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INCOME TAX AND DEFERRED TAX (Tables) | 12 Months Ended
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Dec. 31, 2018
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, 2018, 2017 and 2016 is as follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Current income tax |  |  | (3,198,356 | ) |  |  | (2,442,608 | ) |  |  | (931,568 | )
Special revaluation tax |  |  | (1,048,000 | ) |  |  | - |  |  |  | - |
Deferred income tax |  |  | 4,233,185 |  |  |  | 2,495,685 |  |  |  | (170,709 | )
Total income tax |  |  | (13,171 | ) |  |  | 53,077 |  |  |  | (1,102,277 | )
Net Deferred Tax Assets and Liabilities | The analysis of the net deferred tax assets and liabilities is as follows:
|  | 2018 |  |  | 2017 |
Deferred tax assets: |  |  |  |  |  |
Deferred tax assets to be recovered after more than 12 months |  |  | 725,558 |  |  |  | 619,101 |
Deferred tax assets to be recovered after less than 12 months |  |  | 103,566 |  |  |  | 112,834 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Deferred tax liabilities to be recovered after more than 12 months |  |  | (2,949,051 | ) |  |  | (7,164,720 | )
Deferred tax liabilities to be recovered after less than 12 months |  |  | (103,638 | ) |  |  | (23,965 | )
Deferred tax liabilities, net |  |  | (2,223,565 | ) |  |  | (6,456,750 | )
Components of Net Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities as of December 31, 2018, 2017 and 2016 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 |  |  | Contract liabilities |  |  | Total |
As of December 31, 2016 |  |  | 12,294 |  |  |  | 2,815 |  |  |  | 70 |  |  |  | 180,950 |  |  |  | 518,070 |  |  |  | 281,232 |  |  |  | 995,431 |
Charge in results |  |  | (12,294 | ) |  |  | (2,815 | ) |  |  | (70 | ) |  |  | (68,116 | ) |  |  | (182,606 | ) |  |  | 2,405 |  |  |  | (263,496 | )
As of December 31, 2017 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 112,834 |  |  |  | 335,464 |  |  |  | 283,637 |  |  |  | 731,935 |
Charge in results |  |  | - |  |  |  | 387 |  |  |  | 2,273 |  |  |  | (11,928 | ) |  |  | 72,110 |  |  |  | 34,347 |  |  |  | 97,189 |
As of December 31, 2018 |  |  | - |  |  |  | 387 |  |  |  | 2,273 |  |  |  | 100,906 |  |  |  | 407,574 |  |  |  | 317,984 |  |  |  | 829,124 |
Deferred tax liabilities |  | Deferred sales |  |  | Loans |  |  | Property, plant and equipment |  |  | Cash and cash equivalents |  |  | Inventaries |  |  | Total |
As of December 31, 2016 |  |  | 85 |  |  |  | (8,756 | ) |  |  | (9,915,672 | ) |  |  | (14,373 | ) |  |  | (9,150 | ) |  |  | (9,947,866 | )
Charge in results |  |  | (85 | ) |  |  | 5,094 |  |  |  | 2,754,614 |  |  |  | (2,090 | ) |  |  | 1,648 |  |  |  | 2,759,181 |
As of December 31, 2017 |  |  | - |  |  |  | (3,662 | ) |  |  | (7,161,058 | ) |  |  | (16,463 | ) |  |  | (7,502 | ) |  |  | (7,188,685 | )
Charge in results |  |  | 2,839 |  |  |  | (27,419 | ) |  |  | 4,243,088 |  |  |  | (78,451 | ) |  |  | (4,061 | ) |  |  | 4,135,996 |
As of December 31, 2018 |  |  | 2,839 |  |  |  | (31,081 | ) |  |  | (2,917,970 | ) |  |  | (94,914 | ) |  |  | (11,563 | ) |  |  | (3,052,689 | )
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, 2018, 2017 and 2016 as follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Pre tax income |  |  | 11,429,007 |  |  |  | 5,698,116 |  |  |  | 2,208,572 |
Statutory income tax rate |  |  | 30 | % |  |  | 35 | % |  |  | 35 | %
Pre tax income at statutory income tax rate |  |  | (3,428,702 | ) |  |  | (1,994,341 | ) |  |  | (773,000 | )
Tax effects due to: |  |  |  |  |  |  |  |  |  |  |  |
- Inflation effect (1) |  |  | 4,432,884 |  |  |  | (187,006 | ) |  |  | (321,584 | )
- Special revaluation tax |  |  | (1,048,000 | ) |  |  | - |  |  |  | - |
-Change in the tax rate (2) |  |  | - |  |  |  | 2,234,656 |  |  |  | - |
-Non taxable income or non deductible expenses |  |  | 44,482 |  |  |  | 428 |  |  |  | (7,693 | )
-Others |  |  | (13,835 | ) |  |  | (660 | ) |  |  | - |
Total income tax |  |  | (13,171 | ) |  |  | 53,077 |  |  |  | (1,102,277 | )
(1) | Corresponds to the inflation effect on non-deferred tax assests and liabilities.
(2) | Corresponds to the effect of the reduction in the enacted tax rate on the net deferred tax liability according to the aforementioned.

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