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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAX

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


		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)

Summary of net position of deferred tax


		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

Summary of deferred tax assets / (liabilities)



		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