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TAX SITUATION (Tables)
 12 Months Ended
Dec. 31, 2021
TAX SITUATION [Abstract]  
Reconciliation Between the Statutory Income Tax Rate and Effective Tax Rate
The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows:
   
2021
    
2020
    
2019
  
   
In millions
    
%
    
In millions
    
%
    
In millions
    
%
  
                                     
Theoretical tax and income tax rate in Perú
    
(1,573.2
)
    
(29.50
)
    
(66.1
)
    
(29.50
)
    
(1,762.2
)
    
(29.50
)
Decrease (Increase) in the statutory tax rate due to:
                                                
(i) Decrease (Increase) due to the profit of subsidiaries not domiciled in Perú
    
(12.8
)
    
(0.24
)
    
50.1
      
22.36
      
49.6
      
0.83
  
(ii) Provision tax on dividends
    
(78.6
)
    
(1.47
)
    
(44.6
)
    
(19.91
)
    
(142.1
)
    
(2.39
)
(iii) Non-taxable income, net
    
3.5
      
0.06
      
117.3
      
52.32
      
231.5
      
3.91
  
(iv) Change in estimate of deferred tax rate, net (Banco de Crédito de Bolivia)
    
–
      
–
      
53.3
      
23.80
      
–
      
–
  
Income tax and effective income tax rate
    
(1,660.99
)
    
(31.15
)
    
109.98
      
49.06
      
(1,623.18
)
    
(27.14
)
Income Tax Expenses

b)
Income tax expense for the years ended December 31, 2021, 2020 and 2019 comprises:

   
2021
   
2020
   
2019
 
   
S/(000)
 
S/(000)
 
S/(000)

Current -
                        
In Perú
    
945,937
      
926,361
      
1,469,497
  
In other countries
    
167,657
      
110,973
      
206,120
  
     
1,113,594
      
1,037,334
      
1,675,617
  
                         
Deferred -
                        
In Perú
    
548,920
      
(927,130
)
    
(30,862
)
In other countries
    
(1,527
)
    
(220,181
)
    
(21,573
)
     
547,393
      
(1,147,311
)
    
(52,435
)
Total
    
1,660,987
      
(109,977
)
    
1,623,182
  
Deferred Income Tax

c)
The following table presents a summary of the Group’s deferred income tax:

             
   
2021
   
2020
 
   
S/(000)
 
S/(000)
Deferred income tax asset, net
                
Deferred asset
                
Allowance for loan losses for loan portfolio
    
1,266,336
      
1,738,240
  
Provision for profit sharing
    
84,625
      
40,648
  
Provision for sundry expenses and risks
    
62,029
      
24,972
  
Carry forward tax losses
    
35,243
      
34,972
  
Provision for pending vacations
    
28,287
      
25,994
  
Depreciation of improvements for leased premises
    
28,177
      
24,945
  
Unrealized losses due to valuation of investments at fair value through other comprehensive income
    
23,744
      
999
  
Provision of Stock awards
    
14,641
      
15,325
  
Unrealized losses due to valuation of investments at fair value through other comprehensive income
    
7,372
      
21,062
  
Freezing credits (zero rate) and FAE funds
    
–
      
45,317
  
Provision of interest on overdue refinanced loans
    
–
      
24,254
  
Others
    
97,732
      
83,717
  
                 
Deferred liability
                
Intangibles, net
    
(242,521
)
    
(219,980
)
Adjustment for difference in exchange of SUNAT and SBS
    
(119,246
)
    
(28,424
)
Buildings depreciation
    
(59,029
)
    
(65,052
)
Deferred acquisitions costs - DAC
    
(15,900
)
    
(14,705
)
Unrealized gain due to valuation of investments at fair value through other comprehensive income
    
(10,966
)
    
(28,377
)
Unrealized gain from valuation of fair value hedging derivatives
    
(8,800
)
    
(13,714
)
Buildings revaluation
    
(3,642
)
    
(4,234
)
Unrealized gain in valuation on cash flow hedge derivatives
    
(3,407
)
    
(3,974
)
Fluctuation of the fair value of the covered bonds
    
–
      
(1,707
)
Others
    
(7,316
)
    
(6,623
)
Total
    
1,177,359
      
1,693,655
  

   
2021
   
2020
 
   
S/(000)
 
S/(000)
Deferred income tax liability, net
                
Deferred asset
                
Provision for sundry expenses and risks
    
20,710
      
18,634
  
Carry forward tax losses
    
19,757
      
19,443
  
Unrealized losses due to valuation of investments at fair value through other comprehensive income
    
16,636
      
20,488
  
Deferred income from commissions on remuneration
    
7,850
      
4,041
  
Provision for profit sharing
    
6,193
      
9,021
  
Others
    
16,519
      
21,514
  
                 
Deferred liability
                
Intangibles, net
    
(41,179
)
    
(41,491
)
Gain generated in the reorganization of Pacífico EPS
    
(39,515
)
    
(39,515
)
Deferred acquisitions costs - DAC
    
(23,160
)
    
(26,616
)
Unrealized gain due to valuation of investments at fair value through other comprehensive income
    
(22,839
)
    
(36,796
)
Reserve for reinstatement premium costs and deductibles
    
(11,762
)
    
(10,682
)
Leasing operations related to loans
    
(3,409
)
    
(3,595
)
Buildings revaluation
    
(3,296
)
    
(3,558
)
Others
    
(47,563
)
    
(36,417
)
Total
    
(105,058
)
    
(105,529
)
Income Tax Returns of Major Subsidiaries Open for Examination by Tax Authorities

d)
The Peruvian Tax Authority has the right to review and, if necessary, amend the annual income tax returns filed by Peruvian subsidiaries up to four years after their filing date. Income tax returns of the major subsidiaries open for examination by the tax authorities are as follows:

Banco de Crédito del Perú S.A.
    
2016 to 2021
 
MiBanco, Banco de la Microempresa S.A.
    
2016 to 2021
 
Pacífico Compañía de Seguros y Reaseguros
    
2017 to 2021
 
Credicorp Capital Servicios Financieros
    
2017 to 2021
 
Credicorp Capital Perú
    
2017 to 2021
 
Credicorp Capital Holding Perú S.A.A.     2017 to 2021  
Annual Income Tax Declarations Pending Examination by the Overseas Tax Authorities
The annual income tax declarations pending examination by the overseas tax authorities are the following:
Banco de Crédito de Bolivia
2016 to 2020
Credicorp Capital Colombia
2016 to 2020
Credicorp Capital Holding Chile
2019 to 2020