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Income taxes | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Income taxes |
12. | Income taxes
Income taxes recognized in the income statement can be detailed as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Current year |  |  | (2 857 | ) |  |  | (2 082 | ) |  |  | (2 863 | )
(Underprovided)/overprovided in prior years |  |  | 159 |  |  |  | 119 |  |  |  | 58 |
Current tax expense |  |  | (2 698 | ) |  |  | (1 963 | ) |  |  | (2 805 | )
Origination and reversal of temporary differences |  |  | 319 |  |  |  | (30 | ) |  |  | (21 | )
(Utilization)/recognition of deferred tax assets on tax losses |  |  | 24 |  |  |  | 13 |  |  |  | 13 |
Recognition of previously unrecognized tax losses |  |  | 5 |  |  |  | 48 |  |  |  | 27 |
Deferred tax (expense)/income |  |  | 348 |  |  |  | 31 |  |  |  | 19 |
Total income tax expense |  |  | (2 350 | ) |  |  | (1 932 | ) |  |  | (2 786 | )
The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Profit/(loss) before tax |  |  | 8 463 |  |  |  | 2 080 |  |  |  | 12 776 |
Deduct share of results of associates and joint ventures |  |  | 248 |  |  |  | 156 |  |  |  | 152 |
Profit/(loss) before tax and before share of results of associates and joint ventures |  |  | 8 215 |  |  |  | 1 924 |  |  |  | 12 624 |
Adjustments to the tax basis |  |  |  |  |  |  |  |  |  |  |  |
Government incentives |  |  | (543 | ) |  |  | (428 | ) |  |  | (709 | )
Non-deductible/(non-taxable) mark-to-market on derivatives |  |  | 48 |  |  |  | 2 219 |  |  |  | (1 776 | )
Non-deductible impairment of goodwill |  |  | — |  |  |  | 2 500 |  |  |  | — |
Other expenses not deductible for tax purposes |  |  | 1 979 |  |  |  | 1 512 |  |  |  | 1 223 |
Other non-taxable income |  |  | (476 | ) |  |  | (250 | ) |  |  | (282 | )
|  |  | 9 223 |  |  |  | 7 477 |  |  |  | 11 080 |
Aggregate weighted nominal tax rate |  |  | 26.7 | % |  |  | 27.7 | % |  |  | 26.2 | %
Tax at aggregated nominal tax rate |  |  | (2 463 | ) |  |  | (2 069 | ) |  |  | (2 901 | )
Adjustments on tax expense |  |  |  |  |  |  |  |  |  |  |  |
Utilization of tax losses not previously recognized |  |  | 24 |  |  |  | 13 |  |  |  | 13 |
Recognition of deferred taxes on previous years’ tax losses |  |  | 5 |  |  |  | 48 |  |  |  | 27 |
Write-down of deferred tax assets on losses and current year losses for which no deferred tax asset is recognized |  |  | (314 | ) |  |  | (386 | ) |  |  | (137 | )
(Underprovided)/overprovided in prior years |  |  | 159 |  |  |  | 119 |  |  |  | 58 |
Deductions from interest on equity |  |  | 469 |  |  |  | 431 |  |  |  | 666 |
Deductions from goodwill |  |  | 14 |  |  |  | 16 |  |  |  | 20 |
Other tax deductions |  |  | 212 |  |  |  | 218 |  |  |  | 259 |
Change in tax rate |  |  | (147 | ) |  |  | 61 |  |  |  | (95 | )
Withholding taxes |  |  | (485 | ) |  |  | (423 | ) |  |  | (505 | )
Other tax adjustments |  |  | 175 |  |  |  | 39 |  |  |  | (191 | )
|  |  | (2 350 | ) |  |  | (1 932 | ) |  |  | (2 786 | )
Effective tax rate |  |  | 28.6 | % |  |  | 100.4 | % |  |  | 22.1 | %
The total income tax expense for 2021 amounts to 2 350m US dollar compared to 1 932m US dollar for 2020 and 2 786m US dollar for 2019. The effective tax rate is 28.6% for 2021 compared to 100.4% for 2020 and 22.1% for 2019. The 2020 effective tax rate was negatively impacted by non-deductible losses from derivatives related to the hedging of share-based payment programs and the hedging of the shares issued in a transaction related to the combination with Grupo Modelo and SAB, and the non-deductible, non-cash goodwill impairment loss. The 2019 effective tax rate was positively impacted by non-taxable gains from these derivatives. The company benefits from tax exempted income and tax credits which are expected to continue in the future. The company does not have significant benefits coming from low tax rates in any particular jurisdiction. Income taxes were directly recognized in other comprehensive income as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Re-measurements of post-employment benefits |  |  | (123 | ) |  |  | 58 |  |  |  | 19 |
Exchange differences, cash flow and net investment hedges |  |  | (45 | ) |  |  | 304 |  |  |  | 88 |
Income tax (losses)/gains |  |  | (167 | ) |  |  | 361 |  |  |  | 107 |

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2021-03-24 + Details
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