| 11. | INCOME TAX EXPENSE |
| 12.31.2017 | 12.31.2016 | 12.31.2015 | ||||||||||
|
Profit before income tax expense |
2,285,899,647 | 759,751,371 | 593,878,861 | |||||||||
|
Statutory rate |
35 | % | 35 | % | 35 | % | ||||||
|
|
|
|
|
|
|
|||||||
|
Income tax at statutory rate |
(800,064,876 | ) | (265,912,980 | ) | (207,857,601 | ) | ||||||
|
Adjustments for calculation of the effective income tax: |
||||||||||||
|
Effect of different statutory income tax rate in Paraguay (*) |
58,251,784 | — | — | |||||||||
|
Expenses of capital issue (1) |
50,075,999 | — | — | |||||||||
|
Share of profit (loss) of associates |
— | 12,820,957 | (36,799,260 | ) | ||||||||
|
Change in tax rate (note 3.7.3) |
94,798,090 | — | — | |||||||||
|
Other non-taxable income or non-deductible expense, net |
11,401,047 | (4,642,302 | ) | 2,297,747 | ||||||||
|
|
|
|
|
|
|
|||||||
|
Income tax expense |
(585,537,956 | ) | (257,734,325 | ) | (242,359,114 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| (*) | Statutory income tax rate in Argentina in 2017 was 35%, while in Paraguay was 10%. |
| (1) | Disclosed in Equity, net of Capital increase |
| 12.31.2017 | 12.31.2016 | 12.31.2015 | ||||||||||
| INCOME TAX EXPENSE | ||||||||||||
|
Current |
(651,110,917 | ) | (238,702,150 | ) | (209,816,188 | ) | ||||||
|
Deferred |
65,572,961 | (19,032,175 | ) | (32,542,926 | ) | |||||||
|
|
|
|
|
|
|
|||||||
|
Total |
(585,537,956 | ) | (257,734,325 | ) | (242,359,114 | ) | ||||||
|
|
|
|
|
|
|
|||||||
11.1) The deferred income tax charged to income is composed as follows:
| 12.31.2017 | 12.31.2016 | 12.31.2015 | ||||||||||
|
Assets |
||||||||||||
|
Carryforward subsidiary tax losses |
19,283,035 | — | 38,421 | |||||||||
|
Provisions |
23,533,897 | 22,003,693 | 20,696,371 | |||||||||
|
Trade accounts receivable |
954,472 | 21,379,619 | 21,379,618 | |||||||||
|
Others |
7,545,122 | 6,453,592 | — | |||||||||
|
|
|
|
|
|
|
|||||||
|
Sub-total |
51,316,526 | 49,836,904 | 42,114,410 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Liabilities |
||||||||||||
|
Accounts payable |
(17,923,933 | ) | — | (8,280,460 | ) | |||||||
|
Other receivables |
— | (60,402,707 | ) | (51,803,977 | ) | |||||||
|
Property, plant and equipment |
(246,016,904 | ) | (279,594,390 | ) | (247,196,754 | ) | ||||||
|
Others |
(16,667,093 | ) | (2,731,820 | ) | (1,385,944 | ) | ||||||
|
|
|
|
|
|
|
|||||||
|
Sub-total |
(280,607,930 | ) | (342,728,917 | ) | (308,667,135 | ) | ||||||
|
|
|
|
|
|
|
|||||||
|
Total |
(229,291,404 | ) | (292,892,013 | ) | (266,552,725 | ) | ||||||
|
|
|
|
|
|
|
|||||||
11.2) Unrecognised taxable temporary difference associated with investment and interest
| 12.31.2017 | 12.31.2016 | 12.31.2015 | ||||||||||
|
Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: |
||||||||||||
|
- Subsidiaries |
(89,599,508 | ) | (54,802,640 | ) | (6,488,478 | ) | ||||||
|
- Associates |
— | — | (13,062,391 | ) | ||||||||
|
- Others |
(59,773 | ) | (83,682 | ) | (83,682 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| (89,659,281 | ) | (54,886,323 | ) | (19,634,551 | ) | |||||||
|
|
|
|
|
|
|
|||||||