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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes |
| Note 14. | Income Taxes
The Company files income tax returns for TG, ES and ES Metals in the Republic of Colombia. GM&P, Componenti USA LLC and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. VS files income tax returns in the Republic of Panama. Tecnoglass Inc. does not currently have any tax obligations. On September 14, 2021, the Colombian Government enacted Law 2155 (the Social Investment Act), which increases the corporate income tax to 35% for fiscal year 2022 and thereafter, from the current rate of 31% for 2021 that would have decreased to 30% for 2022 under the prior tax regulation. The components of income tax expense are as follows: Schedule of Components of Income Tax Expense (Benefit)
|  | 2021 |  |  | 2020 |
|  | Twelve months ended December 31, |
|  | 2021 |  |  | 2020 |
Current income tax |  |  |  |  |  |  |  |
United States |  | $ | (1,679 | ) |  | $ | (1,385 | )
Colombia |  |  | (22,354 | ) |  |  | (5,035 | )
Panama |  |  | (52 | ) |  |  | (32 | )
Total current income tax |  |  | (24,085 | ) |  |  | (6,452 | )
Deferred income Tax |  |  |  |  |  |  |  |
United States |  |  | (1,829 | ) |  |  | 20 |
Colombia |  |  | (2,571 | ) |  |  | (6,601 | )
Panama |  |  | - |  |  |  | - |
Total deferred income tax |  |  | (4,400 | ) |  |  | (6,581 | )
Total income tax (provision) |  | $ | (28,485 | ) |  | $ | (13,033 | )
Effective tax rate |  |  | 29.4 | % |  |  | 35.3 | %
A reconciliation of the statutory tax rate in Colombia to the Company’s effective tax rate is as follows: Schedule of Effective Income Tax Rate Reconciliation
|  | Year ended December 31, |
|  | 2021 |  |  | 2020 |
Income tax expense at statutory rates |  |  | 29.6 | % |  |  | 30.5 | %
Non-deductible expenses |  |  | 2.4 | % |  |  | 5.9 | %
Non-taxable income |  |  | -2.6 | % |  |  | -1.1 | %
Effective tax rate |  |  | 29.4 | % |  |  | 35.3 | %
No single individual item contributed significantly in the reconciliation of the Company’s effective tax rate to the statutory rate during the year ended December 31, 2020 and 2021, respectively. The Company has the following deferred tax assets and liabilities: Schedule of Deferred Tax Assets and Liabilities
|  | 2021 |  |  | 2020 |
|  | Year ended December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Property, plant and equipment adjustments |  |  | 471 |  |  |  | 480 |
Tax benefit on installation of renewable energy project |  |  | 201 |  |  |  | 282 |
Foreign currency transactions |  |  | 3,828 |  |  |  | 1,052 |
Other |  |  | 59 |  |  |  | 75 |
Total deferred tax assets |  | $ | 4,559 |  |  | $ | 1,889 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and Amortization |  |  | (4,772 | ) |  |  | (1,931 | )
Other |  |  | (71 | ) |  |  | (377 | )
Foreign currency transactions |  |  | (2,537 | ) |  |  | (2,483 | )
Total deferred tax liabilities |  | $ | (7,380 | ) |  | $ | (4,791 | )
Net deferred tax |  | $ | (2,821 | ) |  | $ | (2,902 | )
Net deferred tax is presented on the balance sheet as follows: Schedule of Net Deferred Tax Liability
|  | 2021 |  |  | 2020 |
|  | December 31, |
|  | 2021 |  |  | 2020 |
Long term deferred income tax asset |  | $ | 596 |  |  | $ | 268 |
Less: long term deferred income tax liability |  | $ | 3,417 |  |  | $ | 3,170 |

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