Year of Assessment 2017 Tax Returns for Companies
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Year of Assessment 2017 Tax Returns for Companies

Publication Date: Apr 07, 2017
The Inland Revenue Department notifies that the year of assessment 2017 electronic tax return for companies is now available on the IR online services.
The deadlines for the electronic filing of these returns have been extended as follows:
Tax Return Filing Date ​              Electronic Filing Extended To
31 March 2017 ​30 June 2017
​​30 April 2017 ​30 June 2017
​31 May 2017 ​                                    31 July 2017
​​30 June 2017   31 August 2017
​​31 July 2017      ​30 September 2017
​​31 August 2017 ​                                  31 October 2017
​​30 September 2017 ​                                 28 November 2017

These extensions apply only to the electronic filing of tax returns, and not to tax payments. Manual tax returns and all tax payments must reach the department by the due dates contemplated by the Income Tax Acts.

The Department notifies also that for this year of assessment there were the following changes to the tax return:
Index - Updated to cater for new attachments or rephrasing to align with current legislative provisions.
TRA 05 - This Tax Return Attachment (TRA) has been updated to include Offices defined as office business centre. The definition and conditions to be met for entitlement are regulated by LN 349 of 2016.
TRA 08 - Changes have been effected to this Tax Return Attachment as a consequence of an amendment to the Tax Account Rules under the Income Tax Act whereby profits the tax on which was relieved by tax credits and previously allocated to the Final Tax Account (FTA) can now be also allocated directly to the Immovable Property Account (IPA) or the Maltese Tax Account (MTA) as the case may be.
Dividends, the tax on which is relieved by tax credits that are allocated to the IPA or MTA, have to be reported in rows 26 to 29 under the appropriate tax account heading. The emanating totals are transposed directly to TRA 35.
Note that dividends the tax on which was relieved by tax credits paid out from the FTA of the paying company must still be disclosed under the FTA of the receiving company.
TRA 35 - This attachment has been updated and extended to cater for new arrangements including:
1.Dividends the tax on which is relieved by tax credits (Rows 6 and 7);
2.Pharmacy of your Choice tax credits (Row 8);
3.Assistance for Knowledge Transfer Regulations, 2016 (Row 20);
4.Investment Aid for High Efficiency Cogeneration Regulations, 2016 (Row 21);
5.Enterprise Support Incentives (Amendment) (No.2) Regulations, 2016 - Rule 20 (Row 22)
TRA 53 - The attachment has been changed to include a dropdown, under column N, listing the different Income Tax Act references. The rate of withholding tax is automatically computed depending on the Article of the law indicated.
TRA 57 - This attachment was slightly changed as a consequence of amendment to Rules inflating the deduction to 150%.
TRA 63 - Allocation of profits after tax to the Foreign Income Account has been split into further categories so that income that has been subject to relief of double taxation must be reported separately from income that has not been subject to relief of double taxation. A further distinction has also to be made between income subject to FRFTC (where applicable) and income subject to other forms of relief of double taxation.
TRA 66 - This TRA was amended to provide for changes brought about by LN283 of 2016 introducing new tax credits under the POYC Rules. The upper part of the worksheet is retained since the tax credits come into force from Y/A 2017 whilst deductions can be claimed up to 31/12/2015 which may also fall within Y/A 2017 (Issue of Accounting dates). For the next year of assessment the part relating to deductions will be removed.
Consequently this return version is designed with two printable pages.
TRA 73 - Changes effected to include Hybrid vehicles and updated thresholds. New column G introduced to cater for government grants or benefits.
TRA 83 - This attachment was slightly amended to include commercial property subject to the final withholding tax distinguished through the dropdown in Column B. The layout has been changed with additional rows inserted to extend property listing space.
TRA 86 - New layout at the upper part mainly to include the first year of assessment when assistance is availble. The previous NACE code lookup has been removed and replaced by a description chosen from a dropdown list. NACE codes have been restated by EUROSTAT and Malta Enterprise has issued certificates based on new codes that were not available on the previous return.
TRAs 92 to 94 - Three new attachments introduced as a consequence of new incentives introduced through Legal Notices under the Malta Enterprise Act.
Page 5 of the return - This page of the return has been extended to include SEPA where refunds denominated in euro can be transferred directly to the bank account indicated.

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