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Income Tax Expense (Tables) | 12 Months Ended
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Dec. 31, 2020
Major Components Of Tax Expense Income [Abstract] |
Schedule of Income Tax Expense | Details of income tax expense for the years ended December 31, 2020, 2019 and 2018 are as follows:
|  | 2020 |  |  | 2019 |  |  |  | 2018 |
|  |  | (In millions of Korean won) |  |  |  |  |  |
Current tax on profit for the year |  | W |  | 21,383 |  |  | W |  | 11,775 |  |  | W |  | 7,430 |
Deferred tax expense (benefit) |  |  |  | 4,072 |  |  |  |  | (249 | ) |  |  |  | (4,377 | )
Income tax expense |  | W |  | 25,455 |  |  | W |  | 11,526 |  |  | W |  | 3,053 |
Summary of Differences Between Tax Expense and Amount Arise Using Statutory Tax Rate Applicable to Profits of Entities | The differences between the tax expense on the Group’s profit before tax and the amount that would arise using the statutory tax rate applicable to profits of the entities for the years ended December 31, 2020, 2019 and 2018 are as follows:
|  | 2020 |  |  | 2019 |  |  |  | 2018 |
|  |  | (In millions of Korean won) |  |  |  |  |  |
Profit before income tax |  | W |  | 88,011 |  |  | W |  | 51,256 |  |  | W |  | 34,439 |
Income tax using the statutory tax rate of each country |  |  |  | 19,828 |  |  |  |  | 12,063 |  |  |  |  | 8,994 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenses not deductible for tax purpose |  |  |  | 20 |  |  |  |  | 42 |  |  |  |  | 62 |
Foreign tax credits |  |  |  | 3,223 |  |  |  |  | 4,854 |  |  |  |  | 5,196 |
Changes in estimates related to prior period |  |  |  | 11 |  |  |  |  | (4,347 | ) |  |  |  | — |
Utilization of previously unrecognized deferred tax asset |  |  |  | (412 | ) |  |  |  | — |  |  |  |  | (5,347 | )
Change in deferred tax due to carry-forward deficits |  |  |  | — |  |  |  |  | (33 | ) |  |  |  | (6,265 | )
Effect of change of foreign currency exchange rate |  |  |  | (19 | ) |  |  |  | (12 | ) |  |  |  | (221 | )
Tax credit |  |  |  | (1,022 | ) |  |  |  | (543 | ) |  |  |  | — |
Tax of non-recycled corporation income |  |  |  | 668 |  |  |  |  | — |  |  |  |  | — |
Changes in deferred tax liabilities related to investment in subsidiaries |  |  |  | 2,577 |  |  |  |  | — |  |  |  |  | — |
Others |  |  |  | 581 |  |  |  |  | (498 | ) |  |  |  | 634 |
Total adjustments |  |  |  | 5,627 |  |  |  |  | (537 | ) |  |  |  | (5,941 | )
Income tax expense |  | W |  | 25,455 |  |  | W |  | 11,526 |  |  | W |  | 3,053 |
Effective tax rate |  |  |  | 29 | % |  |  |  | 22 | % |  |  |  | 9 | %
Schedule of Changes in Deferred Income Tax Assets (Liabilities) | Details of the changes in deferred income tax assets (liabilities) for the years ended December 31, 2020 and 2019 are as follows:
|  | 2020 |
|  | Beginning balance |  |  | Increase (decrease) |  |  | Ending balance |
|  |  | (In millions of Korean won) |
Deferred income tax on temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  | W |  | 7 |  |  | W |  | 5 |  |  | W |  | 12 |
Intangible assets |  |  |  | 221 |  |  |  |  | 181 |  |  |  |  | 402 |
Other non-current assets |  |  |  | 104 |  |  |  |  | 401 |  |  |  |  | 505 |
Accounts payables |  |  |  | 1,527 |  |  |  |  | (58 | ) |  |  |  | 1,469 |
Accrued expenses |  |  |  | 39 |  |  |  |  | 138 |  |  |  |  | 177 |
Deferred revenue |  |  |  | 674 |  |  |  |  | (177 | ) |  |  |  | 497 |
Allowance for doubtful account |  |  |  | 275 |  |  |  |  | 10 |  |  |  |  | 285 |
Other non-current liabilities |  |  |  | 46 |  |  |  |  | — |  |  |  |  | 46 |
Investments in subsidiaries |  |  |  | 389 |  |  |  |  | (389 | ) |  |  |  | — |
Lease |  |  |  | 1 |  |  |  |  | 7 |  |  |  |  | 8 |
Foreign taxes paid |  |  |  | — |  |  |  |  | 1 |  |  |  |  | 1 |
Investments in subsidiaries(*) |  |  |  | — |  |  |  |  | (2,577 | ) |  |  |  | (2,577 | )
Others |  |  |  | (25 | ) |  |  |  | 67 |  |  |  |  | 42 |
Sub Total |  |  |  | 3,258 |  |  |  |  | (2,391 | ) |  |  |  | 867 |
Deferred tax due to carry-forward deficits |  |  |  | 33 |  |  |  |  | (33 | ) |  |  |  | — |
Deferred tax due to tax credit carry-forward |  |  |  | 4,371 |  |  |  |  | (1,648 | ) |  |  |  | 2,723 |
Deferred tax assets |  | W |  | 7,662 |  |  | W |  | (4,072 | ) |  | W |  | 3,590 |
(*) The Group recognized deferred tax liability of Won 2,577 million for taxable temporary differences associated with investments in subsidiaries. The deferred tax liability was measured by the amount of expected withholding taxes arising upon dividend distribution.
|  | 2019 |
|  | Beginning balance |  |  | Increase (decrease) |  |  | Ending balance |
|  |  | (In millions of Korean won) |
Deferred income tax on temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  | W |  | 25 |  |  | W |  | (18 | ) |  | W |  | 7 |
Intangible assets |  |  |  | 238 |  |  |  |  | (17 | ) |  |  |  | 221 |
Other non-current assets |  |  |  | 8 |  |  |  |  | 96 |  |  |  |  | 104 |
Accounts payables |  |  |  | 531 |  |  |  |  | 996 |  |  |  |  | 1,527 |
Accrued expenses |  |  |  | — |  |  |  |  | 39 |  |  |  |  | 39 |
Deferred revenue |  |  |  | 60 |  |  |  |  | 614 |  |  |  |  | 674 |
Allowance for doubtful account |  |  |  | 264 |  |  |  |  | 11 |  |  |  |  | 275 |
Other non-current liabilities |  |  |  | 46 |  |  |  |  | — |  |  |  |  | 46 |
Investments in subsidiaries |  |  |  | — |  |  |  |  | 389 |  |  |  |  | 389 |
Lease |  |  |  | — |  |  |  |  | 1 |  |  |  |  | 1 |
Foreign taxes paid |  |  |  | (4 | ) |  |  |  | 4 |  |  |  |  | — |
Others |  |  |  | (21 | ) |  |  |  | (4 | ) |  |  |  | (25 | )
Sub Total |  |  |  | 1,147 |  |  |  |  | 2,111 |  |  |  |  | 3,258 |
Deferred tax due to carry-forward deficits |  |  |  | 1,951 |  |  |  |  | (1,918 | ) |  |  |  | 33 |
Deferred tax due to tax credit carry-forward |  |  |  | 4,315 |  |  |  |  | 56 |  |  |  |  | 4,371 |
Deferred tax assets |  | W |  | 7,413 |  |  | W |  | 249 |  |  | W |  | 7,662 |
Schedule of Unused Tax Loss Carryforwards and Unused Tax Credit Carryforwards Not Recognized as Deferred Income Tax Assets | Details of unused tax loss carryforwards and unused tax credit carryforwards that are not recognized as deferred income tax assets as of December 31, 2020 are as follows:
Year of expiration |  | Unused loss carryforwards |  |  | Unused tax credit carryforwards |
2023 |  |  |  | 1,045 |  |  |  |  | — |
2024 |  |  |  | 2,662 |  |  |  |  | — |
2025 |  |  |  | 1,132 |  |  |  |  | — |
After 2025 |  |  |  | 6,108 |  |  |  |  | 1,759 |
Total |  | W |  | 10,947 |  |  | W |  | 1,759 |

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