Consolidation Group (Income Tax) Rules guidelines update

Following the issuance of clarifications on technical matters in relation to the guidelines (the ‘Guidelines’) on the Consolidation Group (Income Tax) Rules (Subsidiary Legislation 123.189) (the ‘Rules’) on 30 September 2020, the Commissioner for Revenue recently notified taxpayers and tax practitioners that the Guidelines have been further updated as follows:

• paragraphs (xiv) and (xv) have been updated to include further technical clarifications regarding Rule 6(2) of the Rules, related to the determination of the applicable income tax rate for fiscal units;
• paragraph (xviii) has been replaced to include clarifications regarding Rule 11 of the Rules in connection with the fiscal unit’s consolidated audited accounts. Annex 1 has also been added outlining items that may be excluded from the notes to the consolidated audited accounts; and
• paragraphs (xviii) and (xix) have been renumbered accordingly.

The full text of the Updated Guidelines can be found here.