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Note 16 - Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Abstract |
Table of Deferred Income Tax Assets and Liabilities |
|  | Changes recognized in |  | As of December 31, 2018
Account | As of December 31, 2017 | Consolidated statement of profit or loss | Consolidated statement of comprehensive income | Impact of IFRS 9 adoption (see Note 2.3) | Deconsolidation of VWFS (see Note 43) |  | Deferred tax asset | Deferred tax liabilities
Allowance for loan losses | 643,425 | 275,243 |  | 310,889 | (24,261) |  | 1,205,296 |
Provisions | 690,403 | (193,637) |  |  | (2,900) |  | 493,866 |
Loan Commissions | 290,029 | (102,436) |  |  |  |  | 187,593 |
Expenses capitalized for tax purpose | (317,596) | (81,128) |  |  |  |  |  | (398,724)
Property and equipment | (3,044,879) | (436,352) |  |  | (234) |  |  | (3,481,465)
Investments in debt securities and equity instruments | (176,944) | 215,426 | 66,891 |  |  |  | 105,373 |
Derivatives | 16,538 | (5,337) |  |  |  |  | 11,201 |
Others | (329) | 902 |  |  | 208 |  | 781 |
Balance | (1,899,353) | (327,319) | 66,891 | 310,889 | (27,187) |  | 2,004,110 | (3,880,189)
|  |  |  |  |  | Offsetting | (2,004,110) | 2,004,110
|  |  |  |  |  | Net |  | (1,876,079)
|  | Changes recognized in |  | As of December 31, 2017
Account | As of January 1, 2017 | Consolidated statement of profit or loss | Consolidated statement of comprehensive income |  | Deferred tax asset | Deferred tax liabilities
Allowance for loan losses | 390,334 | 253,091 |  |  | 643,425 |
Provisions | 837,500 | (147,097) |  |  | 690,403 |
Loan Commissions | 396,422 | (106,393) |  |  | 290,029 |
Expenses capitalized for tax purpose | (442,689) | 125,093 |  |  |  | (317,596)
Property and equipment | (3,666,714) | 621,835 |  |  |  | (3,044,879)
Investments in debt securities and equity instruments | (118,493) | (123,033) | 64,582 |  |  | (176,944)
Derivatives | 22,005 | (5,467) |  |  | 16,538 |
Others | 2,009 | (2,338) |  |  |  | (329)
Balance | (2,579,626) | 615,691 | 64,582 |  | 1,640,395 | (3,539,748)
|  |  |  | Offsetting | (1,609,311) | 1,609,311
|  |  |  | Net | 31,084 | (1,930,437)
Table of Income Tax Expense |
| December 31, 2018 | December 31, 2017
Current Tax | 5,395,932 | 3,396,542
Deferred Tax | 354,506 | (615,691)
Inflation adjustment (see Note 16.5) | (1,414,068) | (2,058,359)
Income tax expense | 4,336,370 | 722,492
Table of Reconciliation of Effective Tax Rate |
| December 31, 2018 | December 31, 2017
Profit before income tax | 2,766,667 | 2,582,003
Income tax rate | 30% | 35%
Subtotal | 830,000 | 903,701
Tax -exempt income | (196,353) | (258,649)
Non-deductible expenses | 69,985 | 35,907
Change in tax rate (see Note 16.4) | (288,426) | (882,320)
Other | (17,623) | (27,438)
Net monetary inflation adjustment | 5,352,855 | 3,009,650
Subtotal | 5,750,438 | 2,780,851
Inflation adjustment (see Note 16.5) | (1,414,068) | (2,058,359)
Income tax expense | 4,336,370 | 722,492
Effective tax rate | 157% | 28%

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