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Deferred income tax | 12 Months Ended
--- | ---
Dec. 31, 2020
Deferred income tax |
Deferred income tax | 28. Deferred income tax (a)The Group recognizes the effects of timing differences between the accounting and tax basis. This caption is made up as follows:
|  |  |  |  |  | Credit (debit) to |  |  |  |  |  |  |  | Credit (debit) to |  |
|  |  |  | Credit (debit) to |  | consolidated |  |  |  |  |  | Credit (debit) to |  | consolidated |  |
|  | As of |  | consolidated |  | statements of other |  |  |  | As of |  | consolidated |  | statements of other |  | As of
|  | January 1, |  | statement of profit |  | comprehensive |  | Others |  | December 31, |  | statement of profit |  | comprehensive |  | December 31,
|  | 2019 |  | or loss |  | income |  | movements |  | 2019 |  | or loss |  | income |  | 2020
|  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000)
Deferred asset for income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax - loss carryforward |  | 105,462 |  | 25,866 |  | — |  | — |  | 131,328 |  | 27,185 |  | — |  | 158,513
Difference in depreciation and amortization rates |  | 61,390 |  | (103) |  | — |  | — |  | 61,287 |  | 2,616 |  | — |  | 63,903
Provision for closure of mining units, net |  | 11,829 |  | 3,684 |  | — |  | — |  | 15,513 |  | (1,313) |  | — |  | 14,200
Provision for impairment of value of inventory |  | 6,833 |  | 661 |  | — |  | — |  | 7,494 |  | (195) |  | — |  | 7,299
Contingent consideration liability |  | 4,648 |  | 193 |  | — |  | — |  | 4,841 |  | 1,671 |  | — |  | 6,512
Impairment loss of long-lived assets |  | 7,472 |  | 576 |  | — |  | — |  | 8,048 |  | (6,118) |  | — |  | 1,930
Other minor |  | 9,200 |  | (432) |  | — |  | 400 |  | 9,168 |  | 207 |  | — |  | 9,375
|  | 206,834 |  | 30,445 |  | — |  | 400 |  | 237,679 |  | 24,053 |  | — |  | 261,732
Derivative financial instruments |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,440 |  | 5,440
|  | 206,834 |  | 30,445 |  | — |  | 400 |  | 237,679 |  | 24,053 |  | 5,440 |  | 267,172
Deferred assets for mining royalties and special mining tax |  | 36 |  | (6) |  | — |  | — |  | 30 |  | (30) |  | — |  | —
Total deferred asset |  | 206,870 |  | 30,439 |  | — |  | 400 |  | 237,709 |  | 24,023 |  | 5,440 |  | 267,172
Deferred liability for income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of translation into U.S. dollars |  | (61,271) |  | 14,995 |  | — |  | — |  | (46,276) |  | (31,853) |  | — |  | (78,129)
Differences in amortization rates for development costs |  | (65,988) |  | (3,357) |  | — |  | — |  | (69,345) |  | 4,509 |  | — |  | (64,836)
Difference in depreciation and amortization rates |  | (36,468) |  | (7,539) |  | — |  | — |  | (44,007) |  | (3,028) |  | — |  | (47,035)
Fair value of mining concessions |  | (12,745) |  | (238) |  | — |  | — |  | (12,983) |  | (1,915) |  | — |  | (14,898)
Other minors |  | (22,700) |  | 3,367 |  | — |  | — |  | (19,333) |  | (7,036) |  | — |  | (26,369)
|  | (199,172) |  | 7,228 |  | — |  | — |  | (191,944) |  | (39,323) |  | — |  | (231,267)
Derivative financial instruments |  | (813) |  | — |  | 813 |  | — |  | — |  | — |  | — |  | —
Deferred liability for mining royalties and special mining tax |  | (2) |  | (166) |  | — |  | — |  | (168) |  | (206) |  | — |  | (374)
Total deferred liability |  | (199,987) |  | 7,062 |  | 813 |  | — |  | (192,112) |  | (39,529) |  | — |  | (231,641)
Deferred income tax asset, net |  | 6,883 |  | 37,501 |  | 813 |  | 400 |  | 45,597 |  | (15,506) |  | 5,440 |  | 35,531
(b)The deferred tax asset is presented in the consolidated statement of financial position:
|  | 2020 |  | 2019
|  | US$(000) |  | US$(000)
Deferred income tax asset |  | 73,850 |  | 74,556
Deferred income tax liability |  | (38,319) |  | (28,959)
|  | 35,531 |  | 45,597
(c)The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2020, 2019 and 2018:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Income tax expense |  |  |  |  |  |
Current |  | (8,446) |  | (11,851) |  | (12,433)
Deferred |  | (15,270) |  | 37,617 |  | (10,029)
|  | (23,716) |  | 25,766 |  | (22,462)
Mining Royalties and Special Mining Tax |  |  |  |  |  |
Current |  | (1,478) |  | (60) |  | (4,449)
Deferred |  | (236) |  | (116) |  | 32
|  | (1,714) |  | (176) |  | (4,417)
Total income tax |  | (25,430) |  | 25,590 |  | (26,879)
(d)Below is a reconciliation of tax expense and the accounting profit (loss) multiplied by the statutory tax rate for the years 2020, 2019 and 2018:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Profit (loss) before income tax |  | (130,318) |  | (43,535) |  | 27,033
Profit (loss) for discontinued operations |  | 5,409 |  | (10,514) |  | (11,808)
Profit (loss) before income tax |  | (124,909) |  | (54,049) |  | 15,225
Theoretical gain (loss) for income tax |  | 36,848 |  | 15,944 |  | (4,491)
Permanent items and others: |  |  |  |  |  |
Effect of translation into U.S. dollars |  | (31,853) |  | 14,995 |  | (15,248)
Non-deductible expenses |  | (11,789) |  | (6,877) |  | (1,095)
Foreign exchange difference of permanent items |  | (10,524) |  | (3,081) |  | (2,371)
Share in the results of associates and joint ventures |  | (2,808) |  | 14,074 |  | (337)
Unrecognized deferred tax asset |  | (2,342) |  | (9,265) |  | (2,038)
Deferred stripping cost |  | (2,521) |  | — |  | —
Mining royalties and special mining tax |  | 1,273 |  | (24) |  | 3,118
Income tax income (expense) |  | (23,716) |  | 25,766 |  | (22,462)
Mining Royalties and Special Mining Tax |  | (1,714) |  | (176) |  | (4,417)
Total income tax |  | (25,430) |  | 25,590 |  | (26,879)
(e)Related to the investment in associates, the Group has not recognized a deferred income tax asset by US$64.2 million as of December 31, 2020, originated by the difference between the financial and taxable basis of these investments (US$60.4 million as of December 31, 2019). Management believes that the timing differences will be reversed in the future without taxable effects. There is no legal or contractual obligation that would require the Company’s Management to sell its investment in its associates (which event would result in a taxable capital gain based on current tax law).

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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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