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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Summary of Income Tax Expense |
|  | 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 | )
Summary of Balances of Deferred Taxes | 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 | )
Summary of Reconciliation of Effective Tax Rate | 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 |

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