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Income Tax (Tables)
 12 Months Ended
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