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Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9. Income Taxes

 

The Company files income tax returns for TG, ES and ES Metals in the Republic of Colombia. GM&P, Componenti and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. Tecnoglass Inc. as well as all the other subsidiaries in the Cayman Islands do not currently have any tax obligations.

 

The components of income tax expense are as follows:

 

Schedule of Components of Income Tax Expense (Benefit)

                     
  

Three months ended

June 30,

  

Six months ended

June 30,

 
   2023   2022   2023   2022 
Current income tax                    
United States  $(2,996)  $(1,646)  $(6,460)  $(2,748)
Colombia   (16,275)   (12,483)   (37,323)   (23,498)
Panama   (3)   (11)   (6)   (20)
Total current income tax   (19,274)   (14,140)   (43,789)   (26,266)
                     
Deferred income Tax                    
United States   157    79    (127)   199 
Colombia   (4,131)   (631)   (4,003)   817 
Total deferred income tax   (3,974)   552    (4,130)   1,016 
Total income provision  $(23,248)  $(14,692)  $(47,919)  $(25,250)
                     
Effective tax rate   30.7%   30.5%   32.2%   31.7%

 

The weighted average statutory income tax rate for the three months ended June 30, 2023, and 2022 of 30.7% and 30.5%, respectively, and the effective income tax rate for the six months ended June 30, 2023, and 2022 of 32.2% and 31.7%, respectively, approximates the statutory rate.