As of December 31, 2020 |
Income tax related to other income and expense components with a charge or credit to net equity |  | Amount before taxes (expense) gain |  |  | (Expense) income for income taxes |  |  | Amount after taxes |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Gains (losses) from defined benefit plans |  |  | 974 |  |  |  | (145 | ) |  |  | 829 |
Cash flow hedges |  |  | (3,706 | ) |  |  | 1,001 |  |  |  | (2,705 | )
Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income |  |  | 9,784 |  |  |  | (2,642 | ) |  |  | 7,142 |
Total |  |  | 7,052 |  |  |  | (1,786 | ) |  |  | 5,266 |
|  | As of December 31, 2019 |
Income tax related to other income and expense components with a charge or credit to net equity |  | Amount before taxes (expense) gain |  |  | (Expense) income for income taxes |  |  | Amount after taxes |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Gains (losses) from defined benefit plans |  |  | (3,310 | ) |  |  | 702 |  |  |  | (2,608 | )
Cash flow hedges |  |  | 1,908 |  |  |  | (2,683 | ) |  |  | (775 | )
Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income |  |  | 1,152 |  |  |  | (311 | ) |  |  | 841 |
Total |  |  | (250 | ) |  |  | (2,292 | ) |  |  | (2,542 | )
(i) | Explanation of the relationship between (expense) benefit for tax purposes and accounting income.
Based on IAS 12, paragraph 81, letter “c”, the company has estimated that the method that discloses the most significant information for users of the financial statements is the numeric conciliation between the tax benefit (expense) and the result of multiplying the accounting profit by the current rate in Chile. The aforementioned choice is based on the fact that the Company and subsidiaries established in Chile generate a large part of the Company’s tax benefit (expense). The amounts provided by subsidiaries established outside Chile have no relative importance in the overall context. Reconciliation between the tax benefit (expense) and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.
|  | (Expense) Benefit |
Income Tax Expense (Benefit) |  | As of December 31, 2021 |  |  | As of December 31, 2020 |  |  | As of December 31, 20219 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Consolidated income before taxes |  |  | 841,221 |  |  |  | 238,538 |  |  |  | 390,622 |
Statutory income tax rate in Chile |  |  | 27 | % |  |  | 27 | % |  |  | 27 | %
Tax expense using the statutory tax rate |  |  | (227,130 | ) |  |  | (64,405 | ) |  |  | (105,468 | )
Net effect of royalty tax payments |  |  | (13,350 | ) |  |  | (4,659 | ) |  |  | (4,314 | )
Effect of other additional taxes affected by article 21 and passive income |  |  | (2,617 | ) |  |  | (1,804 | ) |  |  | (724 | )
Tax effect of revenue from regular activities exempt from taxation |  |  | (260 | ) |  |  | 1,786 |  |  |  | 2,376 |
Tax rate effect of non-tax-deductible expenses for determining taxable profit (loss) |  |  | (2,226 | ) |  |  | (2,987 | ) |  |  | (2,128 | )
Tax effect of tax rates supported abroad |  |  | (3,016 | ) |  |  | (2,077 | ) |  |  | (252 | )
Effects of changes resulting from classifying a permanent item as a temporary one |  |  | - |  |  |  | 4,826 |  |  |  | - |
Other tax effects |  |  | (417 | ) |  |  | (859 | ) |  |  | 491 |
Tax expense using the effective tax rate |  |  | (249,016 | ) |  |  | (70,179 | ) |  |  | (110,019 | )
| (j) | Tax periods potentially subject to verification:
The Group’s Companies are potentially subject to income tax audits by tax authorities in each country These audits are limited to a number of interim tax periods, which, in general, when they elapse, give rise to the expiration of these inspections. Tax audits, due to their nature, are often complex and may require several years. Below, we provide a summary of tax periods that are potentially subject to verification, in accordance with the tax regulations in force in the country of origin:
| (i) | Chile
According to article 200 of Decree Law No 830, the taxes will be reviewed for any deficiencies in terms of payment and to generate any taxes that might arise. There is a 3-year prescriptive period for such review, dating from the expiration of the legal deadline when payment should have been made. This prescriptive period can be extended to 6 years for the revision of taxes subject to declaration, when such declaration has not been filed or has been presented with maliciously false information.
| (ii) | United States
In the United States, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error is detected in the tax return of sales or cost of sales, the review can be extended for a period of up to 6 years.
| (iii) | Mexico:
In Mexico, the tax authority can review tax returns up to 5 years from the expiration date of the tax return.
| (iv) | Spain:
In Spain, the tax authority can review tax returns up to 4 years from the expiration date of the tax return. A subsidiary of the Company, SQM Iberian S.A., is being reviewed by the Spanish Tax Authority. This audit could involve adjustments to tax returns filed in Spain.
| (v) | Belgium:
In Belgium, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return if no tax losses exist. In the event of detecting an omission or error in the tax return, the review can be extended for a period of up to 5 years.
| (vi) | South Africa:
In South Africa, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error in the tax return is detected, the review can be extended for a period of up to 5 years. A subsidiary of the Company, SQM Africa Pty., is being reviewed by the South African Tax Authority. This audit could involve adjustments to tax returns filed in South Africa.

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