XML 82 R29.htm IDEA: XBRL DOCUMENT
v3.21.1

Income taxes | 12 Months Ended
--- | ---
Dec. 31, 2020
Text block [abstract] |
Income taxes |
22. | Income taxes
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current taxes expense - |  |  |  |  |  |  |  |  |  |  |  |
Current period |  | $ | (14,032 | ) |  | $ | (55,847 | ) |  | $ | (35,258 | )
Adjustment for prior period |  |  | 162 |  |  |  | 693 |  |  |  | 261 |
|  | $(13,870) |  |  | $(55,154) |  |  | $(34,997) |
Deferred taxes expenses - |  |  |  |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | 37,587 |  |  |  | 8,717 |  |  |  | 467 |
Total income tax |  | $ | 23,717 |  |  | $ | (46,437 | ) |  | $ | (34,530 | )
During the year 2018, the deferred tax balances have been re-measured as a result of the change in Colombia’s income tax rate, 31% and 30% for the taxable year 2021 and 2022, respectively according to the law N°1943 published on December 28, 2018. Deferred tax expected to reverse in the year 2021, has been measured using the effective rate that will apply for Copa Airlines (25%), Copa Colombia (31%) and OVAL (21%) The balances of deferred taxes are as follows:
|  | Statement of financial position |  |  | Statement of profit or loss |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maintenance deposits |  | $ | (23,891 | ) |  | $ | (29,863 | ) |  | $ | (5,972 | ) |  | $ | — |  |  | $ | 3,277 |
Prepaid dividend tax |  |  | — |  |  |  | (7,403 | ) |  |  | (7,403 | ) |  |  | (1,456 | ) |  |  | (5,244 | )
Property and equipment |  |  | 2,108 |  |  |  | (2,896 | ) |  |  | (5,004 | ) |  |  | (4,500 | ) |  |  | (2,136 | )
Other |  |  | (1,500 | ) |  |  | (4,690 | ) |  |  | (3,190 | ) |  |  | (1 | ) |  |  | 641 |
Set off tax |  |  | 1,093 |  |  |  | 1,455 |  |  |  | 362 |  |  |  | 414 |  |  |  | (63 | )
|  | $ | (22,190 | ) |  | $ | (43,397 | ) |  | $ | (21,207 | ) |  | $ | (5,543 | ) |  | $ | (3,525 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for return conditions |  | $ | 12,665 |  |  | $ | 10,095 |  |  | $ | (2,570 | ) |  | $ | (2,959 | ) |  | $ | 723 |
Air traffic liability |  |  | 2,486 |  |  |  | 2,039 |  |  |  | (447 | ) |  |  | (247 | ) |  |  | (511 | )
Other provisions |  |  | 624 |  |  |  | 6,826 |  |  |  | 6,202 |  |  |  | (2,139 | ) |  |  | (271 | )
Tax loss |  |  | 20,913 |  |  |  | 1,710 |  |  |  | (19,203 | ) |  |  | 2,585 |  |  |  | 3,054 |
Set off tax |  |  | (1,093 | ) |  |  | (1,455 | ) |  |  | (362 | ) |  |  | (414 | ) |  |  | 63 |
|  | $ | 35,595 |  |  | $ | 19,215 |  |  | $ | (16,380 | ) |  | $ | (3,174 | ) |  | $ | 3,058 |
|  | $ | 13,405 |  |  | $ | (24,182 | ) |  | $ | (37,587 | ) |  | $ | (8,717 | ) |  | $ | (467 | )
At December 31, 2020 the deferred tax assets include tax losses carried forward of $11.8 million in Copa Airlines and $9.1 million in Copa Colombia ($1.7 million at December 2019). The Company has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans for the subsidiary. The Company expects to use the tax losses of Copa Airlines from 2023 for 3 years and the tax losses of Copa Colombia within the next 7 years beginning from 2022. At December 31, 2020 the company does not have aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized for the tax losses of the year (2019: $272.5 million). Reconciliation of the effective tax rate is as follows:
|  | Tax rate |  |  | 2020 |  |  | Tax rate |  |  | 2019 |  |  | Tax rate |  |  | 2018 |
Net income |  |  |  |  |  | $ | (607,062 | ) |  |  |  |  |  | $ | 247,002 |  |  |  |  |  |  | $ | 88,198 |
Total income tax expense |  |  |  |  |  |  | (23,717 | ) |  |  |  |  |  |  | 46,437 |  |  |  |  |  |  |  | 34,530 |
Profit excluding income tax |  |  |  |  |  |  | (630,779 | ) |  |  |  |  |  |  | 293,439 |  |  |  |  |  |  |  | 122,728 |
Income taxes at Panamanian statutory rates |  |  | 25.0 | % |  |  | (157,695 | ) |  |  | 25.0 | % |  |  | 73,360 |  |  |  | 25.0 | % |  |  | 30,682 |
Stations - Taxable / Panama |  |  | (13.2 | %) |  |  | 83,071 |  |  |  | (13.7 | %) |  |  | (40,205 | ) |  |  | (19.3 | %) |  |  | (23,745 | )
Stations - Taxable / Non Panama |  |  | (1.5 | %) |  |  | 9,850 |  |  |  | 2.4 | % |  |  | 7,043 |  |  |  | 9.0 | % |  |  | 11,052 |
Stations - Non Taxable / Non Panama |  |  | (5.3 | %) |  |  | 33,728 |  |  |  | (4.9 | %) |  |  | (14,444 | ) |  |  | 3.3 | % |  |  | 4,106 |
Dividend tax |  |  | (1.2 | %) |  |  | 7,491 |  |  |  | 7.2 | % |  |  | 21,376 |  |  |  | 10.3 | % |  |  | 12,696 |
(Over) under provided in prior periods |  |  | 0.0 | % |  |  | (162 | ) |  |  | (0.2 | %) |  |  | (693 | ) |  |  | (0.2 | %) |  |  | (261 | )
Provision for income taxes |  |  | 3.8 | % |  | $ | (23,717 | ) |  |  | 15.8 | % |  | $ | 46,437 |  |  |  | 28.1 | % |  | $ | 34,530 |

X
- Definition Text block [abstract] + References No definition available. + Details
Name: | cpa_TextBlockAbstract
Namespace Prefix: | cpa_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2020-01-01 + Details
Name: | ifrs-full_DisclosureOfIncomeTaxExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration