Table of Contents
Introduction
To help you avoid submitting unclear or subject-to-interpretation financial data in Malta, a standardised system was created by the government. This system streamlines the collection and processing of financial statements by integrating Balance Sheets and Profit and Loss statements into a unified format.
This is how the TIFD (Tax Index of Financial Data) was born.
TIFD is purposefully compatible with electronic filing, making data processing faster, more efficient, and more accurate. It's also cost-effective and more environmentally conscious as it reduces the reliance on paper, lowering the impact on our beloved planet 🌍🍃.
If a company submits a manual tax return, it must include a paper copy of the financial statements coded using TIFD.
Not all companies are subject to TIFD. Contact the CFR or check their website for official guidance.
The TIFD Grid
To access the list of TIFD codes available in Indigo Business, navigate to:
Settings & Pref. > Global Setup > TIFD
You can read the TIFD codes here, but you won't be able to create, edit or delete them.
The main information is displayed in the TIFD grid, showing the Code, Name and Category.
The Category value can be either Balance Sheet or Profit And Loss. Each refers to a specific part of the financial statement.
In the Display column, these values are visible:
Account: the TIFD code can be assigned to an account in the Chart of Accounts.
Sub-Header and Header: these TIFD codes are a result of a formula which is used in Profit & Loss and Balance Sheet reporting. They can't be assigned to an account.
Assigning a TIFD Code to an Account
Go to Nominal > Nominal Accounts.
Select the account you wish to edit.
Click the ✏️ pencil icon to open the editing drawer.
The TIFD dropdown is right at the bottom of the form.
The TIFD selection changes according to the value in the Category field for that account:
'Balance Sheet' TIFDs will show for Asset, Liability and Equity accounts.
'Profit and Loss' TIFDs will show for Income and Expense accounts.
Choose the value you need and select Save.
🎉 You can now run your Profit and Loss and Balance Sheet reports, knowing that your nominal accounts are correctly mapped to TIFD and aligned with Maltese Tax Return filing requirements.
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