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Malta Releases Corporate Income Tax Returns

Wednesday, June 9, 2021

Malta's Commissioner for Revenue has released year of assessment 2021 electronic income tax returns for companies.

The Commissioner has also released the supplemental document required of fiscal units.

Announcing the forms' release, the Commissioner listed the following changes to the tax return this year:

  • TRA 15 – changes have been 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 have been 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, the Commissioner said.
  • TRA 35 – changes have been 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 have been made to incorporate the inclusion of the new rate in the drop-down menu of 5 percent on the first EUR400,000 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 have been made to incorporate the inclusion of the tax rebate on private residential leases
  • TRA 111 – changes have been 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 have been 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 and 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 and 36] are being reintroduced in connection with the Tonnage Tax Regulations, the Commissioner said.