Corporate Tax Returns YA2020
30 April 2020
The Office of the Commissioner for Revenue has announced that the year of assessment 2020 electronic income tax return for companies is now available on the CfR online services. Furthermore, the deadlines for the electronic filing of income tax returns for companies have been extended.
This version of the tax return does not cater for tax consolidation however an updated version will be made available in due course.
The CfR announcement outlines the salient changes to the tax return:
Index updated to reflect the addition of new attachments.
TRA 01 – changes are consequential to the amendment to the deduction for Scientific Research in article 14(1)(h), where the maximum allowable deduction is now limited to 100%.
TRA 08 – changes – made are in relation to the Participation Exemption dividends which are now allocated to the Untaxed Account. Changes are also made to incorporate the inclusion of CFC income from the new TRA 112 in terms of 7(2) of the European Union Anti-Tax Avoidance Directives Implementation Regulations [SL.123.187].
TRAs 09 to 12 – changes made to incorporate the inclusion of CFC income from the new TRA 112 in terms of 7(2) of the European Union Anti-Tax Avoidance Directives Implementation Regulations [SL.123.187].
TRAs 13 to 14 – changes made to incorporate the inclusion of CFC income from the new TRA 112 in terms of 7(2) of the European Union Anti-Tax Avoidance Directives Implementation Regulations [SL.123.187]. In TRA 13 changes also made to include the Patent box deduction from the new TRA 113 as per the Patent Box Regime (Deduction) Rules, 2019 (LN 208 of 2019) and the intellectual property deduction from TRA 107.
TRA 15 – changes made in relation to the change in the Participation Exemption allocation from the FTA to the UTA. Changes also made to include the Patent box deduction from the new TRA 113 as per the Patent Box Regime (Deduction) Rules, 2019 (LN 208 of 2019).
TRA 17 – this follows the change done in TRA 08 to reflect the change in the Participation Exemption allocation from the FTA to the UTA. This allocation will also feed in automatically to TRA 15 and subsequently to TRA 18.
TRA 18 – changes are made to remove all free text and included all specific exemptions under the ITA. The selection of the taxed account of some exemptions was removed as these go directly to a specific taxed account.
TRA 60 – this is amended to include the newly introduced Patent Box Deduction as per the Patent Box Regime (Deduction) Rules, 2019 (LN 208 of 2019).
TRA 107 – new rows are added to accommodate companies with various IPs. The resulting amortisation in this attachment is now transcribed to either Page 3 of the return [field 32a] if it is deductible against trading income or to TRA 13 if it is deductible against passive royalty income.
Page 2 of the Return – two new questions [28 & 29] were added in connection with the newly introduced ATAD regulations.
New Tax Return Attachments
TRA 111 – this was introduced to cater for Rule 4 – Interest Limitation Rule of the European Union Anti-Tax Avoidance Directives Implementation Regulations, 2018 [SL.123.187]
TRA 112 – this was introduced to cater for Rule 7 – Controlled Foreign Company Rule (CFC) of the European Union Anti-Tax Avoidance Directives Implementation Regulations, 2018 [SL 123.187].
TRA 113 – this caters for the newly introduced deduction of the Patent Box Regime [LN 2018 of 2019].
TRA 114 – this caters for Tax Credits supporting the Development of Video Games with a Cultural Dimension [ME Act – LN 69 of 2019].
TRA 115 – this caters for Tax Credits supporting the Skills Development Regulations [ME Act – LN 15 of 2019].