FOREIGN TRADE BANK OF LATIN AMERICA, INC. | CIK:0000890541 | 3

  • Filed: 4/30/2018
  • Entity registrant name: FOREIGN TRADE BANK OF LATIN AMERICA, INC. (CIK: 0000890541)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/890541/000114420418023750/0001144204-18-023750-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/890541/000114420418023750/blx-20171231.xml
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  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0000890541
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    • ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory

    3.18 Income taxes
     
    Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax laws and regulations used to compute the amount are those that are enacted or substantively enacted by the reporting date.
     
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    Bladex Head Office is exempted from payment of income taxes in Panama in accordance with the contract law signed between the Republic of Panama and Bladex.
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    Bladex Representacao Ltda. and Bladex Investimentos Ltda., are subject to income taxes in Brazil.
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    Bladex Development Corp. is subject to income taxes in Panama.
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    BLX Soluciones, S.A. de C.V., SOFOM, is subject to income taxes in Mexico.
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    The New York Agency and Bladex Holdings, Inc. incorporated in USA are subject to federal and local taxation in USA based on the portion of income that is effectively connected with its operations in that country.
     
    Deferred tax
     
    Deferred tax is calculated based on the liability method, on temporary differences between the carrying amounts of assets and liabilities reported for financial purposes and the amounts used for taxation purposes. The amount of deferred tax is based on the embodiment of assets and liabilities using the rate of income tax in effect on the date of the consolidated statement of financial position.