Company: LILA
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001712184-25-000031
Chunk: 206

Company: Liberty Latin America Ltd.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 9C
Chunk 206
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.33%; Panama, 25%; Puerto Rico, 37.5%; Spain, 25%; the U.K., 25%; the United States, 21%; and USVI, 23.1%.(d)On July 13, 2023, St. Vincent and the Grenadines Inland Revenue Department enacted a decrease in the corporate income tax from 30% to 28% with effect from January 1, 2023. (e)On December 22, 2023, the Bermuda Parliament enacted legislation to establish a 15% corporate income tax regime that will become effective for tax years beginning on or after January 1, 2025. While deferred tax assets associated with opening tax losses carryforward for periods beginning January 1, 2020 were established as of enactment, there is a net nil tax impact of this on the total tax result due to a full valuation allowance in Bermuda.(f)On May 24, 2024, the Barbados Parliament enacted legislation to increase the corporate income tax rate to 9% with effect from January 1, 2024. The impact of this rate change on our deferred tax balance was substantially recorded during the second quarter of 2024 when the legislation was enacted. Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. The components of our net deferred tax liability are as follows: December 31, 20242023 in millionsDeferred tax assets$133.0 $57.0 Deferred tax liabilities(580.3)(630.6)Net deferred tax liability$(447.3)$(573.6)The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 20242023 in millionsDeferred tax assets:Net operating losses, tax credits and other carryforwards$2,514.5 $2,408.3 Deferred revenue6.3 12.5 Unrealized gains and losses16.0 12.3 Accrued expenses81.7 41.1 Other future deductible amounts— 2.6 Deferred tax assets2,618.5 2,476.8 Valuation allowance(2,104.8)(1,942.5)Deferred tax assets, net of valuation allowance513.7 534.3 Deferred tax liabilities