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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2020
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Summary of Calculation of Income Tax Expense Accrued | The calculation of the income tax expense accrued for the years ended December 31, 2020, 2019 and 2018:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current income tax |  |  | (1,247 | ) |  |  | (1,938 | ) |  |  | (943 | )
Deferred income tax |  |  | (19,752 | ) |  |  | (3,588 | ) (1) |  |  | (50,595 | )
Subtotal |  |  | (20,999 | ) |  |  | (5,526 | ) |  |  | (51,538 | )
Income tax – Well abandonment |  |  | 6,410 | (4) |  |  | (16,239 | ) (2) |  |  | — |
Special tax – Tax revaluation, Law No. 27,430 |  |  | — |  |  |  | (4,604 | ) (3) |  |  | — |
|  |  | (14,589 | ) |  |  | (26,369 | ) |  |  | (51,538 | )
(1) | Includes (5,175) corresponding to the reversal of tax loss carryforwards related to the dispute relating to cost deduction for hydrocarbon wells abandonment. See Note 15.
(2) | Includes (10,610) corresponding to interest related to the dispute relating to cost deduction for hydrocarbon wells abandonment determined on the date the Company decided to adhere to the payment facility plan. See Note 15.
(3) | Includes (4,562) corresponding to YPF (See Note 34.j.) and (42) corresponding to YTEC.
(4) | Corresponds mainly to income of condoned interests as a result of the implementation of the regime of extended moratorium relating to the tax deduction of well abandonment costs. See Note 15.
Summary of Reconciliation between the Charge to Net Income for Income Tax and the One that would Result from Applying the Prevailing Tax Rate on Net Income Before Income Tax Arising from the Consolidated Statements of Comprehensive Income | The reconciliation between the charge to net income for income tax for the years ended December 31, 2020, 2019 and 2018 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the consolidated statements of comprehensive income for each fiscal year is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net income before income tax |  |  | (56,428 | ) |  |  | (7,010 | ) |  |  | 90,144 |
Statutory tax rate |  |  | 30 | % |  |  | 30 | % |  |  | 30 | %
Statutory tax rate applied to net income before income tax |  |  | 16,928 |  |  |  | 2,103 |  |  |  | (27,043 | )
Effect of the valuation of property, plant and equipment and intangible assets measured in functional currency |  |  | (62,218 | ) |  |  | (20,189 | ) |  |  | (100,760 | )
Exchange differences |  |  | 24,242 | (1) |  |  | 22,553 | (1) |  |  | 67,767 |
Effect of the valuation of inventories |  |  | (11,102 | ) |  |  | (11,553 | ) |  |  | (8,666 | )
Income on investments in associates and joint ventures |  |  | 3,981 |  |  |  | 2,390 |  |  |  | 1,452 |
Effect of tax rate change (2) |  |  | 4,286 |  |  |  | 1,956 |  |  |  | 12,795 |
Dispute associated to cost deduction for hydrocarbon wells abandonment |  |  | — |  |  |  | (5,175 | ) |  |  | — |
Interest related to the payment facility plan for the dispute associated to cost deduction for hydrocarbon wells abandonment |  |  | (657 | ) |  |  | 1,333 |  |  |  | — |
Result of companies’ revaluation |  |  |  |  |  |  | — |  |  |  | 3,594 |
Miscellaneous |  |  | 3,541 |  |  |  | 1,056 |  |  |  | (677 | )
Income tax |  |  | (20,999 | ) |  |  | (5,526 | ) |  |  | (51,538 | )
(1) | Includes the effect of tax inflation.
(2) | Corresponds to the remedation of deferred income tax at the current rate. See Notes 2.b.15 and 34.j.
Summary of Breakdown of Deferred Tax | Breakdown of deferred tax as of December 31, 2020, 2019 and 2018 is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
Provisions and other non-deductible liabilities |  |  | 14,701 |  |  |  | 5,344 |  |  |  | 2,920 |
Tax losses carryforward and other tax credits |  |  | 82,601 |  |  |  | 52,443 |  |  |  | 21,575 |
Miscellaneous |  |  | 1,629 |  |  |  | 937 |  |  |  | 270 |
Total deferred tax assets |  |  | 98,931 |  |  |  | 58,724 |  |  |  | 24,765 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | (144,900 | ) |  |  | (110,704 | ) |  |  | (113,821 | )
Adjustment for tax inflation |  |  | (67,107 | ) |  |  | (38,177 | ) |  |  | — |
Miscellaneous |  |  | (3,904 | ) |  |  | (5,491 | ) |  |  | (1,768 | )
Total deferred tax liabilities |  |  | (215,911 | ) |  |  | (154,372 | ) |  |  | (115,589 | )
Total Net deferred tax |  |  | (116,980 | ) (2) |  |  | (95,648 | ) (2) |  |  | (90,824 | ) (1)(2)
(1) | Includes 127 as a result of the implementation of the impairment method in the calculation of the impairment of financial assets pursuant to IFRS 9, having an impact in “Retained earnings”. See Note 2.b.18.
(2) | Includes (1,957), (1,523) and (3,432) as of December 31, 2020, 2019 and 2018, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency with effect in other comprehensive income.
Summary of Tax Loss Carryforwards at Statutory Tax Rate | As of December 31, 2020, Group’s tax loss carryforwards at the expected recovery rate were as follows:
Date of generation |  | Date of expiration |  | Jurisdiction |  | Amount |
2016 |  | 2021 |  | Argentina |  |  | 466 |
2017 |  | 2022 |  | Argentina |  |  | 499 |
2018 |  | 2023 |  | Argentina |  |  | 24,190 |
2019 |  | 2024 |  | Argentina |  |  | 21,948 |
2020 |  | 2025 |  | Argentina |  |  | 35,498 |
|  |  |  |  |  |  | 82,601 |

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