Income taxes expenses

12 Months Ended

Dec. 31, 2022

Income Taxes Expenses [Abstract]

Income taxes expenses

Income taxes expenses

As an entity headquartered in the Cayman Islands, the Company is subject to a tax neutral regime. However, the Group’s subsidiaries headquartered in Brazil, Colombia, Chile, the United Kingdom, the United States of America, and Hong Kong are subject to income taxes as set out by local tax laws.

Reconciliation of income tax	2022		2021		2020
Income before income taxes	102,453		121,572		64,976
Impact of difference in tax rates of foreign subsidiaries	(8,349)		642		(2,749)
Nondeductible expenses	—		(1,023)		(386)
Total income taxes	(8,349)		(381)		(3,136)
Current	(6,784)		(1,692)		(891)
Deferred	(1,565)		1,311		(2,245)
Effective tax rate	8.1	%	0.3	%	4.8	%