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INCOME TAX EXPENSE AND DEFERRED TAXES | 12 Months Ended
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Dec. 31, 2021
INCOME TAX EXPENSE AND DEFERRED TAXES |
INCOME TAX EXPENSE AND DEFERRED TAXES | 10 – INCOME TAX EXPENSE AND DEFERRED TAXES 10.1 Income tax expense The current and deferred income tax expenses are detailed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Details |  | 12.31.2021 |  | 12.31.2020 |  | 12.31.2019
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Current income tax expense |  | 45,614,890 | ​ | 55,522,189 | ​ | 35,439,707
Current tax adjustment previous period |  | (2,284,477) | ​ | (735,907) | ​ | 713,992
Foreign dividends tax withholding expense |  | 2,877,817 | ​ | 6,987,142 | ​ | 4,534,145
Other current tax expense (income) |  | (114,130) | ​ | (47,569) | ​ | (425,958)
Current income tax expense |  | 46,094,100 | ​ | 61,725,855 | ​ | 40,261,886
Expense (income) for the creation and reversal of temporary differences of deferred tax and others |  | 83,220 | ​ | (6,820,456) | ​ | 20,905,005
Expense (income) for deferred taxes |  | 83,220 | ​ | (6,820,456) | ​ | 20,905,005
Total income tax expense |  | 46,177,320 | ​ | 54,905,399 | ​ | 61,166,891
​ The distribution of national and foreign tax expenditure is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes |  | 12.31.2021 |  | 12.31.2020 |  | 12.31.2019
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Current taxes |  | ​ | ​ |  |  |
Foreign |  | (37,363,624) | ​ | (39,128,690) | ​ | (24,315,576)
National |  | (8,730,476) | ​ | (22,597,165) | ​ | (15,946,310)
Current tax expense |  | (46,094,100) | ​ | (61,725,855) | ​ | (40,261,886)
Deferred taxes |  | ​ | ​ | ​ | ​ | ​
Foreign |  | 6,942,925 | ​ | 7,280,487 | ​ | (24,012,798)
National |  | (7,026,145) | ​ | (460,031) | ​ | 3,107,793
Deferred tax expense |  | (83,220) | ​ | 6,820,456 | ​ | (20,905,005)
Income tax expense |  | (46,177,320) | ​ | (54,905,399) | ​ | (61,166,891)
​ The reconciliation of the tax expense using the statutory rate with the tax expense using the effective rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of effective rate |  | 12.31.2021 |  | 12.31.2020 |  | 12.31.2019 |
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ |
Net income before taxes |  | 203,208,988 | ​ | 178,022,719 | ​ | 236,413,116 | ​
Tax expense at legal rate (27.0%) |  | (54,866,427) | ​ | (48,066,134) | ​ | (63,831,541) | ​
Effect of tax rate in other jurisdictions |  | 860,745 | ​ | 1,032,950 | ​ | (3,471,705) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Permanent differences: |  | ​ |  | ​ |  | ​ | ​
Non-taxable revenues |  | (10,868,055) | ​ | (2,417,582) | ​ | 9,507,807 | ​
Non-deductible expenses |  | (2,935,310) | ​ | (6,007,898) | ​ | (4,664,045) | ​
Tax effect on excess tax provision in previous periods | ​ | 13,250,594 | ​ | 113,747 | ​ | (3,316,278) | ​
Tax effect of price-level restatement for Chilean companies | ​ | (15,794,098) | ​ | (5,936,464) | ​ | 5,199,589 | ​
Subsidiaries tax withholding expense and other legal tax debits and credits |  | 24,175,231 | ​ | 6,375,982 | ​ | (590,718) | ​
Adjustments to tax expense |  | 7,828,362 | ​ | (7,872,215) | ​ | 6,136,355 | ​
Tax expense at effective rate |  | (46,177,320) | ​ | (54,905,399) | ​ | (61,166,891) | ​
Effective rate |  | 22.7 | % | 30.8 | % | 25.9 | %
​ The applicable income tax rates in each of the jurisdictions where the Company operates are the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Rate |
Country |  | 2021 |  | 2020 |  | 2019 |
Chile |  | 27.0 | % | 27.0 | % | 27.0 | %
Brazil |  | 34.0 | % | 34.0 | % | 34.0 | %
Argentina |  | 35.0 | % | 30.0 | % | 30.0 | %
Paraguay |  | 10.0 | % | 10.0 | % | 10.0 | %
​ The entry into force of Argentine Law No. 27.630 amended the Income Tax Law and established corporate income tax rates. The Law replaces the fixed tax rate of 30% applicable for 2021 and 25% for 2022 onwards with a progressive tax scale according to the following scheme: earnings up to ARS 5,000,000 are taxed at 25%, earnings between ARS 5,000,000 and ARS 50,000,000 are taxed at 30% and earnings above ARS 50,000,000 are taxed at 35%. The deferred tax expense amount related to the tax rate change for the Operation in Argentina is CLP 4,195,619 thousand (ARS 510,416 thousand). ​ 10.2 Deferred taxes The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12.31.2021 | ​ | 12.31.2020
Temporary differences |  | Assets |  | Liabilities |  | Assets |  | Liabilities
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Property, plant and equipment |  | 5,944,185 | ​ | 52,435,301 |  | 5,421,466 | ​ | 39,544,960
Obsolescence provision |  | 1,696,051 | ​ | — |  | 1,340,235 | ​ | —
ICMS exclusion credit |  | 4,925,230 | ​ | — |  | — | ​ | 17,679,221
Employee benefits |  | 3,163,172 | ​ | 115,828 |  | 4,475,497 | ​ | 18,300
Provision for severance indemnity |  | 271,789 | ​ | 271,367 |  | 150,027 | ​ | 101,339
Tax loss carry forwards (1) | ​ | 4,292,863 | ​ | 698 |  | 6,423,820 | ​ | —
Tax goodwill Brazil |  | — | ​ | 3,126,125 |  | 2,080,987 | ​ | —
Contingency provision |  | 30,216,275 | ​ | — |  | 24,103,234 | ​ | —
Foreign Exchange differences (2) |  | 7,165,844 | ​ | — |  | 8,116,713 | ​ | —
Allowance for doubtful accounts |  | 638,484 | ​ | — |  | 915,562 | ​ | —
Assets and liabilities for placement of bonds |  | — | ​ | 2,081,271 |  | 378,901 | ​ | 2,377,870
Lease liabilities |  | 1,781,922 | ​ | — |  | 1,528,990 | ​ | —
Inventories |  | 652,669 | ​ | — |  | 469,416 | ​ | —
Distribution rights |  | — | ​ | 151,228,739 |  | — | ​ | 144,151,661
Hedge derivatives |  | — | ​ | — |  | — | ​ | —
Spare parts |  | — | ​ | 3,374,376 |  | — | ​ | —
Intangibles | ​ | 130 | ​ | 5,440,229 |  | — | ​ | —
Others | ​ | 5,906,158 | ​ | 5,326,478 |  | 3,785,655 | ​ | 7,060,830
Subtotal |  | 61,729,542 |  | 228,325,642 | ​ | 59,190,503 | ​ | 210,934,181
Total assets and liabilities net |  | 1,858,727 |  | 168,454,827 | ​ | 1,925,869 | ​ | 153,669,547
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Tax losses mainly associated with the subsidiary Embotelladora Andina Chile S.A. Tax losses have no expiration date in Chile.
(2) | Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency that for tax purposes are recognized when incurred.
​ Deferred tax account movements are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Movement |  | 12.31.2021 |  | 12.31.2020 |  | 12.31.2019
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Opening balance |  | 151,743,678 | ​ | 168,085,407 | ​ | 145,245,948
Increase (decrease) in deferred tax |  | 4,507,688 | ​ | 4,411,619 | ​ | 20,905,005
Increase (decrease) due to foreign currency translation* |  | 10,344,734 | ​ | (20,753,348) | ​ | 1,934,454
Total movements |  | 14,852,422 | ​ | (16,341,729) | ​ | 22,839,459
Ending balance |  | 166,596,100 | ​ | 151,743,678 | ​ | 168,085,407
​ * Includes IAS 29 effect, due to inflation in Argentina

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