Income Tax (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Income Tax [Abstract] |
|
| Analysis of deferred tax assets and liabilities |
As of December 31, 2021, and 2020, the analysis of deferred tax assets and deferred tax liabilities is as follows:
|
Deferred tax assets
|
|
Balance as of December 31,
|
|
|
from
|
|
2021
|
|
|
2020
|
|
|
Net operating loss carryforwards (“NOL´s”)
|
|
|
323,115
|
|
|
|
497,184
|
|
|
Temporary tax non-deductible expenses
|
|
|
128,186
|
|
|
|
115,063
|
|
|
Derivatives financial instruments
|
|
|
55,217
|
|
|
|
83,847
|
|
|
Other
|
|
|
4,225
|
|
|
|
3,021
|
|
|
Total deferred tax assets
|
|
|
510,743
|
|
|
|
699,115
|
|
|
Deferred tax liabilities
|
|
Balance as of December 31,
|
|
|
from
|
|
2021
|
|
|
2020
|
|
|
Accelerated tax amortization
|
|
|
465,219
|
|
|
|
652,600
|
|
|
Other difference between tax and book value of assets
|
|
|
180,218
|
|
|
|
154,969
|
|
|
Other
|
|
|
1,897
|
|
|
|
179
|
|
|
Total deferred tax liabilities
|
|
|
647,334
|
|
|
|
807,748
|
|
|
| Consolidated balance sheets classifications |
After offsetting deferred tax assets and deferred tax liabilities, where applicable, the resulting net amounts presented on the consolidated
balance sheet are as follows:
|
Consolidated balance sheets classifications
|
|
Balance as of December 31,
|
|
| |
|
2021
|
|
|
2020
|
|
|
Deferred tax assets
|
|
|
172,268
|
|
|
|
152,290
|
|
|
Deferred tax liabilities
|
|
|
308,859
|
|
|
|
260,923
|
|
|
Net deferred tax liabilities
|
|
|
136,591
|
|
|
|
108,633
|
|
|
| Movements in deferred tax assets and liabilities |
The movements in deferred tax assets and liabilities during the years ended December 31, 2021 and 2020 were as follows:
|
Deferred tax assets
|
|
Amount
|
|
|
As of December 31, 2019
|
|
|
147,966
|
|
|
Increase/(decrease) through the consolidated income statement
|
|
|
6,003
|
|
|
Increase/(decrease) through other consolidated comprehensive income (equity)
|
|
|
(8,698)
|
|
|
Currency translation differences and other
|
|
|
7,019
|
|
|
As of December 31, 2020
|
|
|
152,290
|
|
| |
|
|
|
|
|
Increase/(decrease) through the consolidated income statement
|
|
|
46,855
|
|
|
Increase/(decrease) through other consolidated comprehensive income (equity)
|
|
|
(23,712
|
)
|
Business combinations (Note 5)
|
|
|
4,410 |
|
|
Currency translation differences and other
|
|
|
(7,575)
|
|
|
As of December 31, 2021
|
|
|
172,268
|
|
|
Deferred tax liabilities
|
|
Amount
|
|
|
As of December 31, 2019
|
|
|
248,996
|
|
|
Increase/(decrease) through the consolidated income statement
|
|
|
9,675
|
|
|
Currency translation differences and other
|
|
|
2,252
|
|
|
As of December 31, 2020
|
|
|
260,923
|
|
| |
|
|
|
|
|
Increase/(decrease) through the consolidated income statement
|
|
|
32,059
|
|
| Business combinations (Note 5) |
|
|
4,910 |
|
|
Currency translation differences and other
|
|
|
10,967
|
|
|
As of December 31, 2021
|
|
|
308,859
|
|
|
| Income tax expense |
Details of income tax for the years ended December 31, 2021, 2020 and 2019 are as follows:
| |
|
For the year ended December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
Current tax
|
|
|
(51,016
|
)
|
|
|
(21,205
|
)
|
|
|
(5,081
|
)
|
|
Deferred tax
|
|
|
14,796
|
|
|
|
(3,672
|
)
|
|
|
(25,869
|
)
|
|
- relating to the origination and reversal of temporary differences
|
|
|
14,796
|
|
|
|
(3,672
|
)
|
|
|
(25,869
|
)
|
|
Total income tax expense
|
|
|
(36,220
|
)
|
|
|
(24,877
|
)
|
|
|
(30,950
|
)
|
|
| Effective income tax rate reconciliation |
The reconciliation between the theoretical income tax resulting from applying an average statutory tax rate to profit before income tax and the
actual income tax expense recognized in the consolidated income statements for the years ended December 31, 2021, 2020, and 2019, is as follows:
| |
|
For the year ended December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
Consolidated income before taxes
|
|
|
25,302
|
|
|
|
41,751
|
|
|
|
105,558
|
|
|
Average statutory tax rate
|
|
|
25
|
%
|
|
|
25
|
%
|
|
|
25
|
%
|
|
Corporate income tax at average statutory tax rate
|
|
|
(6,326
|
)
|
|
|
(10,438
|
)
|
|
|
(26,390
|
)
|
|
Income tax of associates, net
|
|
|
3,076
|
|
|
|
128
|
|
|
|
1,808
|
|
|
Differences in statutory tax rates
|
|
|
(3,359
|
)
|
|
|
(94
|
)
|
|
|
(7,076
|
)
|
|
Unrecognized NOLs and deferred tax assets
|
|
|
(11,232
|
)
|
|
|
(37,183
|
)
|
|
|
(14,161
|
)
|
|
Purchase of Liberty Interactive’s equity interest in Solana
|
|
|
-
|
|
|
|
36,352
|
|
|
|
-
|
|
|
Other permanent differences
|
|
|
(4,052
|
)
|
|
|
(8,895
|
)
|
|
|
11,220
|
|
|
Other non-taxable income/(expense)
|
|
|
(14,327
|
)
|
|
|
(4,747
|
)
|
|
|
3,649
|
|
|
Corporate income tax
|
|
|
(36,220
|
)
|
|
|
(24,877
|
)
|
|
|
(30,950
|
)
|
|