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v3.22.1

Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2021
Text Block [Abstract] |
Summary of Income Tax Expense | Income tax expense consisted of the following:
|  | Years Ended December 31 |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | NT$ |  |  | NT$ |  |  | NT$ |
|  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |
Current income tax expense |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense recognized in the current year |  | $ | 47,135.5 |  |  | $ | 87,452.7 |  |  | $ | 107,694.4 |
Income tax adjustments on prior years |  |  | (10,193.8 | ) |  |  | (7,589.4 | ) |  |  | (14,539.5 | )
Other income tax adjustments |  |  | (41.5 | ) |  |  | 150.2 |  |  |  | 152.2 |
|  |  | 36,900.2 |  |  |  | 80,013.5 |  |  |  | 93,307.1 |
Deferred income tax benefit |  |  |  |  |  |  |  |  |  |  |  |
The origination and reversal of temporary differences |  |  | (1,065.1 | ) |  |  | (6,275.2 | ) |  |  | (17,530.0 | )
Investment tax credits |  |  | — |  |  |  | — |  |  |  | (5,621.7 | )
|  |  | (1,065.1 | ) |  |  | (6,275.2 | ) |  |  | (23,151.7 | )
Income tax expense recognized in profit or loss |  | $ | 35,835.1 |  |  | $ | 73,738.3 |  |  | $ | 70,155.4 |
Reconciliation of Income before Income Tax and Income Tax Expense Recognized in Profit or Loss | A reconciliation of income before income tax and income tax expense recognized in profit or loss was as follows:
|  | Years Ended December 31 |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | NT$ |  |  | NT$ |  |  | NT$ |
|  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |
Income before tax |  | $ | 389,862.1 |  |  | $ | 584,746.3 |  |  | $ | 663,036.0 |
Income tax expense at the statutory rate |  | $ | 79,056.5 |  |  | $ | 118,831.3 |  |  | $ | 134,595.2 |
Tax effect of adjusting items: |  |  |  |  |  |  |  |  |  |  |  |
Nondeductible (deductible) items in determining taxable income |  |  | (4,183.5 | ) |  |  | 1,015.9 |  |  |  | 11,279.5 |
Tax-exempt income |  |  | (39,808.1 | ) |  |  | (65,988.1 | ) |  |  | (89,852.9 | )
Additional income tax under the Alternative Minimum Tax Act |  |  | 10,367.9 |  |  |  | 18,872.8 |  |  |  | 32,852.7 |
Additional income tax on unappropriated earnings |  |  | 7,628.1 |  |  |  | 14,747.3 |  |  |  | 18,849.5 |
The origination and reversal of temporary differences |  |  | (1,065.1 | ) |  |  | (6,275.2 | ) |  |  | (17,530.0 | )
Income tax credits |  |  | (5,925.4 | ) |  |  | (26.5 | ) |  |  | (5,651.3 | )
|  |  | 46,070.4 |  |  |  | 81,177.5 |  |  |  | 84,542.7 |
Income tax adjustments on prior years |  |  | (10,193.8 | ) |  |  | (7,589.4 | ) |  |  | (14,539.5 | )
Other income tax adjustments |  |  | (41.5 | ) |  |  | 150.2 |  |  |  | 152.2 |
Income tax expense recognized in profit or loss |  | $ | 35,835.1 |  |  | $ | 73,738.3 |  |  | $ | 70,155.4 |
Income Tax Expense Recognized in Other Comprehensive Income |
| b. | Income tax expense recognized in other comprehensive income
|  | Years Ended December 31 |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | NT$ |  |  | NT$ |  |  | NT$ |
|  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |
Deferred income tax benefit (expense) |  |  |  |  |  |  |  |  |  |  |  |
Related to remeasurement of defined benefit obligation |  | $ | (30.4 | ) |  | $ | 422.1 |  |  | $ | (29.1 | )
Related to unrealized gain/loss on investments in equity instruments at FVTOCI |  |  | 9.4 |  |  |  | 0.6 |  |  |  | (56.2 | )
Related to gain/loss on cash flow hedges |  |  | — |  |  |  | — |  |  |  | (3.4 | )
|  | $ | (21.0 | ) |  | $ | 422.7 |  |  | $ | (88.7 | )
Analysis of Deferred Income Tax Assets and Liabilities in Consolidated Statements of Financial Position | The analysis of deferred income tax assets and liabilities was as follows:
|  | December 31, 2020 |  |  | December 31, 2021 |
|  | NT$ |  |  | NT$ |
|  | (In Millions) |  |  | (In Millions) |
Deferred income tax assets |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |
Depreciation |  | $ | 19,354.4 |  |  | $ | 34,720.7 |
Refund liability |  |  | 3,755.1 |  |  |  | 5,986.2 |
Investment tax credits |  |  | — |  |  |  | 5,621.7 |
Net defined benefit liability |  |  | 1,342.1 |  |  |  | 1,237.1 |
Unrealized loss on inventories |  |  | 858.5 |  |  |  | 899.0 |
Deferred compensation cost |  |  | 330.3 |  |  |  | 374.0 |
Investments in equity instruments at FVTOCI |  |  | 66.3 |  |  |  | 10.1 |
Others |  |  | 251.5 |  |  |  | 305.1 |
|  | $ | 25,958.2 |  |  | $ | 49,153.9 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |
Unrealized exchange gains |  | $ | (866.5 | ) |  | $ | (706.3 | )
Others |  |  | (863.4 | ) |  |  | (1,167.6 | )
|  | $ | (1,729.9 | ) |  | $ | (1,873.9 | )
|  | Year Ended December 31, 2019 |
|  |  |  |  | Recognized in |  |  |  |  |  |  |
|  | Balance, Beginning of Year |  |  | Profit or Loss |  |  | Other Comprehensive Income |  |  | Effect of Exchange Rate Changes |  |  | Balance, End of Year |
|  | NT$ |  |  | NT$ |  |  | NT$ |  |  | NT$ |  |  | NT$ |
|  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 11,839.2 |  |  | $ | 1,727.8 |  |  | $ | — |  |  | $ | (19.8 | ) |  | $ | 13,547.2 |
Refund liability |  |  | 2,594.0 |  |  |  | (443.2 | ) |  |  | — |  |  |  | (0.4 | ) |  |  | 2,150.4 |
Net defined benefit liability |  |  | 1,084.9 |  |  |  | (38.2 | ) |  |  | (30.4 | ) |  |  | — |  |  |  | 1,016.3 |
Unrealized loss on inventories |  |  | 751.0 |  |  |  | (280.8 | ) |  |  | — |  |  |  | (0.8 | ) |  |  | 469.4 |
Deferred compensation cost |  |  | 271.7 |  |  |  | 59.4 |  |  |  | — |  |  |  | (8.0 | ) |  |  | 323.1 |
Investments in equity instruments at FVTOCI |  |  | 56.2 |  |  |  | 0.1 |  |  |  | 9.4 |  |  |  | — |  |  |  | 65.7 |
Others |  |  | 209.4 |  |  |  | 151.1 |  |  |  | — |  |  |  | (4.2 | ) |  |  | 356.3 |
|  | $ | 16,806.4 |  |  | $ | 1,176.2 |  |  | $ | (21.0 | ) |  | $ | (33.2 | ) |  | $ | 17,928.4 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized exchange gains |  | $ | (61.7 | ) |  | $ | (271.9 | ) |  | $ | — |  |  | $ | — |  |  | $ | (333.6 | )
Others |  |  | (171.6 | ) |  |  | 160.8 |  |  |  | — |  |  |  | — |  |  |  | (10.8 | )
|  | $ | (233.3 | ) |  | $ | (111.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | (344.4 | )
|  | Year Ended December 31, 2020 |
|  |  |  |  | Recognized in |  |  |  |  |  |  |
|  | Balance, Beginning of Year |  |  | Profit or Loss |  |  | Other Comprehensive Income |  |  | Effect of Exchange Rate Changes |  |  | Balance, End of Year |
|  | NT$ |  |  | NT$ |  |  | NT$ |  |  | NT$ |  |  | NT$ |
|  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 13,547.2 |  |  | $ | 5,824.0 |  |  | $ | — |  |  | $ | (16.8 | ) |  | $ | 19,354.4 |
Refund liability |  |  | 2,150.4 |  |  |  | 1,606.1 |  |  |  | — |  |  |  | (1.4 | ) |  |  | 3,755.1 |
Net defined benefit liability |  |  | 1,016.3 |  |  |  | (96.3 | ) |  |  | 422.1 |  |  |  | — |  |  |  | 1,342.1 |
Unrealized loss on inventories |  |  | 469.4 |  |  |  | 391.1 |  |  |  | — |  |  |  | (2.0 | ) |  |  | 858.5 |
Deferred compensation cost |  |  | 323.1 |  |  |  | 27.4 |  |  |  | — |  |  |  | (20.2 | ) |  |  | 330.3 |
Investments in equity instruments at FVTOCI |  |  | 65.7 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |  |  |  | 66.3 |
Others |  |  | 356.3 |  |  |  | (91.6 | ) |  |  | — |  |  |  | (13.2 | ) |  |  | 251.5 |
|  | $ | 17,928.4 |  |  | $ | 7,660.7 |  |  | $ | 422.7 |  |  | $ | (53.6 | ) |  | $ | 25,958.2 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized exchange gains |  | $ | (333.6 | ) |  | $ | (532.9 | ) |  | $ | — |  |  | $ | — |  |  | $ | (866.5 | )
Others |  |  | (10.8 | ) |  |  | (852.6 | ) |  |  | — |  |  |  | — |  |  |  | (863.4 | )
|  | $ | (344.4 | ) |  | $ | (1,385.5 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,729.9 | )
|  | Year Ended December 31, 2021 |
|  |  |  |  | Recognized in |  |  |  |  |  |  |
|  | Balance, Beginning of Year |  |  | Profit or Loss |  |  | Other Comprehensive Income |  |  | Effect of Exchange Rate Changes |  |  | Balance, End of Year |
|  | NT$ |  |  | NT$ |  |  | NT$ |  |  | NT$ |  |  | NT$ |
|  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |  |  | (In Millions) |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | $ | 19,354.4 |  |  | $ | 15,365.7 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 34,720.7 |
Refund liability |  |  | 3,755.1 |  |  |  | 2,231.5 |  |  |  | — |  |  |  | (0.4 | ) |  |  | 5,986.2 |
Investment tax credits |  |  | — |  |  |  | 5,621.7 |  |  |  | — |  |  |  | — |  |  |  | 5,621.7 |
Net defined benefit liability |  |  | 1,342.1 |  |  |  | (75.9 | ) |  |  | (29.1 | ) |  |  | — |  |  |  | 1,237.1 |
Unrealized loss on inventories |  |  | 858.5 |  |  |  | 41.0 |  |  |  | — |  |  |  | (0.5 | ) |  |  | 899.0 |
Deferred compensation cost |  |  | 330.3 |  |  |  | 49.2 |  |  |  | — |  |  |  | (5.5 | ) |  |  | 374.0 |
Investments in equity instruments at FVTOCI |  |  | 66.3 |  |  |  | — |  |  |  | (56.2 | ) |  |  | — |  |  |  | 10.1 |
Others |  |  | 251.5 |  |  |  | 59.1 |  |  |  | — |  |  |  | (5.5 | ) |  |  | 305.1 |
|  | $ | 25,958.2 |  |  | $ | 23,292.3 |  |  | $ | (85.3 | ) |  | $ | (11.3 | ) |  | $ | 49,153.9 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized exchange gains |  | $ | (866.5 | ) |  | $ | 160.2 |  |  | $ | — |  |  | $ | — |  |  | $ | (706.3 | )
Others |  |  | (863.4 | ) |  |  | (300.8 | ) |  |  | (3.4 | ) |  |  | — |  |  |  | (1,167.6 | )
|  | $ | (1,729.9 | ) |  | $ | (140.6 | ) |  | $ | (3.4 | ) |  | $ | — |  |  | $ | (1,873.9 | )
Tax-exemption Information Related to Profits Generated from Certain Projects | As of December 31, 2021, the profits generated from the following project of TSMC are exempt from income tax for a five-year period:
|  | Tax-exemption Period
Construction and expansion of 2009 by TSMC |  | 2018 to 2022

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