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Income tax and tax loss carryforwards
 12 Months Ended
Dec. 31, 2017
Income tax and tax loss carryforwards [Abstract]  
Income tax and tax loss carryforwards
24
Income tax and tax loss carryforwards
 
Income Tax
Results for the year
Grupo TMM and Subsidiaries incurred combined tax losses for the years ended December 2017 and 2016, in the amounts of $432,139 and $110,668, respectively. Most of the companies that generated taxable income fully offset them against tax losses from prior years. Income tax recognized in profit or loss corresponds to subsidiaries that generated taxable income of $10,000 and $11,443, respectively.
 
The difference between taxable and book income is due primarily to the net effect of the gain or loss on inflation recognized for tax purposes, the difference between tax and book amortization and depreciation, non-deductible expenses, gain from loss of control of subsidiary, as well as certain temporary differences reported in different periods for financial and tax purposes.
 
In accordance with the currently enacted Income Tax Law, the rate for 2015, 2016, 2017, and subsequent years is 30%.
 
The provision for income tax recognized in the statement of profit or loss for the years ended December 31, 2017, 2016 and 2015 is shown following:
 
  
2017
  
2016
  
2015
 
Income tax
 
$
(3,000
)
 
$
(3,433
)
 
$
(3,314
)
Deferred income tax
  
(513,732
)
  
272,048
   
(695,161
)
Total income tax (benefit) expense
 
$
(516,732
)
 
$
268,615
  
$
(698,475
)
 
The reconciliation between the provision for income tax based on the statutory income tax rate and the provision recorded by the Company at December 31, 2017, 2016 and 2015 is as follows:
 
  
2017
  
2016
  
2015
 
Profit (loss) before taxes
 
$
1,846,311
  
$
(775,179
)
 
$
(301,930
)
Income tax
  
(553,893
)
  
232,554
   
90,579
 
(Decrease) increase from:
            
Difference in depreciation and amortization
  
503,479
   
48,701
   
(232,397
)
Revaluation surplus
  
265,723
   
132,019
   
320,467
 
Income recognized in advance
  
(1,678
)
  
(8,261
)
  
(11,409
)
Materials and supplies
  
5,503
   
(15,673
)
  
(14,497
)
Inflationary and currency exchange effects on monetary assets and liabilities, net
  
(203,983
)
  
(102,928
)
  
(87,765
)
Tax losses – net
  
(1,255,433
)
  
116,906
   
(498,884
)
Provisions and allowance for doubtful accounts
  
(183,963
)
  
(63,803
)
  
(143,685
)
Difference between the tax and book value for the sale of assets
  
(435
)
  
(60,277
)
  
(49,084
)
Difference between the tax and book value for the sale of shares
  
956,613
   
20,136
   
7,902
 
Non-deductible expenses
  
(48,665
)
  
(30,759
)
  
(79,702
)
Provision for income tax
 
$
(516,732
)
 
$
268,615
  
$
(698,475
)
 
The components of deferred tax liability at December 31, 2017 and 2016 are comprised as follows:
 
  
2017
  
2016
 
Portion of tax loss carryforwards for subsequent years
 
$
(279,334
)
 
$
1,543,387
 
Inventories and provisions – net
  
65,091
   
40,964
 
Concession rights and property, vessels and equipment
  
(619,651
)
  
(1,662,402
)
Total deferred tax liability
 
$
(275,226
)
 
$
(78,051
)
 
Tax loss carryforwards
At December 31, 2017, Grupo TMM and its subsidiaries, report the following cumulative tax losses, which are restated applying the INPC factors according to Mexican law.
 
Year in which the
loss was incurrred
 
Amounts
  
Year of expiration
 
       
2008
 
$
109,685
   
2018
 
2009
  
389,543
   
2019
 
2010
  
537,231
   
2020
 
2011
  
352,239
   
2021
 
2012
  
538,601
   
2022
 
2013
  
389,355
   
2023
 
2014
  
244,640
   
2024
 
2015
  
151,575
   
2025
 
2016
  
488,472
   
2026
 
2017
  
108,450
   
2027
 
  
$
3,309,791