The Commissioner for Revenue notifies that the year of assessment 2021
electronic income tax return for companies and supplemental document in case of
a Fiscal Unit are 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.
TRA
15 – changes made to incorporate the inclusion
of the total capital gain on deemed transfers from the new TRA 116 in
terms of Regulation 5 of the European Union Anti-Tax Avoidance
Directives Implementation Regulations [S.L.123.187].
TRAs 16 to 17 - changes made
to incorporate the addition of a new question relating to deemed transfers
arising from Exit Taxation in terms of Regulation 5 of the European
Union Anti-Tax Avoidance Directives Implementation Regulations [S.L.123.187].
The inputted data will also feed in automatically to TRA 116 and
subsequently to TRA 15 if it is a deemed transfer arising from Exit
Taxation.
TRA 35 – changes made to
incorporate the inclusion of the new tax credits supporting the Business
Advisory Services Regulations in the last row as per S.L. 463.25 as to be
reported in the new TRA 121.
TRA 53 – changes made to
incorporate the inclusion of the new rate in the drop-down menu of 5% on the
first €400k as per S.L.123.199.
TRAs 60 to 61 – these were
amended to include profits which are subject to the final tax portion arising
from transfers in terms of Article 5A (ITA) as reported in the new TRA 119
- Assignments of rights acquired under a Promise of Sale Agreement Rules, 2020.
TRA 83 – changes made
to incorporate the inclusion of the tax rebate on private residential leases (https://cfr.gov.mt/en/News/Pages/2021/Tax-rebate-on-private-residential-leases.aspx).
TRA 111 – changes made to
incorporate the addition of a new question relating to the loans referred to in
Regulation 4(4) of the European Union Anti-Tax Avoidance Directives
Implementation Regulations [S.L.123.187]. Changes were also made in the
table referred to in Section 4 under the Exceeding Borrowing Costs (EBC) column
and EBC c/fwd column to allow the taxpayer to decide at his own discretion which
sources of income are resulting in EBC.
TRA 112 – changes made
to switch the positioning of columns I and H. The wording of the drop-down
selection in now column H has been slightly tweaked.
Page 2 of the Return
– two new questions [32 & 33] were added in connection with the newly applicable
ATAD regulations. New question [34] was added in connection with reportable
cross-border arrangements in terms of S.L. 123.127. Two further questions [35
& 36] are being reintroduced in connection with the Tonnage Tax
Regulations.
New Tax Return Attachments
TRA 116 – this was
introduced to cater for Regulation 5 – Exit Taxation of the European Union
Anti-Tax Avoidance Directives Implementation Regulations, 2018 [S.L.123.187].
TRA 117 – this was
introduced to cater for Regulations 9 & 11 – Hybrid Mismatches of the
European Union Anti-Tax Avoidance Directives Implementation Regulations, 2018
[S.L. 123.187].
TRA 118 – this was
introduced to cater for Regulation 13(7) – Automatic exchange of information on
reportable cross-border arrangements of the Cooperation with Other
Jurisdictions on Tax Matters Regulations [S.L.123.127].
TRA 119 – this caters for
Article 5A of the ITA - Assignments of rights acquired under a promise of sale
agreement Rules, 2020.
TRA
120 – this was introduced to cater for the Tax
Exemption (Construction Waste Recycling) (2020-2023) Rules [S.L.123.197].
TRA
121 - this caters for Tax
Credits supporting the Business Advisory Services Regulations [S.L. 463.25].
Supplementary Document
Pages 7 – changes made to incorporate two additional
questions [4 & 5] in relation to the audit report of the principal taxpayer
and each transparent subsidiary.