Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

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:


Composition	12/31/2021		12/31/2020
Deferred tax assets
Loans and other financing		2,634,006		2,578,320
Provisions and employee benefits		1,094,454		892,236
Allowances for contingencies		459,249		551,200
Leases		175,719		160,220
Unused Inflation adjustment in accordance with income tax law		111,908		169,255
Other		285,949		244,174

Total deferred tax assets		4,761,285		4,595,405

Deferred tax liabilities
Property, plant and equipment and other non-financial assets		5,645,093		10,341,362
Intangible assets		2,932,739		2,079,409
Investments in other companies		1,231,051		1,937,941
Profit or loss for forward sale		932,601		772,396
Other		219,231		611,235

Total deferred tax liabilities		10,960,715		15,742,343

Net deferred tax liabilities		6,199,430		11,146,938

Schedule of Changes in Net Deferred Tax Liabilities

Changes in net deferred tax assets and liabilities as of December 31, 2021 and 2020 are summarized as follows:


Composition	12/31/2021		12/31/2020
Net deferred tax liabilities at beginning of the fiscal year		11,146,938		1,062,726
Profit / (Loss) for deferred taxes recognized in the statement of income		4,947,508		(10,084,212	)

Net deferred tax liabilities at fiscal year end		6,199,430		11,146,938

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:


Composition	12/31/2021			12/31/2020		12/31/2019
Current income tax expense (1)		4,058,744			6,644,341		27,049,402
(Profit) / Loss for deferred taxes		(4,947,508	)		10,084,212		(6,418,567	)
Other tax effects							79,608
Monetary effects		2,074,796			2,964,723		5,882,684
Income tax loss recorded in the statement of income		1,186,032			19,693,276		26,593,127
Income tax loss recorded in other comprehensive income		1,209,307			193,217		299,058

Total		2,395,339			19,886,493		26,892,185

(1)	See section “Tax inflation adjustment – Fiscal years 2019 and 2020” of this note.

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:


Composition	12/31/2021			12/31/2020			12/31/2019
Income carrying amount before income tax		24,059,316			59,171,604			69,166,677
Applicable income tax rate		35	%		30	%		30	%
Income tax on income carrying amount		8,420,761			17,751,481			20,750,003
Net permanent differences and other tax effects including the fiscal inflation adjustment		(7,234,729	)		1,941,795			5,843,124

Total income tax		1,186,032			19,693,276			26,593,127