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INCOME TAX AND DEFERRED TAX (Tables) | 12 Months Ended
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Dec. 31, 2017
INCOME TAX AND DEFERRED TAX [Abstract] |
Income Tax Expense | The reconciliation between the tax computed for tax purposes and the income tax expense charged to the statement of comprehensive income in the years ended December 31, 2017, 2016 and 2015 is as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Current income tax (expense) / gain |  |  | (1,498,885 | ) |  |  | (482,721 | ) |  |  | 68,626 |
Deferred income tax |  |  | 143,855 |  |  |  | (6,583 | ) |  |  | 44,927 |
Income tax (expense) / gain |  |  | (1,355,030 | ) |  |  | (489,304 | ) |  |  | 113,553 |
Net Deferred Tax Assets and Liabilities | The analysis of the net deferred tax assets and liabilities is as follows:
|  | 2017 |  |  | 2016 |
Deferred tax assets: |  |  |  |  |  |
Deferred tax assets to be recovered after more than 12 months |  |  | 276,751 |  |  |  | 375,430 |
Deferred tax assets to be recovered after less than 12 months |  |  | 26,880 |  |  |  | 12,184 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Deferred tax liabilities to be recovered after more than 12 months |  |  | (522,764 | ) |  |  | (791,823 | )
Deferred tax liabilities to be recovered after less than 12 months |  |  | (53,729 | ) |  |  | (12,507 | )
Deferred tax liabilities, net |  |  | (272,862 | ) |  |  | (416,716 | )
Components of Net Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities as of December 31, 2017, 2016 and 2015 are the following:
Deferred tax assets |  | Allowance for doubtful accounts |  |  | Tax credits discounted value loss |  |  | Account receivables discounted value |  |  | Provisions for legal claims and other provisions |  |  | Financial lease |  |  | Income tax loss carryforward |  |  | Total |
As of December 31, 2015 |  |  | 1,218 |  |  |  | 5,261 |  |  |  | 38 |  |  |  | 71,360 |  |  |  | - |  |  |  | 58,936 |  |  |  | 136,813 |
Charge in results |  |  | 5,454 |  |  |  | (3,733 | ) |  |  | - |  |  |  | 26,846 |  |  |  | 281,170 |  |  |  | (58,936 | ) |  |  | 250,801 |
As of December 31, 2016 |  |  | 6,672 |  |  |  | 1,528 |  |  |  | 38 |  |  |  | 98,206 |  |  |  | 281,170 |  |  |  | - |  |  |  | 387,614 |
Charge in results |  |  | (6,672 | ) |  |  | (1,528 | ) |  |  | (38 | ) |  |  | (21,784 | ) |  |  | (53,961 | ) |  |  | - |  |  |  | (83,983 | )
As of December 31, 2017 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 76,422 |  |  |  | 227,209 |  |  |  | - |  |  |  | 303,631 |
Deferred tax liabilities |  | Deferred sales |  |  | Loans |  |  | Property, plant and equipment |  |  | Cash and cash equivalents |  |  | Inventories |  |  | Total |
As of December 31, 2015 |  |  | 46 |  |  |  | (6,652 | ) |  |  | (539,622 | ) |  |  | (719 | ) |  |  | - |  |  |  | (546,947 | )
Charge in results |  |  | - |  |  |  | 1,900 |  |  |  | (252,201 | ) |  |  | (7,082 | ) |  |  | - |  |  |  | (257,383 | )
As of December 31, 2016 |  |  | 46 |  |  |  | (4,752 | ) |  |  | (791,823 | ) |  |  | (7,801 | ) |  |  | - |  |  |  | (804,330 | )
Charge in results |  |  | (46 | ) |  |  | 2,272 |  |  |  | 229,318 |  |  |  | (3,350 | ) |  |  | (357 | ) |  |  | 227,837 |
As of December 31, 2017 |  |  | - |  |  |  | (2,480 | ) |  |  | (562,505 | ) |  |  | (11,151 | ) |  |  | (357 | ) |  |  | (576,493 | )
Effective Income Tax Rate Reconciliation | Income tax expense computed at the statutory tax rate on pre-tax income differs from the income tax expense for the years ended December 31, 2017, 2016 and 2015 as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Pre-tax income |  |  | 4,148,296 |  |  |  | 1,419,982 |  |  |  | (285,662 | )
Statutory income tax rate |  |  | 35 | % |  |  | 35 | % |  |  | 35 | %
Pre-tax income at statutory income tax rate |  |  | (1,451,904 | ) |  |  | (496,994 | ) |  |  | 99,982 |
Tax effects due to: |  |  |  |  |  |  |  |  |  |  |  |
-Change in the tax rate(1) |  |  | 102,634 |  |  |  | - |  |  |  | - |
-Non-taxable income or non-deductible expenses |  |  | (5,316 | ) |  |  | 7,690 |  |  |  | 13,571 |
-Others |  |  | (444 | ) |  |  | - |  |  |  | - |
Income tax expense |  |  | (1,355,030 | ) |  |  | (489,304 | ) |  |  | 113,553 |
(1) Corresponds to the effect of the change in the enacted tax rate on the net deferred tax liability according to the aforementioned.

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