The Commissioner for Tax and Customs notified that the year of assessment 2024 electronic corporate income tax return is now available on their online services on 18 June, 2024. The supplemental document in case of a Fiscal Unit is also available for download on our online services.

For this year of assessment there were the following salient changes to the tax return:

TRA 63:  TRA was updated to cater for the reallocation from MTA to FTA with respect to NID rules when tax credits are available.

TRA 100 and 100A: Updates were made to TRA100 and TRA100A to allow an undertaking to calculate the NID even when they are not going to claim such deduction. Updates were also made with respect to any excess NID b/fwd.

These updates were done further to the updates in the guidelines in relation to the NID rules notional interest deduction rules in particular point (ii) of such guidelines whereby it was clarified that the shareholder’s approval is only required for the year when the deduction is actually claimed.

TRA 107: This TRA was updated to cater for the amendments in Article 14(1)(m) as per the notice published on the MTCA website back in December, link here. Concurrent to these discussions held with the industry with respect to the mechanism of such amendment, MTCA are working on the finalisation of the legal drafting/L.N publication.

New Tax Return Attachment

TRA 130: This was introduced to cater for tax credits under the Support for Reducing the Environment Impact of Construction Activities Regulation [S.L.463.47]. TRA 35 was updated to include this new TRA.