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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2020

Summary of reconciliation of statutory income tax rate


		12/31/2020		12/31/2019		12/31/2018
Current income tax		(2,700,633)		(562,210)		(1,009,829)
Income tax – deferred method		2,028,926		332,547		(1,107,259)
Income tax allotted in the Income Statement		(671,707)		(229,663)		(2,117,088)
Income tax allotted in Other comprehensive income		(340,954)		10,504		(167,510)
Total Income Tax Charge		(1,012,661)		(219,159)		(2,284,598)

Summary of reconciliation between the tax charge to income result from applying current tax rate


		12/31/2020		12/31/2019		12/31/2018
Income before taxes		4,172,481		(2,702,291)		(4,284,402)
Tax rate		30	%	30	%	30	%
Income for the year at tax rate		(1,251,744)		810,687		1,285,321
Permanent differences at tax rate:
Tax inflation adjustment		14,441		228,247		(3,836,719)
Deductible investments		5,305		77,894		440,450
Others		560,291		(1,346,491)		(6,140)
Income tax		(671,707)		(229,663)		(2,117,088)

Summary of net position of deferred tax


		12/31/2020		12/31/2019
Deferred tax assets		3,315,885		2,275,175
Deferred tax liability		(42,005)		(689,268)
Net assets by deferred tax		3,273,880		1,585,907

Deferred taxes to be recovered in more than 12 months		1,687,447		2,063,254
Deferred taxes to be recovered in 12 months		1,628,438		211,921
Subtotal – Deferred tax assets		3,315,885		2,275,175
Deferred taxes to be paid in more than 12 months		(65,140)		—
Deferred taxes to be paid in 12 months		23,135		(689,268)
Subtotal – Deferred tax liabilities		(42,005)		(689,268)
Total Net Assets by deferred Tax		3,273,880		1,585,907

Summary of deferred tax assets / (liabilities)


				(Charge)/Credit
		Balance at		to Income/OCI		Balance at
		12/31/2019		(*)		12/31/2020
Intangible assets		(955,680)		(20,331)		(976,011)
Retirement plans		114,991		849		115,840
Loan Loss Reserves		1,253,696		924,017		2,177,713
Property, plant and equipment		(1,235,317)		57,792		(1,177,525)
Foreign Currency		(83,709)		40,831		(42,878)
Tax Loss Carry Forward		224,665		—		224,665
Inflation adjustment credit		2,032,364		490,706		2,523,070
Provisions		266,923		(125,743)		141,180
Others		(32,026)		319,852		287,826
Total		1,585,907		1,687,973		3,273,880

(*)include ($340,954) that was recorded in OCI.



		Balance at		(Charge)/Credit		Balance at
		12/31/2018		to Income		12/31/2019
Intangible assets		(523,741)		(431,939)		(955,680)
Retirement plans		120,441		(5,450)		114,991
Loan Loss Reserves		2,191,203		(937,507)		1,253,696
Property, plant and equipment		(704,615)		(530,702)		(1,235,317)
Foreign Currency		(171,598)		87,889		(83,709)
Tax Loss Carry Forward		336,380		(111,715)		224,665
Inflation adjustment credit		—		2,032,364		2,032,364
Provisions		—		266,923		266,923
Others		5,289		(37,315)		(32,026)
Total		1,253,359		332,548		1,585,907