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INCOME TAX EXPENSE AND DEFERRED TAXES | 12 Months Ended
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Dec. 31, 2023
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 |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Current income tax expense |  | (58,334,583) | ​ | (63,245,293) | ​ | (45,614,890)
Current tax adjustment previous period |  | (152,481) | ​ | 311,931 | ​ | 2,284,477
Foreign dividends tax withholding expense |  | (11,803,842) | ​ | (11,129,734) | ​ | (2,877,817)
Other current tax expense (income) |  | (688,765) | ​ | — | ​ | 114,130
Current income tax expense |  | (70,979,671) | ​ | (74,063,096) | ​ | (46,094,100)
Expense (income) for the creation and reversal of temporary differences of deferred tax and others |  | (15,014,636) | ​ | (30,281,542) | ​ | (83,220)
Expense (income) for deferred taxes |  | (15,014,636) | ​ | (30,281,542) | ​ | (83,220)
Total income tax expense |  | (85,994,307) | ​ | (104,344,638) | ​ | (46,177,320)
​ The distribution of national and foreign tax expenditure is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Current taxes |  | ​ | ​ |  |  |
Foreign |  | (44,507,433) | ​ | (61,250,403) | ​ | (37,363,624)
National |  | (26,472,238) | ​ | (12,812,693) | ​ | (8,730,476)
Current tax expense |  | (70,979,671) | ​ | (74,063,096) | ​ | (46,094,100)
Deferred taxes |  | ​ | ​ | ​ | ​ | ​
Foreign |  | (13,619,606) | ​ | (4,596,695) | ​ | 6,942,925
National |  | (1,395,030) | ​ | (25,684,847) | ​ | (7,026,145)
Deferred tax expense |  | (15,014,636) | ​ | (30,281,542) | ​ | (83,220)
Income tax expense |  | (85,994,307) | ​ | (104,344,638) | ​ | (46,177,320)
​ 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 |  | 12.31.2023 |  | 12.31.2022 |  | 12.31.2021 |
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ |
Net income before taxes |  | 260,505,794 | ​ | 232,803,625 | ​ | 203,208,988 | ​
Tax expense at legal rate (27.0%) |  | (70,336,564) | ​ | (62,856,979) | ​ | (54,866,427) | ​
Effect of tax rate in other jurisdictions |  | (854,686) | ​ | (2,820,546) | ​ | 860,745 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Permanent differences: |  | ​ |  | ​ |  | ​ | ​
Foreign dividend tax withholding expense and other non-taxable income |  | (15,253,682) | ​ | (11,536,654) | ​ | (10,868,055) | ​
Non-deductible expenses |  | (2,585,111) | ​ | (3,622,958) | ​ | (2,935,310) | ​
Tax effect on excess tax provision in previous periods | ​ | (188,988) | ​ | (81,258) | ​ | 13,250,594 | ​
Tax effect of price-level restatement for Chilean companies | ​ | (9,929,818) | ​ | (33,196,408) | ​ | (15,794,098) | ​
Subsidiaries tax withholding expense and other legal tax debits and credits |  | 13,154,542 | ​ | 9,770,165 | ​ | 24,175,231 | ​
Adjustments to tax expense |  | (14,803,057) | ​ | (38,667,113) | ​ | 7,828,362 | ​
Tax expense at effective rate |  | (85,994,307) | ​ | (104,344,638) | ​ | (46,177,320) | ​
Effective rate |  | 33.0 | % | 44.8 | % | 22.7 | %
​ The applicable income tax rates in each of the jurisdictions where the Company operates are the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Rates |
Country |  | 2023 |  | 2022 |  | 2021 |
Chile |  | 27.00 | % | 27.00 | % | 27.00 | %
Brazil |  | 34.00 | % | 34.00 | % | 34.00 | %
Argentina |  | 35.00 | % | 35.00 | % | 35.00 | %
Paraguay |  | 10.00 | % | 10.00 | % | 10.00 | %
​ 10.2 Deferred taxes The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12.31.2023 | ​ | 12.31.2022
Temporary differences |  | Assets |  | Liabilities |  | Assets |  | Liabilities
​ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$ | ​ | ThCh$
Property, plant and equipment |  | 5,970,424 | ​ | (54,058,525) |  | 5,351,293 | ​ | (58,230,728)
Obsolescence provision |  | 2,231,501 | ​ | — |  | 1,871,168 | ​ | —
ICMS exclusion credit |  | 3,241,530 | ​ | — |  | 2,686,693 | ​ | —
Employee benefits |  | 8,212,311 | ​ | (14,382) |  | 5,033,868 | ​ | (3,348)
Provision for severance indemnity |  | 2,546,033 | ​ | (94,659) |  | 2,789,893 | ​ | (42,264)
Tax loss carry forwards (1) | ​ | 2,142,747 | ​ | — |  | 5,569,124 | ​ | —
Tax goodwill Brazil (2) |  | — | ​ | (15,782,005) |  | — | ​ | (9,081,512)
Contingency provision |  | 27,144,927 | ​ | — |  | 27,145,591 | ​ | —
Foreign Exchange differences (3) |  | 4,640,723 | ​ | — |  | 11,478,538 | ​ | —
Allowance for doubtful accounts | ​ | 799,274 | ​ | — | ​ | 803,608 | ​ | —
Coca-Cola incentives (Argentina) |  | — | ​ | — |  | 633,919 | ​ | —
Assets and liabilities for placement of bonds |  | — | ​ | (561,994) |  | — | ​ | (610,594)
Financial expense | ​ | — | ​ | (2,363,384) | ​ | — | ​ | (1,894,010)
Lease liabilities |  | 3,665,695 | ​ | — |  | 1,874,166 | ​ | —
Inventories |  | 1,706,518 | ​ | — |  | 1,312,833 | ​ | —
Distribution rights (4) |  | — | ​ | (161,155,669) |  | — | ​ | (154,669,995)
Prepaid income | ​ | 4,481,352 | ​ | — | ​ | 5,339,265 | ​ | (8,287)
Spare parts |  | — | ​ | (4,816,189) |  | — | ​ | (4,142,782)
Intangibles | ​ | 77,752 | ​ | (5,497,812) |  | 69,395 | ​ | (7,388,202)
Others | ​ | 4,301,875 | ​ | (2,965,088) |  | 5,282,818 | ​ | (4,520,673)
Subtotal |  | 71,162,662 |  | (247,309,707) | ​ | 77,242,172 | ​ | (240,592,395)
Offsetting of deferred tax assets/(liabilities) | ​ | (66,839,488) | ​ | 66,839,488 | ​ | (74,813,839) | ​ | 74,813,839
Total assets and liabilities net |  | 4,323,174 |  | (180,470,219) | ​ | 2,428,333 | ​ | (165,778,556)
(1) | Tax losses mainly associated with entities in Chile. Tax losses have no expiration date in Chile.
(2) | Difference for tax amortization of Goodwill in Brazil.
(3) | Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency in the subsidiary Rio de Janeiro Refrescos Ltda., that for tax purposes are recognized when paid.
(4) | Distribution rights arising from business combinations. See Note 15.
​ Deferred tax account movements are as follows: ​
​ | ​ | ​ | ​ | ​
Movement |  | 12.31.2023 |  | 12.31.2022
​ | ​ | ThCh$ | ​ | ThCh$
Opening balance |  | (163,350,223) | ​ | (166,596,100)
Increase (decrease) in deferred tax |  | (31,400,047) | ​ | 8,090,171
Increase (decrease) due to foreign currency translation(*) |  | 18,603,225 | ​ | (4,844,294)
Total movements |  | (12,796,822) | ​ | 3,245,877
Ending balance |  | (176,147,045) | ​ | (163,350,223)
(*) Includes IAS 29 effects due to inflation in Argentina

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