Monday, 17 May 2021

 It's (almost) time for tax returns: let's clear the mind

 

 

Last 4th April, the Income Revenue Authority in tandem with CAF (Tax Advice Centers) Nazional Chamber has released a maxi circular of 324 pages, with information and clarification on the correct compilation of 2017 tax declarations. The maxi guide, available from next 18th April, aimed at help professionals and contributors to dissolve any doubts that they may encounter during Model 730 processing.    

Let’s see in detail some indication on the main squares. For example, in case of deductions there is a separate section for each of them, with specific details on each relevant aspect: stakeholders, type, deductible expenses, limits, records to be retained, normative references,etc.. Among the fundamental chapters, obviously there’s the one on the possibility of deducting medical expenses, including medicines. It provides a list of specialist services prescribed by a doctor permitted to deduct, and even those which are not eligible for deduction even if on doctor’s order (eg. Courses in the gym). Interestingly, the possibility of deducting the purchase of devices (including electronic) and kitchen components that promote environmental control for people with disabilities.

Another chapter affecting famiglie is the one about deduction of contributions for employees in domestic and family services. With regard to the school fees, it should be noted that the 19% deduction also applies to the school canteen, to pre and after school services, school trips and other cultural activities approved by the school management.

 

 

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