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Income tax and deferred taxes (Tables)

12 Months Ended

Dec. 31, 2024

Major components of tax expense (income) [abstract]

Schedule of current and non-current tax assets

Current tax assets						As of December 31, 2024						As of December 31, 2023
						ThUS$						ThUS$
Monthly provisional income tax payments, Chilean companies (1)						133,898						584,382
Monthly provisional income tax payments, foreign companies						12,859						26,741
Corporate tax credits (2)						4,603						1,918
1st category tax absorbed by tax losses (3)						—						1,872
Taxes in recovery process (1)						431,783						22,120
Total						583,143						637,033

Non-current tax assets

As of December 31, 2024

As of December 31, 2023

ThUS$

ThUS$

Non current tax receivable (see note 20.3)

59,541

59,541

Total

59,541

59,541

(1)The PPM of Chilean companies and taxes in the process of recovery are presented net of the liability for specific tax on lithium mining activity for an amount of USD$179.5 million. See note 20.3 Tax contingencies. The taxes in recovery process represent PPM of the previous periods that are yet to be reimbursed from the tax authority.

(2)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.

(3)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.

Schedule of current tax liabilities

Current tax liabilities						As of December 31, 2024						As of December 31, 2023
						ThUS$						ThUS$
Chilean income tax (1)						24,687						636
Specific mining tax to lithium mining (see note 20.3)						—						162,743
Foreign company income tax (2)						55,154						20,254
Total						79,841						183,633

(1)Income tax in Chile is presented net of provisional monthly payments by Chilean companies for an amount of US$90.9 million.

(2)The income tax of foreign subsidiaries is presented net of provisional monthly payments by companies for an amount of US$66.9 million.

Schedule of income tax rates

The income tax rate for the main countries where the Company operates is presented below:

Country						Income tax 2024						Income tax 2023
Spain						25 %						25 %
Belgium						25 %						25 %
Mexico						30 %						30 %
United States						21% + 2.5%						21% + 3%
South Africa						27 %						27 %
South Korea						24% (2)						24% (2)
China						25%+12% (1)						25%+12% (1)
Australia						30		%				30		%

(1)Additional tax of 12% on VAT payable and the corporate rate in Sichuan is 15%.

(2)Sliding scale from 9% to 24% of taxable income.

Schedule of deferred taxes

Description of deferred tax assets and liabilities as of December 31, 2024						Net liability position
						Assets						Liabilities
						ThUS$						ThUS$
Unrealized profit						157,503						—
Property, plant and equipment and capitalized interest (1)						—						(314,309)
Restoration and rehabilitation provision						5,220						—
Manufacturing expenses						—						(154,906)
Employee benefits and unemployment insurance						—						(8,736)
Vacation accrual						9,001						—
Inventory provision						16,353						—
Materials provision						20,293						—
Others employee benefits						10,291						—
Research and development expenses						—						(17,239)
Bad debt provision						—						(203)
Provision for legal complaints and expenses						2,788						—
Loan acquisition expenses						—						(17,604)
Financial instruments recorded at market value						3,277						—
Specific tax on mining activity						—						(1,398)
Specific tax on lithium mining activity						4,049						—
Tax loss benefit						129,123						—
Other						15,422						—
Foreign items (other)						260						—
Balances to date						373,580						(514,395)
Net balance												(140,815)

(1)This includes right-of-use assets.

(b)Deferred tax assets and liabilities as of December 31, 2023

						Net liability position
Description of deferred tax assets and liabilities as of December 31, 2023						Assets						Liabilities
						ThUS$						ThUS$
Unrealized loss						321,340						—
Property, plant and equipment and capitalized interest (1)						—						(240,056)
Restoration and rehabilitation provision						6,336						—
Manufacturing expenses						—						(159,879)
Employee benefits and unemployment insurance						—						(9,438)
Vacation accrual						9,373						—
Inventory provision						34,718						—
Materials provision						14,405						—
Others employee benefits						6,561						—
Research and development expenses						—						(16,046)
Bad debt provision						3,060						—
Provision for legal complaints and expenses						2,932						—
Loan acquisition expenses						—						(12,735)
Financial instruments recorded at market value						—						(52,016)
Specific tax on mining activity						—						(3,303)
Tax loss benefit						23,340						—
Other						—						(21,119)
Foreign items (other)						75						—
Balances to date						422,140						(514,592)
Net balance												(92,452)

(1)This item includes right-of-use assets.

Schedule of movement in deferred taxes

Deferred tax assets and liabilities in the consolidated statement of financial position as of December 31, 2024 and 2023, are as follows:

Movements of deferred tax assets and liabilities						As of December 31, 2024						As of December 31, 2023
						ThUS$						ThUS$
Deferred tax assets						157,564						302,236
Deferred tax liabilities						(298,379)						(394,688)
Total						(140,815)						(92,452)

Schedule of deferred tax liabilities (assets)

Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of December 31, 2024						Deferred tax (liability) asset at beginning of period						Deferred tax (expense) benefit recognized in income for the year						Deferred taxes related to items (credited) charged directly to equity						Total change in deferred taxes						Deferred tax (liability) asset at end of period
						ThUS$						ThUS$						ThUS$						ThUS$						ThUS$
Unrealized loss						321,340						(163,837)						—						(163,837)						157,503
Property, plant and equipment and capitalized interest						(288,116)						(26,193)						—						(26,193)						(314,309)
Restoration and rehabilitation provision						6,336						(1,116)						—						(1,116)						5,220
Manufacturing expenses						(159,879)						4,973						—						4,973						(154,906)
Employee benefits and unemployment insurance						(9,438)						1,567						(865)						702						(8,736)
Vacation accrual						9,373						(372)						—						(372)						9,001
Inventory provision						34,718						(18,365)						—						(18,365)						16,353
Materials provision						14,405						5,888						—						5,888						20,293
Derivative financial instruments						—						3,049						(3,049)						—						—
Others employee benefits						6,561						3,730						—						3,730						10,291
Research and development expenses						(16,046)						(1,193)						—						(1,193)						(17,239)
Bad debt provision						1,957						(2,160)						—						(2,160)						(203)
Provision for legal complaints and expenses						2,932						(144)						—						(144)						2,788
Loan approval expenses						(12,735)						(4,869)						—						(4,869)						(17,604)
Financial instruments recorded at market value						(52,016)						—						55,293						55,293						3,277
Specific tax on mining activity						(3,303)						1,900						5						1,905						(1,398)
Specific tax on lithium mining activity						—						4,049						—						4,049						4,049
Tax loss benefit						74,347						54,776						—						54,776						129,123
Others						(22,963)						38,385						—						38,385						15,422
Foreign items (other)						75						(1,682)						1,867						185						260
Total temporary differences, unused losses and unused tax credits						(92,452)						(101,614)						53,251						(48,363)						(140,815)

Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of December 31, 2023						Deferred tax (liability) asset at beginning of period						Deferred tax (expense) benefit recognized in income for the year						Deferred taxes related to items (credited) charged directly to equity						Total change in deferred taxes						Deferred tax (liability) asset at end of period
						ThUS$						ThUS$						ThUS$						ThUS$						ThUS$
Unrealized loss						655,695						(334,355)						—						(334,355)						321,340
Property, plant and equipment and capitalized interest						(244,560)						(43,556)						—						(43,556)						(288,116)
Restoration and rehabilitation provision						4,685						1,651						—						1,651						6,336
Manufacturing expenses						(139,383)						(20,496)						—						(20,496)						(159,879)
Employee benefits and unemployment insurance						(8,995)						(2,020)						1,577						(443)						(9,438)
Vacation accrual						7,650						1,723						—						1,723						9,373
Inventory provision						27,512						7,206						—						7,206						34,718
Materials provision						11,915						2,490						—						2,490						14,405
Derivative financial instruments						—						5,047						(5,047)						—						—
Others employee benefits						1,177						5,384						—						5,384						6,561
Research and development expenses						(12,294)						(3,752)						—						(3,752)						(16,046)
Bad debt provision						715						1,242						—						1,242						1,957
Provision for legal complaints and expenses						6,827						(3,895)						—						(3,895)						2,932
Loan approval expenses						(8,793)						(3,942)						—						(3,942)						(12,735)
Financial instruments recorded at market value						5,226						—						(57,242)						(57,242)						(52,016)
Specific tax on mining activity						(5,799)						2,491						5						2,496						(3,303)
Tax loss benefit						10,059						64,288						—						64,288						74,347
Others						2,913						(25,876)						—						(25,876)						(22,963)
Foreign items (other)						96						(21)						—						(21)						75
Total temporary differences, unused losses and unused tax credits						314,646						(346,391)						(60,707)						(407,098)						(92,452)

schedule of net operating loss carryforwards

As of December 31, 2024, and 2023, tax loss carryforwards are detailed as follows:

Deferred taxes related to benefits for tax losses						As of December 31, 2024						As of December 31, 2023
						ThUS$						ThUS$
Chile						44,525						16,087
Foreign						84,598						7,253
Total						129,123						23,340

schedule of movements in deferred tax assets and liabilities

Movements in deferred tax assets and liabilities as of December 31, 2024 and 2023 are detailed as follows:

Movements in deferred tax assets and liabilities						Assets (liabilities)
						As of December 31, 2024						As of December 31, 2023
						ThUS$						ThUS$
Deferred tax assets and liabilities, net opening balance						(92,452)						314,646
Increase (decrease) in deferred taxes in income						(101,614)						(346,391)
Increase (decrease) deferred taxes in equity						53,251						(60,707)
Total						(140,815)						(92,452)

Schedule of current and deferred tax (expenses)

Current and deferred tax (expenses) benefits are detailed as follows:

Disclosures on income tax (expense) benefit						(Expense) Income
						As of December 31, 2024						As of December 31, 2023						As of December 31, 2022
						ThUS$						ThUS$						ThUS$
Current income tax (expense) benefit
Current tax expense (1)						(206,051)						(1,533,809)						(2,002,564)
Adjustments to prior year current income tax benefit (expense)						25,092						3,449						(626)
Current income tax expense, net total						(180,959)						(1,530,360)						(2,003,190)
Deferred tax (expense) benefit
Deferred tax benefits relating to the creation and reversal of temporary differences						(77,113)						(342,363)						427,680
Tax adjustments related to the creation and reversal of temporary differences from the previous year						(24,501)						(4,028)						3,298
Total deferred tax benefits, net						(101,614)						(346,391)						430,978
Income tax expense						(282,573)						(1,876,751)						(1,572,212)

(1) Includes a tax expense adjustment amounting US$1,089.5 million for the year ended December 31, 2023 relating to the specific mining tax to lithium mining claims (see note 20.3).

Income tax (expenses) benefit for foreign and domestic parties are detailed as follows:

Income tax (expense) benefit						(Expense) Income
						As of December 31, 2024						As of December 31, 2023						As of December 31, 2022
						ThUS$						ThUS$						ThUS$
Current income tax benefit (expense) by foreign and domestic parties, net
Current income tax (expenses), foreign parties, net						(71,477)						(120,893)						(213,060)
Current income tax (expenses), domestic, net (1)						(109,482)						(1,409,467)						(1,790,130)
Current income tax expense, net, total						(180,959)						(1,530,360)						(2,003,190)
Deferred tax benefit (expense) by foreign and domestic parties, net
Current income tax (expense) benefit, foreign parties, net						73,935						(34,014)						(21,338)
Current income tax (expense) benefits, domestic, net						(175,549)						(312,377)						452,316
Deferred tax expense, net, total						(101,614)						(346,391)						430,978
Income tax expense						(282,573)						(1,876,751)						(1,572,212)

(1) Includes a tax expense adjustment amounting US$1,089.5 million for the year ended December 31, 2023 relating to the specific mining tax to lithium mining claims (see note 20.3).

Schedule of tax effects of other comprehensive income components

Disclosures on the tax effects of other comprehensive income components:

Income tax related to other income and expense components with a charge or credit to net equity						As of December 31, 2024
						Amount before taxes (expense) gain						(Expense) income for income taxes						Amount after taxes
						ThUS$						ThUS$						ThUS$
Income (losses) from defined benefit plans						3,148						(860)						2,288
Cash flow hedges						11,293						(3,049)						8,244
Reserve for (losses) income from financial assets measured at fair value through other comprehensive income						3,520						(2,723)						797
Total						17,961						(6,632)						11,329

Income tax related to other income and expense components with a charge or credit to net equity						As of December 31, 2023
						Amount before taxes (expense) gain						(Expense) income for income taxes						Amount after taxes
						ThUS$						ThUS$						ThUS$
(Losses) income from defined benefit plans						(5,843)						1,582						(4,261)
Cash flow hedges						18,692						(5,047)						13,645
Reserve for (losses) income from financial assets measured at fair value through other comprehensive income						190,509						(57,242)						133,267
Total						203,358						(60,707)						142,651

Income tax related to other income and expense components with a charge or credit to net equity						As of December 31, 2022
						Amount before taxes (expense) gain						(Expense) income for income taxes						Amount after taxes
						ThUS$						ThUS$						ThUS$
Income (losses) from defined benefit plans						(6,350)						1,273						(5,077)
Cash flow hedges						26,622						(7,172)						19,450
Reserve for income (losses) from financial assets measured at fair value through other comprehensive income						190						(17)						173
Total						20,462						(5,916)						14,546

Schedule of tax benefit (expense)

Reconciliation between the tax expense and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.

Income Tax (Expense) Benefit						(Expense) Benefit
						As of December 31, 2024						As of December 31, 2023						As of December 31, 2022
						ThUS$						ThUS$						ThUS$
Consolidated income before taxes						974,414						2,807,018						5,486,496
Statutory income tax rate in Chile						27 %						27 %						27 %
Tax expense using the statutory tax rate						(263,092)						(757,895)						(1,481,354)
Net effect of royalty tax payments						(4,453)						(6,889)						(57,500)
Specific mining tax to lithium mining claims (see note 20.3) (1)						(12,635)						(1,089,476)						—
Net effect of other additional taxes (3)						(25,377)						—						—
Tax effect of income from regular activities exempt from taxation and dividends from abroad						1,030						(1,457)						3,490
Tax rate effect of non-tax-deductible expenses for determining taxable profit (loss)						(5,013)						3,509						(11,058)
Effect due to the difference in tax rates related to abroad subsidiaries						7,682						(24,748)						(25,053)
Effect of tax loss recognition						14,750						—						—
Other tax effects of reconciliation of accounting income to tax expense						4,535						205						(737)
Tax expense using the effective tax rate						(282,573)						(1,876,751)						(1,572,212)

(1)The net effects of the payment of the specific tax on the mining activity applied to lithium are presented with the deferred tax on the mining activity applied to lithium in the amount of ThUS$4,049 for the year ended December 31, 2024.

(2)The other tax effects from the reconciliation between accounting income and tax expenses include deferred taxes from the initiation of operations in Australia.

(3)Mainly related to dividends from abroad subsidiaries and capital gains tax related to common control transactions.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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