Taxes

Tax return

The periodic declaration a business files with the tax authority to report its tax base and the tax due. VAT returns are monthly or quarterly; income tax returns are annual.

What Tax return means

A tax return is the formal statement of what a business owes for a period. Businesses in the EU deal with several: the VAT return, filed monthly or quarterly depending on turnover and national rules; the annual income or corporate tax return; and, where applicable, the EC sales list, payroll declarations and local taxes. Most countries require electronic filing through a portal or an API.

The VAT return summarises output tax on sales and input tax on purchases and results in a payment or a refund. Deadlines are typically between the tenth and the twenty-fifth day after the period, with some countries shifting the payment date. Missing a deadline attracts penalties and interest even when nothing is owed. A growing number of countries pre-fill returns from e-invoicing and reporting data. Kontevia keeps the VAT summary current after every booked document and reminds the user before each deadline of their country.

How this applies in Malta

In Malta VAT returns are filed quarterly, with the deadline: 15th day of the second month after the VAT period (quarterly by default). The authority is Malta Tax and Customs Administration (MTCA) / Commissioner for Tax and Customs (CFR).

Related terms

VAT (value added tax)A consumption tax charged on most goods and services in every EU country, collected by businesses and paid to the tax authority.Advance payment (tax prepayment)Instalments of income or corporate tax paid during the year based on the previous year's tax, settled against the final liability in the annual return.Penalty interest (late payment interest)Interest charged by the tax authority on tax paid late, and the statutory interest a business may claim from a customer who pays an invoice late.EC sales list (recapitulative statement)A periodic report of sales to VAT-registered customers in other EU countries, listing each customer's VAT ID and the total value.Fiscal year (financial year)The twelve-month period for which a business prepares accounts and tax returns. Usually the calendar year, but many countries allow a different year end.

This entry is general information, not tax advice. Rules change; check the current position with your adviser or the tax authority of your country.

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Kontevia applies these rules for you

Rates, thresholds and e-invoicing formats come from the jurisdiction data of your country. You send the document, Kontevia books it and keeps the VAT summary ready.

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