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Income tax and deferred taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income tax and deferred taxes |
Schedule of current and non-current tax assets | ​
​ | ​ | ​ | ​ | ​
​ |  | As of |  | As of
​ | ​ | December 31, | ​ | December 31,
Current tax assets | ​ | 2022 | ​ | 2021
​ |  | ThUS$ |  | ThUS$
Monthly provisional income tax payments, Chilean companies |  | 894 |  | 435
Monthly provisional income tax payments, foreign companies |  | 96,906 |  | 62
Corporate tax credits (1) |  | 653 |  | 674
1st category tax absorbed by tax losses (2) |  | 169 |  | 26,848
Taxes in recovery process |  | 126,292 |  | 129,523
Total |  | 224,914 |  | 157,542
​ ​
​ | ​ | ​ | ​ | ​
​ |  | As of |  | As of
​ | ​ | December 31, | ​ | December 31,
Non-current tax assets | ​ | 2022 | ​ | 2021
​ |  | ThUS$ |  | ThUS$
Total tax paid at SQM Salar (see note 19.3) |  | 127,114 |  | 90,364
Total |  | 127,114 |  | 90,364
​
Schedule of current tax liabilities | ​
​ | ​ | ​ | ​ | ​
​ |  | As of |  | As of
​ | ​ | December 31, | ​ | December 31,
Current tax liabilities | ​ | 2022 | ​ | 2021
​ |  | ThUS$ |  | ThUS$
1st Category income tax |  | 337,245 |  | 139,842
Foreign company income tax |  | 19,366 |  | 27,055
Article 21 single tax |  | — |  | 38
Total |  | 356,611 |  | 166,935
​
Schedule of income tax rates | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Income tax |  | Income tax |
Country | ​ | 2022 | ​ | 2021 |
Spain |  | 25 | % | 25 | %
Belgium |  | 25 | % | 25 | %
Mexico |  | 30 | % | 30 | %
United States |  | 21% + 3.51 | % | 21% + 3.51 | %
South Africa |  | 28 | % | 28 | %
Korea |  | 25 | % | 25 | %
China |  | 25%+12% (1) |  | 25%+12% (1) | %
Schedule of deferred taxes | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Net liability position
Description of deferred tax assets and liabilities as of December 31, 2022 |  | Assets |  | Liabilities
​ | ​ | ThUS$ | ​ | ThUS$
Unrealized loss |  | 655,695 |  | —
Property, plant and equipment and capitalized interest (1) |  | — |  | (244,560)
Restoration and rehabilitation provision |  | 4,685 |  | —
Manufacturing expenses |  | — |  | (139,383)
Employee benefits and unemployment insurance |  | — |  | (8,995)
Vacation accrual |  | 7,650 |  | —
Inventory provision |  | 27,512 |  | —
Materials provision |  | 11,915 |  | —
Others employee benefits |  | 1,177 |  | —
Research and development expenses |  | — |  | (12,294)
Bad debt provision |  | 715 |  | —
Provision for legal complaints and expenses |  | 6,827 |  | —
Loan acquisition expenses |  | — |  | (8,793)
Financial instruments recorded at market value |  | 5,226 |  | —
Specific tax on mining activity |  | — |  | (5,799)
Tax loss benefit |  | 10,059 |  | —
Other |  | 2,913 |  | —
Foreign items (other) |  | 96 |  | —
Balances to date |  | 734,470 |  | (419,824)
Net balance |  | ​ |  | 314,646
​
| (1) | This includes right-of-use assets.
| (b) | 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 (1) |  | — |  | (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)
​
| (1) | This item includes right-of-use assets.
​
Schedule of movement in deferred taxes | ​
​ ​ | ​ | ​ | ​ | ​
​ |  | As of |  | As of
​ | ​ | December 31, | ​ | December 31,
Movements of deferred tax assets and liabilities |  | 2022 |  | 2021
​ |  | ThUS$ |  | ThUS$
Deferred tax assets |  | 604,471 |  | 135,904
Deferred tax liabilities |  | (289,825) |  | (246,320)
Total |  | 314,646 |  | (110,416)
​
Schedule of deferred tax liabilities (assets) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Deferred tax |  | Deferred taxes |  | ​ |  | ​
​ | ​ | ​ | ​ | (expense) | ​ | related to items | ​ | Total increases | ​ | ​
​ | ​ | Deferred tax | ​ | benefit | ​ | credited | ​ | (decreases) in | ​ | Deferred tax
​ | ​ | liability (asset) | ​ | recognized in | ​ | (charged) | ​ | deferred tax | ​ | liability (asset)
​ | ​ | at beginning of | ​ | profit (loss) for | ​ | directly to | ​ | liabilities | ​ | at end of
Reconciliation of changes in deferred tax liabilities (assets) | ​ | period | ​ | the year | ​ | equity | ​ | (assets) | ​ | period
​ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Unrealized loss |  | (144,181) |  | (511,514) |  | — |  | (511,514) |  | (655,695)
Property, plant and equipment and capitalized interest |  | 189,073 |  | 55,487 |  | — |  | 55,487 |  | 244,560
Restoration and rehabilitation provision |  | (6,567) |  | 1,882 |  | — |  | 1,882 |  | (4,685)
Manufacturing expenses |  | 108,181 |  | 31,202 |  | — |  | 31,202 |  | 139,383
Employee benefits and unemployment insurance |  | 7,486 |  | 2,779 |  | (1,270) |  | 1,509 |  | 8,995
Vacation accrual |  | (6,039) |  | (1,611) |  | — |  | (1,611) |  | (7,650)
Inventory provision |  | (20,557) |  | (6,955) |  | — |  | (6,955) |  | (27,512)
Materials provision |  | (10,554) |  | (1,361) |  | — |  | (1,361) |  | (11,915)
Derivative financial instruments |  | — |  | (7,172) |  | 7,172 |  | — |  | —
Others employee benefits |  | (929) |  | (248) |  | — |  | (248) |  | (1,177)
Research and development expenses |  | 5,387 |  | 6,907 |  | — |  | 6,907 |  | 12,294
Bad debt provision |  | (2,708) |  | 1,993 |  | — |  | 1,993 |  | (715)
Provision for legal complaints and expenses |  | (334) |  | (6,493) |  | — |  | (6,493) |  | (6,827)
Loan approval expenses |  | 8,967 |  | (174) |  | — |  | (174) |  | 8,793
Financial instruments recorded at market value |  | (5,243) |  | — |  | 17 |  | 17 |  | (5,226)
Specific tax on mining activity |  | 4,545 |  | 1,257 |  | (3) |  | 1,254 |  | 5,799
Tax loss benefit |  | (7,113) |  | (1,502) |  | — |  | (1,502) |  | (8,615)
Others |  | (8,862) |  | (7,187) |  | — |  | (7,187) |  | (16,049)
Foreign items (other) |  | (136) |  | 11,732 |  | — |  | 11,732 |  | 11,596
Total temporary differences, unused losses and unused tax credits |  | 110,416 |  | (430,978) |  | 5,916 |  | (425,062) |  | (314,646)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Deferred tax |  | Deferred taxes |  | ​ |  | ​
​ | ​ | ​ | ​ | (expense) | ​ | related to items | ​ | Total increases | ​ | ​
​ | ​ | Deferred tax | ​ | benefit | ​ | credited | ​ | (decreases) in | ​ | ​
​ | ​ | liability (asset) | ​ | recognized in | ​ | (charged) | ​ | deferred tax | ​ | Deferred tax
​ | ​ | at beginning of | ​ | profit (loss) for | ​ | directly to | ​ | liabilities | ​ | liability (asset)
Reconciliation of changes in deferred tax liabilities (assets) |  | period |  | the year |  | equity |  | (assets) |  | 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
​
schedule of net operating loss carryforwards | As of December 31, 2022, and 2021, tax loss carryforwards are detailed as follows:
​ | ​ | ​ | ​ | ​
​ |  | As of |  | As of
​ | ​ | December 31, | ​ | December 31,
Deferred taxes related to benefits for tax losses |  | 2022 |  | 2021
​ |  | ThUS$ |  | ThUS$
Chile |  | 10,059 |  | 7,113
Foreign |  | — |  | 1,444
Total |  | 10,059 |  | 8,557
​
schedule of movements in deferred tax assets and liabilities | Movements in deferred tax assets and liabilities as of December 31, 2022 and 2021 are detailed as follows:
​ | ​ | ​ | ​ | ​
​ |  | Assets (liabilities)
​ | ​ | As of | ​ | As of
​ | ​ | December 31, | ​ | December 31,
Movements in deferred tax assets and liabilities |  | 2022 |  | 2021
​ | ​ | ThUS$ | ​ | ThUS$
Deferred tax assets and liabilities, net opening balance |  | (110,416) |  | (156,101)
Increase (decrease) in deferred taxes in profit or loss |  | 430,978 |  | 27,763
Increase (decrease) deferred taxes in equity |  | (5,916) |  | 17,922
Total |  | 314,646 |  | (110,416)
​
Schedule of current and deferred tax (expenses) | Current and deferred tax (expenses) benefits are detailed as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | (Expense) Income
​ | ​ | As of | ​ | As of | ​ | As of
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
Disclosures on income tax (expense) benefit |  | 2022 |  | 2021 |  | 2020
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
Current income tax (expense) benefit |  |  |  |  |  |
Current tax expense |  | (2,002,564) |  | (279,105) |  | (97,374)
Adjustments to prior year current income tax (expense) benefit |  | (626) |  | 2,326 |  | (1,901)
Current income tax expense, net, total |  | (2,003,190) |  | (276,779) |  | (99,275)
Deferred tax (expense) benefit |  |  |  |  |  |
Deferred tax benefits relating to the creation and reversal of temporary differences |  | 427,680 |  | 28,445 |  | 26,219
Tax adjustments related to the creation and reversal of temporary differences from the previous year |  | 3,298 |  | (682) |  | 2,877
Total deferred tax benefits, net |  | 430,978 |  | 27,763 |  | 29,096
Income tax expense |  | (1,572,212) |  | (249,016) |  | (70,179)
​ Income tax (expenses) benefit for foreign and domestic parties are detailed as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | (Expense) Income
​ | ​ | As of | ​ | As of | ​ | As of
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
Income tax (expense) benefit |  | 2022 |  | 2021 |  | 2020
​ |  | ThUS$ |  | ThUS$ |  | ThUS$
Current income tax benefit (expense) by foreign and domestic parties, net |  |  |  |  |  |
Current income tax expenses, foreign parties, net |  | (213,060) |  | (46,748) |  | (9,782)
Current income tax expenses, domestic, net |  | (1,790,130) |  | (230,031) |  | (89,493)
Current income tax expense, net, total |  | (2,003,190) |  | (276,779) |  | (99,275)
Deferred tax benefit (expense) by foreign and domestic parties, net |  |  |  |  |  |
Current income tax (expense) benefit, foreign parties, net |  | (21,338) |  | (6,679) |  | 10,284
Current income tax benefits, domestic, net |  | 452,316 |  | 34,442 |  | 18,812
Deferred tax expense, net, total |  | 430,978 |  | 27,763 |  | 29,096
Income tax expense |  | (1,572,212) |  | (249,016) |  | (70,179)
Schedule of tax effects of other comprehensive income components | (h)Disclosures on the tax effects of other comprehensive income components:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2022
​ |  | Amount before taxes |  | (Expense) income for |  | ​
Income tax related to other income and expense components with a charge or credit to net equity | ​ | (expense) gain | ​ | income taxes | ​ | Amount after taxes
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
(Losses) income from defined benefit plans | ​ | (6,350) | ​ | 1,273 | ​ | (5,077)
Cash flow hedges | ​ | 26,622 | ​ | (7,172) | ​ | 19,450
Reserve for (losses) income from financial assets measured at fair value through other comprehensive income | ​ | 190 | ​ | (17) | ​ | 173
Total | ​ | 20,462 | ​ | (5,916) | ​ | 14,546
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2021
​ |  | Amount before taxes |  | (Expense) income for |  | ​
Income tax related to other income and expense components with a charge or credit to net equity | ​ | (expense) gain | ​ | income taxes | ​ | Amount after taxes
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
Income (losses) from defined benefit plans | ​ | 4,679 | ​ | (142) | ​ | 4,537
Cash flow hedges | ​ | (52,762) | ​ | 14,246 | ​ | (38,516)
Reserve for (losses) income 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
​ |  | Amount before taxes |  | (Expense) income for |  | ​
Income tax related to other income and expense components with a charge or credit to net equity | ​ | (expense) gain | ​ | income taxes | ​ | Amount after taxes
​ | ​ | ThUS$ | ​ | ThUS$ | ​ | ThUS$
Income (losses) from defined benefit plans | ​ | 974 | ​ | (145) | ​ | 829
Cash flow hedges | ​ | (3,706) | ​ | 1,001 | ​ | (2,705)
Reserve for income (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
Schedule of tax benefit (expense) | Reconciliation between the tax benefit (expense) and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | (Expense) Benefit |
​ | ​ | As of | ​ | As of | ​ | As of |
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, |
Income Tax Expense (Benefit) | ​ | 2022 | ​ | 2021 | ​ | 2020 |
​ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Consolidated income before taxes |  | 5,486,496 |  | 841,221 |  | 238,538 | ​
Statutory income tax rate in Chile |  | 27 | % | 27 | % | 27 | %
Tax expense using the statutory tax rate |  | (1,481,354) |  | (227,130) |  | (64,405) | ​
Net effect of royalty tax payments |  | (57,500) |  | (13,350) |  | (4,659) | ​
Tax effect of income from regular activities exempt from taxation and dividends from abroad |  | 3,490 |  | (260) |  | 1,786 | ​
Tax rate effect of non-tax-deductible expenses for determining taxable profit (loss) |  | (11,058) |  | (2,226) |  | (2,987) | ​
Tax effect of tax rates supported abroad |  | (25,053) |  | (5,622) |  | (2,077) | ​
Effects of changes resulting from classifying a permanent item as a temporary one |  | — |  | — |  | 4,826 | ​
Other tax effects of reconciliation of accounting income to tax expense |  | (737) |  | (428) |  | (2,663) | ​
Tax expense using the effective tax rate |  | (1,572,212) |  | (249,016) |  | (70,179) | ​
​

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