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INCOME TAX EXPENSE AND DEFERRED TAXES | 12 Months Ended
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Dec. 31, 2022
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 |  | 12.31.2022 |  | 12.31.2021 |  | 12.31.2020
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Current income tax expense |  | (63,245,293) | ​ | (45,614,890) | ​ | (55,522,189)
Current tax adjustment previous period |  | 311,931 | ​ | 2,284,477 | ​ | 735,907
Foreign dividends tax withholding expense |  | (11,129,734) | ​ | (2,877,817) | ​ | (6,987,142)
Other current tax expense (income) |  | — | ​ | 114,130 | ​ | 47,569
Current income tax expense |  | (74,063,096) | ​ | (46,094,100) | ​ | (61,725,855)
Expense (income) for the creation and reversal of temporary differences of deferred tax and others |  | (30,281,542) | ​ | (83,220) | ​ | 6,820,456
Expense (income) for deferred taxes |  | (30,281,542) | ​ | (83,220) | ​ | 6,820,456
Total income tax expense |  | (104,344,638) | ​ | (46,177,320) | ​ | (54,905,399)
​ The distribution of national and foreign tax expenditure is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes |  | 12.31.2022 |  | 12.31.2021 |  | 12.31.2020
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Current taxes |  | ​ | ​ |  |  |
Foreign |  | (61,250,403) | ​ | (37,363,624) | ​ | (39,128,690)
National |  | (12,812,693) | ​ | (8,730,476) | ​ | (22,597,165)
Current tax expense |  | (74,063,096) | ​ | (46,094,100) | ​ | (61,725,855)
Deferred taxes |  | ​ | ​ | ​ | ​ | ​
Foreign |  | (4,596,695) | ​ | 6,942,925 | ​ | 7,280,487
National |  | (25,684,847) | ​ | (7,026,145) | ​ | (460,031)
Deferred tax expense |  | (30,281,542) | ​ | (83,220) | ​ | 6,820,456
Income Tax expense |  | (104,344,638) | ​ | (46,177,320) | ​ | (54,905,399)
​ 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 |  | 12.31.2022 |  | 12.31.2021 |  | 12.31.2020 |
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ |
Net income before taxes |  | 232,803,625 | ​ | 203,208,988 | ​ | 178,022,719 | ​
Tax expense at legal rate (27.0%) |  | (62,856,979) | ​ | (54,866,427) | ​ | (48,066,134) | ​
Effect of tax rate in other jurisdictions |  | (2,820,546) | ​ | 860,745 | ​ | 1,032,950 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Permanent differences: |  | ​ |  | ​ |  | ​ | ​
Withholding and other non-taxable income |  | (11,536,654) | ​ | (10,868,055) | ​ | (2,417,582) | ​
Non-deductible expenses |  | (3,622,958) | ​ | (2,935,310) | ​ | (6,007,898) | ​
Tax effect on excess tax provision in previous periods | ​ | (81,258) | ​ | 13,250,594 | ​ | 113,747 | ​
Tax effect of price-level restatement for Chilean companies | ​ | (33,196,408) | ​ | (15,794,098) | ​ | (5,936,464) | ​
Subsidiaries tax withholding expense and other legal tax debits and credits |  | 9,770,165 | ​ | 24,175,231 | ​ | 6,375,982 | ​
Adjustments to tax expense |  | (38,667,113) | ​ | 7,828,362 | ​ | (7,872,215) | ​
Tax expense at effective rate |  | (104,344,638) | ​ | (46,177,320) | ​ | (54,905,399) | ​
Effective rate |  | 44.8 | % | 22.7 | % | 30.8 | %
​ The applicable income tax rates in each of the jurisdictions where the Company operates are the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Rate |
Country |  | 2022 |  | 2021 |  | 2020 |
Chile |  | 27.00 | % | 27.00 | % | 27.00 | %
Brazil |  | 34.00 | % | 34.00 | % | 34.00 | %
Argentina |  | 35.00 | % | 35.00 | % | 30.00 | %
Paraguay |  | 10.00 | % | 10.00 | % | 10.00 | %
​ 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%. 10.2 Deferred taxes The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12.31.2022 | ​ | 12.31.2021
Temporary differences |  | Assets |  | Liabilities |  | Assets |  | Liabilities
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Property, plant and equipment |  | 5,351,293 | ​ | (58,230,728) |  | 5,944,185 | ​ | (52,435,301)
Obsolescence provision |  | 1,871,168 | ​ | — |  | 1,696,051 | ​ | —
ICMS exclusion credit(1) |  | 2,686,693 | ​ | — |  | — | ​ | (4,925,230)
Employee benefits |  | 5,033,868 | ​ | (3,348) |  | 3,163,172 | ​ | (115,828)
Provision for severance indemnity |  | 2,789,893 | ​ | (42,264) |  | 271,789 | ​ | (271,367)
Tax loss carry forwards (2) | ​ | 5,569,124 | ​ | — |  | 4,292,863 | ​ | (698)
Tax goodwill Brazil |  | — | ​ | (9,081,512) |  | — | ​ | (3,126,125)
Contingency provision |  | 27,145,591 | ​ | — |  | 30,216,275 | ​ | —
Foreign Exchange differences (3) |  | 11,478,538 | ​ | — |  | 7,165,844 | ​ | —
Allowance for doubtful accounts | ​ | 803,608 | ​ | — | ​ | 638,484 | ​ | —
Coca-Cola incentives (Argentina) |  | 633,919 | ​ | — |  | — | ​ | —
Assets and liabilities for placement of bonds |  | — | ​ | (610,594) |  | — | ​ | (2,081,271)
Financial expense | ​ | — | ​ | (1,894,010) | ​ | — | ​ | —
Lease liabilities |  | 1,874,166 | ​ | — |  | 1,781,922 | ​ | —
Inventories |  | 1,312,833 | ​ | — |  | 652,669 | ​ | —
Distribution rights |  | — | ​ | (154,669,995) |  | — | ​ | (151,228,739)
Hedge derivatives |  | — | ​ | — |  | — | ​ | —
Prepaid income | ​ | 5,339,265 | ​ | (8,287) | ​ | 1,711,461 | ​ | —
Spare parts |  | — | ​ | (4,142,782) |  | — | ​ | (3,374,376)
Intangibles | ​ | 69,395 | ​ | (7,388,202) |  | 130 | ​ | (5,440,229)
Others | ​ | 5,282,818 | ​ | (4,520,673) |  | 4,194,697 | ​ | (5,326,478)
Subtotal |  | 77,242,172 |  | (240,592,395) | ​ | 61,729,542 | ​ | (228,325,642)
Offsetting of deferred tax assets/(liabilities) | ​ | (74,813,839) | ​ | 74,813,839 | ​ | (59,870,815) | ​ | 59,870,815
Total assets and liabilities net |  | 2,428,333 |  | (165,778,556) | ​ | 1,858,727 | ​ | (168,454,827)
(1) | See Note 6 for more information about ICMS exclusion credit.
(2) | Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile.
(3) | 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 |  | 12.31.2022 |  | 12.31.2021
​ | ​ | ThCh$ | ​ | ThCh$
Opening balance |  | 166,596,100 | ​ | 151,743,678
Increase (decrease) in deferred tax |  | (8,090,171) | ​ | 4,507,688
Increase (decrease) due to foreign currency translation(*) |  | 4,844,294 | ​ | 10,344,734
Total movements |  | (3,245,877) | ​ | 14,852,422
Ending balance |  | 163,350,223 | ​ | 166,596,100
(*) Includes IAS 29 effects due to inflation in Argentina

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