The Commissioner for Revenue notifies that the year of assessment 2019
electronic income tax return for companies is now available on our online
services. For this year of assessment
there were the following salient changes to the tax return:
Index updated to reflect the addition of
new attachments and the removal of attachments no longer applicable.
TRA 05 – changes are consequential to the
Amendment to the Deduction for Wear and Tear of Plant and Machinery Rules (LN
322 of 2018). The minimum number of
years over which Aircraft airframe, aircraft engines, Aircraft engine or
airframe overhaul and Aircraft interiors and other parts is now four years.
TRAs 08 to 14 – the return now includes space to
indicate any ‘interest expense’ that is mandatory. The interest expense has to be allocated
against the source of income it generates.
TRA 09 – space is provided to indicate any
Deemed Interest Income received under the Notional Interest Deduction Rules. The result under the MTA is transcribed to TRA 100.
TRA 100 – layout partially changed from the
previous year version and most workings have been transferred to the new TRA
100A (see below). Data entry in this
attachment is restricted to four initial questions, the additional 10%
reallocation to the Final Tax Account and shareholder details and notional
interest deemed received by them. The
rest is all calculated.
Page 4 of the Return – three new fields
[49d to 49f] introduced but limited for use when NID is claimed and there are
trading losses and gains in the different tax accounts.
New
Tax Return Attachments
TRA 101A – This new attachment complements TRA 100 and incorporates all
workings. It caters for the Direct and
Indirect attribution of risk capital according to source, the calculation of
the Notional Interest Deduction (NID) and the NID that may be claimed against
each source of income. Input is
required for NID claimed for the year segregated by source, tax account and
Direct /Indirect Attribution. The NID
totals are then transcribed to Page 4
of the tax return (fields 68e and 68f).
Any excess unabsorbed NID c/fwd is also required.
TRA 107 – introduced to cater for the
Amortisation of Capital expenditure on Intellectual Property or Intellectual
Property Rights [Income Tax Act Article 14(1)(m)]. The resulting amortisation in this
attachment, is transcribed to Page 3
of the return [field 32a].
TRA 108 – this attachment requires input in
the case of Tax credits supporting the refurbishment of Hotels and Restaurants
[Malta Enterprise Act – LN 120 of 2018].
TRA 109 – caters for the Tax credits under
the Investment Aid for Energy Efficiency Regulations [ME Act - LN 122 of 2018].
Note
that TRA 35 is updated with the new
tax credits introduced.
TRA 110 –
this new attachment sets out three questions (column B) about the Nexus with
any of the jurisdictions listed in the EU List of Non-Cooperative Tax
Jurisdictions. Depending on
the answers given to each question, (column C), the attachment may also require
the number of transactions or links that will in turn control the data entries
in columns D to I. The use of this attachment
is triggered by the response to statement 27 on Page 2 of the return that is in turn also hyperlinked to the CfR
web page disclosing the EU List of Non-Cooperative Jurisdictions for Tax
Purposes.