Course Overview
Session 1 – Basic Concepts of Income Tax
Concepts of Income Tax
- Who and what is subject to income tax? Where does income arise?
- Understand the tax concept of residence and domicile
- Understand the difference between income and capital
Deductible Expenses
- Understand the need to adjust the accounting profit to calculate the tax profit
- Determine what are the allowable expenses (positive test) and the disallowed expenses (negative test)
- Understand capital allowances
- Understand NID
Session 2 – Taxation of Companies and Tax Accounting Rules
Exemptions
- Understand exempt income for companies and non-resident
- Understand the meaning of the participating holding and its relevance
Arriving at the Tax Charge
- Practical examples of different scenarios and how to calculate chargeable income
Tax Accounting Rules
- Identify the different types of tax accounts
- Identify to which tax account profits should be allocated to
Session 3– Double Taxation Relief & The Refundable Tax Credit
Double Taxation Relief
- Understand the nature and causes of double taxation
- Understand the operation of the 4 mechanisms contemplated in the Maltese tax system for the elimination of double taxation
- Understand how double taxation is eliminated through examples
The Refundable Tax Credit
- Understand who is eligible for the refundable tax credit
- Understand how to register shareholders’ for this purpose
- Understand how to calculated the refundable tax credit through examples
- Understand how to complete a refundable tax credit application
Session 4 – Completing The Income Tax Return
Completing the Income Tax Return
- Practical session, preparing an income tax return from beginning to end
- Going through the different tax return attachments and provide examples of when these must be used and how these should be reported in the tax return
A briefing on the consolidated tax return and an undertaking of it
Course Schedule
Date | Time | |
Session 1 | Wednesday 5th October 2022 | 17:00 – 19:00 |
Session 2 | Wednesday 12th October 2022 | 17:00 – 19:00 |
Session 3 | Wednesday 19th October 2022 | 17:00 – 19:00 |
Session 4 | Wednesday 26th October 2022 | 17:00 – 19:00 |