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Deferred Income Tax Assets and Liabilities | 12 Months Ended
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Dec. 31, 2021
Disclosure of deferred taxes [text block] [Abstract] |
Deferred income tax assets and liabilities |
| 17. | Deferred income tax assets and liabilities
The following is the composition of the caption according to the items that originated it:
|  | As of January 1, 2020 |  |  | Effect on profit or loss |  |  | Effect on OCI |  |  | Additions Leases |  |  | Additions to quarry rehabilitation provision |  |  | As of December 31, 2020 |  |  | Effect on profit or loss |  |  | Effect on OCI |  |  | As of December 31, 2021 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Movement of deferred income tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision of discounts and bonuses to customers |  |  | 2,032 |  |  |  | 425 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,457 |  |  |  | (230 | ) |  |  | - |  |  |  | 2,227 |
Provision for vacations |  |  | 1,729 |  |  |  | (159 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,570 |  |  |  | 335 |  |  |  | - |  |  |  | 1,905 |
Effect of tax-loss carry forward |  |  | 2,614 |  |  |  | 6,656 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,270 |  |  |  | (7,559 | ) |  |  | - |  |  |  | 1,711 |
Allowance for expected credit losses for trade receivables |  |  | 832 |  |  |  | 625 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,457 |  |  |  | 76 |  |  |  | - |  |  |  | 1,533 |
Allowance for expected credit losses for other receivables |  |  | 974 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 974 |  |  |  | - |  |  |  | - |  |  |  | 974 |
Lease liabilities |  |  | 14 |  |  |  | (131 | ) |  |  | - |  |  |  | 1,009 |  |  |  | - |  |  |  | 892 |  |  |  | (87 | ) |  |  | 14 |  |  |  | 819 |
Legal claim contingency |  |  | - |  |  |  | 461 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 461 |  |  |  | - |  |  |  | - |  |  |  | 461 |
Estimate for devaluation of spare parts and supplies |  |  | - |  |  |  | 431 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 431 |  |  |  | 1 |  |  |  | - |  |  |  | 432 |
Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes |  |  | 198 |  |  |  | 29 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 227 |  |  |  | 73 |  |  |  | - |  |  |  | 300 |
Effect of differences between book and tax bases of inventories |  |  | 922 |  |  |  | (867 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 55 |  |  |  | - |  |  |  | - |  |  |  | 55 |
Other |  |  | 375 |  |  |  | (312 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 63 |  |  |  | 555 |  |  |  | (14 | ) |  |  | 604 |
|  |  | 9,690 |  |  |  | 7,158 |  |  |  | - |  |  |  | 1,009 |  |  |  | - |  |  |  | 17,857 |  |  |  | (6,836 | ) |  |  | - |  |  |  | 11,021 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes |  |  | (2,259 | ) |  |  | 829 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,430 | ) |  |  | 486 |  |  |  | - |  |  |  | (944 | )
Right of use assets |  |  | (17 | ) |  |  | 217 |  |  |  | - |  |  |  | (1,009 | ) |  |  | - |  |  |  | (809 | ) |  |  | 178 |  |  |  | (17 | ) |  |  | (648 | )
Other |  |  | 5 |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | 17 |
|  |  | (2,271 | ) |  |  | 1,041 |  |  |  | - |  |  |  | (1,009 | ) |  |  | - |  |  |  | (2,239 | ) |  |  | 664 |  |  |  | - |  |  |  | (1,575 | )
Total deferred income tax assets |  |  | 7,419 |  |  |  | 8,199 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15,618 |  |  |  | (6,172 | ) |  |  | - |  |  |  | 9,446 |
Movement of deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment on brine project assets Salmueras |  |  | 17,087 |  |  |  | 476 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17,563 |  |  |  | 255 |  |  |  | - |  |  |  | 17,818 |
Impairment of mining assets |  |  | 7,123 |  |  |  | (207 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,916 |  |  |  | (212 | ) |  |  | - |  |  |  | 6,704 |
Long-term incentive plan |  |  | 2,511 |  |  |  | 1,055 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,566 |  |  |  | 3,075 |  |  |  | - |  |  |  | 6,641 |
Financial instruments designated at fair value through OCI |  |  | 879 |  |  |  | - |  |  |  | 5,172 |  |  |  | - |  |  |  | - |  |  |  | 6,051 |  |  |  | - |  |  |  | 589 |  |  |  | 6,640 |
Provision for spare parts and supplies obsolescence |  |  | 4,963 |  |  |  | 418 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,381 |  |  |  | 327 |  |  |  | - |  |  |  | 5,708 |
Provision for vacations |  |  | 3,071 |  |  |  | 187 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,258 |  |  |  | 423 |  |  |  | - |  |  |  | 3,681 |
Quarry rehabilitation provision |  |  | 539 |  |  |  | (52 | ) |  |  | - |  |  |  | - |  |  |  | 2,294 |  |  |  | 2,781 |  |  |  | (55 | ) |  |  | - |  |  |  | 2,726 |
Legal claim contingency |  |  | - |  |  |  | (140 | ) |  |  | - |  |  |  | 1,205 |  |  |  | - |  |  |  | 1,065 |  |  |  | (135 | ) |  |  | - |  |  |  | 930 |
Allowance for expected credit losses for trade receivables |  |  | 101 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 101 |  |  |  | 534 |  |  |  | - |  |  |  | 635 |
Lease liabilities |  |  | - |  |  |  | 450 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 450 |  |  |  | - |  |  |  | - |  |  |  | 450 |
Other |  |  | 349 |  |  |  | (74 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 275 |  |  |  | 53 |  |  |  | - |  |  |  | 328 |
|  |  | 36,623 |  |  |  | 2,113 |  |  |  | 5,172 |  |  |  | 1,205 |  |  |  | 2,294 |  |  |  | 47,407 |  |  |  | 4,265 |  |  |  | 589 |  |  |  | 52,261 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of differences between book and tax bases of fixed assets and in the depreciation rates |  |  | (177,448 | ) |  |  | (12,802 | ) |  |  | - |  |  |  | - |  |  |  | (2,294 | ) |  |  | (192,544 | ) |  |  | 2,366 |  |  |  | - |  |  |  | (190,178 | )
Net gain on cash flow hedge |  |  | (3,219 | ) |  |  | (220 | ) |  |  | 487 |  |  |  | - |  |  |  | - |  |  |  | (2,952 | ) |  |  | 1,684 |  |  |  | (6,146 | ) |  |  | (7,414 | )
Effect of costs of issuance of senior notes |  |  | (1,010 | ) |  |  | 240 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (770 | ) |  |  | (1,915 | ) |  |  | - |  |  |  | (2,685 | )
Right of use assets |  |  | - |  |  |  | 242 |  |  |  | - |  |  |  | (1,205 | ) |  |  | - |  |  |  | (963 | ) |  |  | 217 |  |  |  | - |  |  |  | (746 | )
Other |  |  | (45 | ) |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (42 | ) |  |  | - |  |  |  | - |  |  |  | (42 | )
|  |  | (181,722 | ) |  |  | (12,537 | ) |  |  | 487 |  |  |  | (1,205 | ) |  |  | (2,294 | ) |  |  | (197,271 | ) |  |  | 2,352 |  |  |  | (6,146 | ) |  |  | (201,065 | )
Total deferred income tax liabilities, net |  |  | (145,099 | ) |  |  | (10,424 | ) |  |  | 5,659 |  |  |  | - |  |  |  | - |  |  |  | (149,864 | ) |  |  | 6,617 |  |  |  | (5,557 | ) |  |  | (148,804 | )
|  |  |  |  |  |  | (2,225 | ) |  |  | 5,659 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 445 |  |  |  | (5,557 | ) |  |  |  |
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities, and the tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. A reconciliation between tax expenses and the product of the accounting profit multiplied by Peruvian tax rate for the years 2021, 2020 and 2019 is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Accounting profit before income tax |  |  | 224,110 |  |  |  | 85,898 |  |  |  | 194,353 |
At statutory income tax rate of 29.5% |  |  | (66,112 | ) |  |  | (25,340 | ) |  |  | (57,334 | )
Permanent differences |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses, net |  |  | (4,070 | ) |  |  | (1,596 | ) |  |  | (4,181 | )
Effect of tax-loss carry forward non-recognized |  |  | (758 | ) |  |  | (1,068 | ) |  |  | (791 | )
At the effective income tax rate of 32% in 2021 (2020: 33% and 2019: 32%) |  |  | (70,940 | ) |  |  | (28,004 | ) |  |  | (62,306 | )
The income tax expenses shown for the years ended December 31, 2021, 2020 and 2019 are:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Consolidated statement of profit or loss |  |  |  |  |  |  |  |  |
Current |  |  | (71,385 | ) |  |  | (25,779 | ) |  |  | (41,709 | )
Deferred |  |  | 445 |  |  |  | (2,225 | ) |  |  | (20,597 | )
|  |  | (70,940 | ) |  |  | (28,004 | ) |  |  | (62,306 | )
The income tax recorded directly to other comprehensive income represents a loss of S/5,557,000 during the year 2021, a gain of S/5,659,000 and S/3,308,000 during the years 2020 and 2019, respectively. The composition of the deferred income tax related to the items recognized in the consolidated statement of other comprehensive income and equity during the year, as follow:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Tax effect on unrealized gain on available-for-sale financial asset |  |  | 589 |  |  |  | 5,172 |  |  |  | 2,554 |
Tax effect on unrealized gain (loss) on hedging derivative financial asset |  |  | (6,146 | ) |  |  | 487 |  |  |  | 754 |
Total deferred income tax in OCI |  |  | (5,557 | ) |  |  | 5,659 |  |  |  | 3,308 |
As of December 31, 2021, 2020 and 2019, it is not necessary to recognize deferred tax liability for taxes that would be payable on the unremitted earnings of the Group’s subsidiaries. The Group has determined that the timing differences will be reversed by means of dividends to be received in the future that, according to the tax rules in effect in Peru, are not subject to income tax. As of December 31, 2021, certain subsidiaries of the Group have tax loss carryforwards of S/24,085,000 (2020: S/22,230,000). These tax loss carryforwards do not expire, are related to subsidiaries that have a history of losses for some time and cannot be used to offset future taxable profits of other Group subsidiaries. No deferred assets have been recognized in relation to these tax loss carryforwards, since there are no possibilities of tax planning opportunities or other evidence of recovery in the near future. For information purposes, the temporary difference associated with investments in subsidiaries, would generate an aggregate deferred tax liability amounting to S/83,079,000 (2020: S/80,357,000), which should not be recognized in the consolidated financial statements as it is not expected to reverse in the foreseeable future and the Company is in control of such reversal.

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