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INCOME TAX | 12 Months Ended
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Dec. 31, 2021
INCOME TAX |
INCOME TAX | 4. INCOME TAX In June 2021, a new tax law was enacted that establishes a new tiered tax rate structure for income tax, establishing three segments based on the level of accumulated net taxable income. The new tax rates are: ​ -25% of net taxable income up to AR$ 5 million; -30% of net taxable income up to AR$ 50 million; -35% of net taxable income that exceeds AR$ 50 million. ​ This new tax rate scheme is applicable for fiscal years beginning on or after January 1, 2021. ​ The following is a reconciliation between the income tax charged to income as of December 31, 2021, 2020 and 2019, and that which would result from applying the current tax rate on the accounting profit ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019 |
Income before taxes |  | (1,456,451) | ​ | 6,298,013 |  | (4,078,880) | ​
Tax rate |  | 28 | % | 30 | % | 30 | %
Income for the year at tax rate |  | 400,556 | ​ | (1,889,404) | ​ | 1,223,664 | ​
Permanent differences at tax rate: |  | ​ | ​ | ​ |  |  | ​
Contribution SGR (Mutual Guarantee Societies) |  | 288,750 | ​ | 490,726 |  | — | ​
Tax inflation adjustment |  | (112,015) | ​ | 21,798 | ​ | 344,519 | ​
Income tax return FY 2019 |  | (26,496) | ​ | 25,852 | ​ | — | ​
Effect of tax rate change on deferred tax | ​ | (761,691) | ​ | 860,399 | ​ | — | ​
Non-deductible results |  | (69,011) | ​ | (523,258) | ​ | (1,914,841) | ​
Income tax |  | (279,907) | ​ | (1,013,887) |  | (346,658) | ​
​ 4.1Deferred tax The net position of the deferred tax is as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2021 |  | 12/31/2020
Deferred tax assets |  | 3,234,956 |  | 5,005,051
Deferred tax liability |  | (61,736) |  | (63,403)
Net assets by deferred tax |  | 3,173,220 |  | 4,941,648
​ | ​ | ​ | ​ | ​
Deferred taxes to be recovered in more than 12 months |  | 1,606,518 |  | 2,547,060
Deferred taxes to be recovered in 12 months |  | 1,628,438 |  | 2,457,991
Subtotal – Deferred tax assets |  | 3,234,956 |  | 5,005,051
Deferred taxes to be paid in more than 12 months |  | (84,871) |  | (98,324)
Deferred taxes to be paid in 12 months |  | 23,135 |  | 34,921
Subtotal – Deferred tax liabilities |  | (61,736) |  | (63,403)
Total Net Assets by deferred Tax |  | 3,173,220 |  | 4,941,648
​ According to the analysis carried out by the Group, it is considered that the assets detailed above meet the requirements to consider them recoverable and thus carry out the corresponding recognition. Deferred tax assets / (liabilities) are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​
​ | ​ | Balance at | ​ | (Charge)/Credit | ​ | Balance at
​ | ​ | 12/31/2020 | ​ | to Income/OCI | ​ | 12/31/2021
Intangible assets |  | (1,473,206) |  | 16,650 |  | (1,456,556)
Retirement plans |  | 174,850 |  | (174,850) |  | —
Loan Loss Reserves |  | 3,287,076 |  | (1,775,050) |  | 1,512,026
Property, plant and equipment |  | (1,777,375) |  | (2,211,551) |  | (3,988,926)
Foreign Currency |  | (64,721) |  | 12,574 |  | (52,147)
Tax Loss Carry Forward |  | 339,113 |  | (3,605) |  | 335,508
Inflation adjustment credit | ​ | 3,808,363 | ​ | (1,837,392) | ​ | 1,970,971
Provisions | ​ | 213,099 | ​ | 91,040 | ​ | 304,139
Others |  | 434,449 |  | 4,113,756 |  | 4,548,205
Total |  | 4,941,648 |  | (1,768,428) |  | 3,173,220
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​
​ | ​ | Balance at | ​ | (Charge)/Credit | ​ | Balance at
​ | ​ | 12/31/2019 | ​ | to Income | ​ | 12/31/2020
Intangible assets |  | (1,442,519) | ​ | (30,687) |  | (1,473,206)
Retirement plans |  | 173,569 | ​ | 1,281 |  | 174,850
Loan Loss Reserves |  | 1,892,349 | ​ | 1,394,727 |  | 3,287,076
Property, plant and equipment |  | (1,864,608) | ​ | 87,233 |  | (1,777,375)
Foreign Currency |  | (126,352) | ​ | 61,631 |  | (64,721)
Tax Loss Carry Forward |  | 339,113 | ​ | — |  | 339,113
Repo transactions | ​ | 3,067,683 | ​ | 740,680 | ​ | 3,808,363
Provisions | ​ | 402,898 | ​ | (189,799) | ​ | 213,099
Others |  | (48,341) | ​ | 482,790 |  | 434,449
Total |  | 2,393,792 |  | 2,547,856 |  | 4,941,648
​

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