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Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax


Amounts in US$ ‘000		2023		2022
Current income tax liabilities		44,269		65,002
		44,269		65,002


Amounts in US$ ‘000		2023		2022		2021
Current income tax charge		(107,740)		(126,269)		(49,291)
Deferred income tax benefit (charge) (Note 18)		4,299		(44,205)		(17,980)
		(103,441)		(170,474)		(67,271)

Summary of Income Tax Reconciliation


Amounts in US$ ‘000		2023		2022		2021
Profit before tax		214,509		394,909		128,398
Tax losses from non-taxable jurisdictions		39,526		53,005		91,351
Taxable profit		254,035		447,914		219,749

Income tax calculated at domestic tax rates applicable to Profit in the respective countries		(123,202)		(157,315)		(71,086)
Tax losses where no deferred income tax benefit is recognized		(6,918)		(2,832)		(7,510)
Effect of currency translation on tax base		36,691		(10,797)		(10,354)
Effect of inflation adjustment for tax purposes		—		—		2,482
Changes in the income tax rate (Note 16)		(8,853)		(3,820)		(1,703)
Write-down of deferred income tax benefits previously recognized^(a)		(3,895)		(2,938)		(7,261)
Previously unrecognized tax losses		632		9,067		9,593
Income tax on dividends^(b)		(2,595)		(3,038)		—
Fiscal recognition of property, plant and equipment		—		—		8,919
Non-taxable results^(c)		4,699		1,199		9,649
Income tax		(103,441)		(170,474)		(67,271)

(a)	Includes write-down of tax losses and other deferred income tax assets in Chile, Brazil and Argentina where there is insufficient evidence of future taxable profits to offset them, in accordance with the expected future cash-flows as of December 31, 2023, 2022 and 2021.

(b)	Includes income tax payable in Spain due to dividends received from subsidiaries.

(c)	Includes non-deductible expenses and non-taxable gains in each jurisdiction.

Summary of Tax Losses Accumulated


Amounts in US$ ‘000		2023		2022		2021
Colombia		—		4,837		15,557
Brazil ^(a)		26,808		26,736		26,781
Chile^(a) ^(c)		313,409		323,929		285,456
Argentina ^(b)		9,981		24,065		35,773
Spain ^(a)		6,936		7,205		9,443
Total tax losses as of December 31		357,134		386,772		373,010

(a)	Taxable losses have no expiration date.

(b)	Tax losses accumulated as of December 31, 2023, are: US$ 2,551,000, US$ 939,000, US$ 2,297,000, US$ 927,000 and US$ 3,267,000 expiring in 2024, 2025, 2026, 2027 and 2028, respectively.

(c)	The Chilean business was divested on January 18, 2024 (see Note 36.1), and therefore these tax losses no longer belong to GeoPark from such date.