Table of Contents
Introduction
To avoid the submission of unclear or subject-to-interpretation financial data, a system was created to streamline the collection and processing of financial statements by integrating balance sheets and income statements into a unified, structured format. That's how the TIFD (Tax Index of Financial Data) was born 👶 specifically for Malta.
This approach is purposefully compatible with electronic filing, making data processing faster, more efficient, accurate, and cost-effective as it reduces the reliance on paper, lowering the impact on our beloved planet 🌍🍃.
If, for some reason, a company opts for a manual tax return, a paper copy of the financial statements coded in TIFD must accompany it.
Not all companies are subject to TIFD, though, so it's better to contact CFR or check their website for more accurate guidelines. 😉
The TIFD Grid
To access the list of TIFD available in the system navigate to Settings & Pref. > Global Setup > TIFD. Here, you won't be able to create, edit or delete TIFD codes but only read them.
The main information is displayed in a grid, showing the TIFD Code, Name and Category.
The Category value can be Balance or ProfitAndLoss and they each refer to a specific part of the financial statement. When creating an account in Nominal > Nominal Accounts, if the Category Type is 'Balance Sheet', then only the TIFD codes categorised as Balance can be selected. The same applies to 'Profit and Loss' (Income Statement) accounts.
In the Display column three 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
Navigate to Nominal > Nominal Accounts select an account and click on the ✏️ pencil icon inside the drawer to edit it. The TIFD dropdown is right at the bottom of the form.
Profit & Loss TIFDs will be visible if the account's Category Type is Profit & Loss. The same applies to Balance Sheet accounts.
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