Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Deferred Tax Assets and Deferred Tax Liabilities

Deferred tax assets and deferred tax liabilities in the statement of financial position are as follows:


	12/31/2020		12/31/2019
Deferred tax assets
Loans and other financing		1,708,157		393,633
Provisions and employee benefits		591,113		529,485
Allowances for contingencies		365,174		594,761
Inflation adjustment (section d) of this note)		112,133		7,404,561
Leases		106,147		82,349
Other		161,767		407,933

Total deferred tax assets		3,044,491		9,412,722

Deferred tax liabilities
Property, plant and equipment and other non-financial assets		6,851,232		7,104,570
Intangible assets		1,377,624		1,320,956
Investments in other companies		1,283,901		889,262
Profit or loss for forward sale		511,718		317,513
Other		404,949		484,485

Total deferred tax liabilities		10,429,424		10,116,786

Net deferred tax liabilities		7,384,933		704,064

Schedule of Changes in Net Deferred Tax Liabilities

Changes in net deferred tax assets and liabilities as of December 31, 2020 and 2019 are summarized as follows:


	12/31/2020			12/31/2019
Net deferred tax liabilities at beginning of year		704,064			4,903,673
(Loss) / Profit for deferred taxes recognized in the statement of income		(6,680,869	)		4,252,350	(*)
Other tax effects					(52,741	)

Net deferred tax liabilities at fiscal year end		7,384,933			704,064

Schedule of Income Tax Expense in the Consolidated Financial Statements

The main items of income tax expense in the consolidated financial statements are as follows:


	12/31/2020		12/31/2019			12/31/2018
Current income tax expense (see section d) of this note)		4,401,927		17,920,438			14,994,896	(*)
Loss / (Profit) for deferred taxes recognized in the statement of income		6,680,869		(4,252,350	)		887,187
Other tax effects				52,741			90,972
Monetary effects		1,964,154		3,897,322			3,862,096

Income tax loss recorded in the statement of income		13,046,950		17,618,151			19,835,151
Income tax loss / (profit) recorded in other comprehensive income		128,007		198,128			(302,153	)

	13,174,957		17,816,279			19,532,998

Summary of Reconciliation between Income Tax and the Amounts Obtained By Applying the Current Tax Rate in Argentina to the Income Carrying Amount

The table below shows the reconciliation between income tax and the amounts obtained by applying the current tax rate in Argentina to the income carrying amount:


	12/31/2020			12/31/2019			12/31/2018
Accounting Income before tax on continuing operations		39,201,644			45,823,464			18,335,432
Applicable income tax rate		30	%		30	%		30	%

Income tax on income carrying amount		11,760,493			13,747,039			5,500,630

Net permanent differences and other tax effects		(8,117,904	)		(9,069,732	)		297,930
Monetary effects		9,404,361			12,940,844			14,036,591

Total income tax		13,046,950			17,618,151			19,835,151