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Taxation (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Major Components of Tax Expense (Income) | The details of the provision for the Group’s consolidated income tax are as follows:
| 2023 |  | 2022 |  | 2021
Current income tax | 4,570 |  |  | (4,655) |  |  | (4,338) |
Deferred income tax | (83,243) |  |  | (22,103) |  |  | (39,499) |
Income tax expense | (78,673) |  |  | (26,758) |  |  | (43,837) |
Schedule of Applicable Tax Rate by Tax Jurisdiction | The statutory tax rate in the countries where the Group operates for all of the years presented are:
Tax Jurisdiction |  | Income Tax Rate
Argentina (i) |  | 35 | %
Brazil |  | 34 | %
Uruguay |  | 25 | %
Spain |  | 25 | %
Luxembourg |  | 24.94 | %
Chile |  | 27 | %
(i) In June 2021, the Argentine Government introduced changes to the income tax laws whereby it established an increasing rate scheme starting at 25% up to 35% for income tax gains over Argentine Pesos 143 million (US$ 0.2 million). The revised scheme was effective as from fiscal year 2021. It also established a 7% withholding tax for dividends.
Schedule of Temporary Difference, Unused Tax Losses and Unused Tax Credits | Deferred tax assets and liabilities of the Group as of December 31, 2023 and 2022, without taking into consideration the offsetting of balances within the same tax jurisdiction, will be recovered or settled as follows:
| 2023 |  | 2022
Deferred income tax asset to be recovered after more than 12 months | 36,028 |  |  | 127,878 |
Deferred income tax asset to be recovered within 12 months | 43,337 |  |  | 17,862 |
Deferred income tax assets | 79,365 |  |  | 145,740 |
Deferred income tax liability to be settled after more than 12 months | (427,360) |  |  | (371,047) |
Deferred income tax liability to be settled within 12 months | (18,559) |  |  | (67,349) |
Deferred income tax liability | (445,919) |  |  | (438,396) |
Deferred income tax liability, net | (366,554) |  |  | (292,656) |
The gross movement on the deferred income tax account is as follows:
| 2023 |  | 2022
Beginning of year | (292,656) |  |  | (255,527) |
Exchange differences | 69,707 |  |  | (30,187) |
Changes of fair value valuation for farmlands | (62,988) |  |  | 25,307 |
Acquisition of subsidiary (Note 21) | — |  |  | (1,562) |
Disposal of farmland | 10,492 |  |  | — |
Others | 632 |  |  | (1,247) |
Tax credit relating to cash flow hedge (i) | (8,498) |  |  | (7,337) |
Income tax expense | (83,243) |  |  | (22,103) |
End of year | (366,554) |  |  | (292,656) |
(i) Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income amounting to US$7,319 for the year ended December 31, 2023 (2022: US$15,621; 2021: US$46,145); net of the reclassification from Equity to the Income Statement of US$ 49,737 for the year ended December 31, 2023 (2022: US$ 40,388; 2021: US$26,031). The movement in the deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Deferred income tax liabilities |  | Property, plant and equipment |  | Investment property |  | Biological assets |  | Others |  | Total
At January 1, 2022 |  | 355,158 |  |  | 9,881 |  |  | 11,259 |  |  | 8,757 |  |  | 385,055 |
Charged / (credited) to the statement of income |  | 20,354 |  |  | (2,181) |  |  | 18,105 |  |  | 232 |  |  | 36,510 |
Farmlands revaluation |  | (25,307) |  |  | — |  |  | — |  |  | — |  |  | (25,307) |
Acquisition of subsidiary |  | 1,562 |  |  | — |  |  | — |  |  | — |  |  | 1,562 |
Exchange differences |  | 37,379 |  |  | 1,279 |  |  | 1,097 |  |  | 821 |  |  | 40,576 |
At December 31, 2022 |  | 389,146 |  |  | 8,979 |  |  | 30,461 |  |  | 9,810 |  |  | 438,396 |
Charged / (credited) to the statement of income |  | 18,229 |  |  | 9,760 |  |  | (2,984) |  |  | 12,460 |  |  | 37,465 |
Farmlands revaluation |  | 62,988 |  |  | — |  |  | — |  |  | — |  |  | 62,988 |
Acquisition of subsidiaries |  | (10,492) |  |  | — |  |  | — |  |  | — |  |  | (10,492) |
Exchange differences |  | (75,928) |  |  | (2,851) |  |  | (4,097) |  |  | 438 |  |  | (82,438) |
At December 31, 2023 |  | 383,943 |  |  | 15,888 |  |  | 23,380 |  |  | 22,708 |  |  | 445,919 |
Deferred income tax assets |  | Provisions |  | Tax loss carry forwards |  | Equity-settled share-based compensation |  | Borrowings |  | Biological assets |  | Others |  | Total
At January 1, 2022 |  | 9,279 |  |  | 81,557 |  |  | 4,822 |  |  | 34,797 |  |  | 66 |  |  | (993) |  |  | 129,528 |
(Credited) / charged to the statement of income |  | (3,900) |  |  | 29,087 |  |  | — |  |  | (11,115) |  |  | (66) |  |  | 401 |  |  | 14,407 |
Tax charge relating to cash flow hedge |  | — |  |  | (7,337) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,337) |
Exchange differences |  | 1,243 |  |  | 6,888 |  |  | — |  |  | 2,250 |  |  | — |  |  | 8 |  |  | 10,389 |
Others |  | — |  |  | — |  |  | (1,247) |  |  | — |  |  | — |  |  | — |  |  | (1,247) |
At December 31, 2022 |  | 6,622 |  |  | 110,195 |  |  | 3,575 |  |  | 25,932 |  |  | — |  |  | (584) |  |  | 145,740 |
Charged / (credited) to the statement of income |  | 1,064 |  |  | (29,585) |  |  | — |  |  | (26,696) |  |  | 3,242 |  |  | 6,197 |  |  | (45,778) |
Tax charge relating to cash flow hedge |  | — |  |  | (8,498) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,498) |
Exchange differences |  | 3,752 |  |  | (15,011) |  |  | — |  |  | 1,137 |  |  | (3,242) |  |  | 633 |  |  | (12,731) |
Others |  | — |  |  | — |  |  | 440 |  |  | — |  |  | — |  |  | 192 |  |  | 632 |
At December 31, 2023 |  | 11,438 |  |  | 57,101 |  |  | 4,015 |  |  | 373 |  |  | — |  |  | 6,438 |  |  | 79,365 |
Schedule of Tax Loss Carryforwards | As of December 31, 2023, the Group’s tax loss carry forwards and their corresponding jurisdictions are as follows:
Jurisdiction |  | Tax loss carry forward |  | Expiration period
Argentina (1) |  | 22,158 |  |  | 5 years
Brazil |  | 135,479 |  |  | No expiration date.
Uruguay |  | 5,173 |  |  | 5 years
Luxembourg |  | 16,866 |  |  | No expiration date.
(1) As of December 31, 2023, the aging of the determination tax loss carry forward in Argentina is as follows:
Year of generation |  | Amount
2019 |  | 426 |
2020 |  | 768 |
2021 |  | 16 |
2022 |  | 18,856 |
2023 |  | 2,092 |
Schedule of Reconciliation of Accounting Profit by Applicable Tax Rate and Average Effective Tax Rate | The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the tax rates applicable to profits in the respective countries as follows:
| 2023 |  | 2022 |  | 2021
Tax calculated at the tax rates applicable to profits in the respective countries | (103,860) |  |  | (43,827) |  |  | (54,291) |
Non-deductible items | (1,616) |  |  | (1,921) |  |  | (3,459) |
Effect of the changes in the statutory income tax rate in Argentina | 1,280 |  |  | (2,237) |  |  | (31,962) |
Unused tax losses | — |  |  | — |  |  | 482 |
Tax losses where no deferred tax asset was recognized | (706) |  |  | (107) |  |  | — |
Non-taxable income | 19,994 |  |  | 16,879 |  |  | 13,604 |
Previously unrecognized tax losses now recouped to reduce tax expenses (1) | 38,646 |  |  | 19,419 |  |  | 38,121 |
Effect of IAS 29 and tax adjustment per inflation in Argentina | (29,526) |  |  | (18,195) |  |  | (6,402) |
Others | (2,885) |  |  | 3,231 |  |  | 70 |
Income tax expense | (78,673) |  |  | (26,758) |  |  | (43,837) |
(1) 2023 includes 37,151 of adjustment by inflation of tax loss carryforwards in Argentina (16,044 in 2022).

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