KPMG’s Week in Tax: 5 - 9 September 2022

Recent tax developments from around the globe for the week of 5 - 9 September 2022

Recent tax developments from around the globe for the week of 5 - 9 September 2022

Tax developments or tax-related items reported this week include the following.


  • South Africa: The South African Revenue Service will no longer issue supplementary declaration forms (IT14SD) to companies and close corporations beginning 16 September 2022. Going forward, SARS will issue a letter requesting specific relevant documents as a means of verification.

Read TaxNewsFlash-Africa


  • Canada: Eligible corporations have until 3 October 2022 to submit their application for the British Columbia provincial sales tax rebate on select machinery and equipment. The deadline was extended from 30 September 2022 (a federal holiday).
  • Canada: Certain distributed investment plans that do not request in writing required information from certain investors by 15 October 2022, and collect such data by 31 December 2022, may incur higher goods and services tax / harmonized sales tax (GST/HST) and Quebec sales tax (QST) costs. 
  • Bolivia: Taxpayers with a tax identification number that ends in 5, 6, 7, 8 and 9 now have until 12 September 2022 to register and/or confirm fiscal documents in the “purchases and sales registry” (registro de compras y ventas—RCV) for the August 2022 tax period.
  • Chile: Foreign insurance companies must be registered with a regulatory authority of a country or market to access the reduced withholding tax rate of 4%. However, they are not required to have a representative or agent constituted in Chile who is responsible for the company’s tax compliance obligations. 
  • Mexico: The government published a proposed seventh resolution of modifications to the miscellaneous tax resolution 2022, which includes various changes to tax-related penalties.

Read TaxNewsFlash-Americas

Asia Pacific

  • Malaysia: A monthly summary of tax developments concerns sales tax and the tax treatment of digital currency transactions, among others.
  • Bahrain: The final phase of the digital stamp regime will apply to all tobacco products in Bahrain as of 16 October 2022.
  • Bahrain: The National Bureau for Revenue has invited comments to provide support with the review and enhancement of the legal framework for the launch of e-invoicing in Bahrain.

Read TaxNewsFlash-Asia Pacific


  • Denmark: An interest surcharge of approximately 30% could apply to VAT corrections relating to the oldest period (that is, 36 months). 
  • Italy: The Italian Supreme Court issued two decisions confirming that the Italian tax treatment of dividends paid to U.S. pension funds is discriminatory and breaches EU law.
  • Italy: A new law aims to accelerate tax dispute resolutions and increase the efficiency and quality of decisions from the tax courts.
  • Netherlands: A KPMG report provides an overview concerning financial institutions.
  • Sweden: The government is in the process of (1) preparing tax proposals to address rising electricity prices and specifically to repeal the reduction from the energy tax currently available for “computer halls,” and (2) considering the repeal of the tax imposed with regard to waste incineration.
  • Poland: A draft decree proposes to amend the national e-invoicing system.
  • Poland: A proposed amendment to the threshold for declarations on goods transported within EU would raise the limit to €1,000 for “Intrastat declarations.”
  • Poland: Recent tax developments relate to company reorganizations, the lump-sum income tax, and e-signing returns.
  • UK: HM Revenue & Customs updated guidance on plans to introduce “making tax digital” (MTD) for certain taxpayers within the income tax self-assessment regime from April 2024. 

Read TaxNewsFlash-Europe

Transfer Pricing

  • Cyprus: The government published guidance regarding the required content of the Local file and Master file, as well as a table of summarized information.
  • OECD: Pascal Saint-Amans will retire from the organization at the end of October 2022.

Read TaxNewsFlash-Transfer Pricing


  • Barbados: The deadline for filing 2021 FATCA and common reporting standard (CRS) reports was extended until 12 September 2022. 
  • Bermuda: The Bermuda Ministry of Finance issued a notice reminding Bermuda reporting financial institutions of the upcoming deadline—30 September 2022—for filing the 2021 annual CRS certification form.

Read TaxNewsFlash-FATCA / IGA / CRS

United States

  • Taxpayers affected by storms in the Salt River Pima-Maricopa Indian community in Arizona now have until 15 November 2022 to file various individual and business tax returns and make tax payments.

Read TaxNewsFlash-United States

  • Senate Finance Committee leaders released legislative text of a bill intended to improve the retirement system and bolster retirement savings. The bill was approved by the Finance Committee in June 2022, using the committee’s “conceptual markup” process that allows the committee members to approve a detailed description of legislation that is later translated to legislative text.

Read TaxNewsFlash-Legislative Updates

Trade & Customs

  • The Bureau of Industry and Security (BIS) of the U.S. Commerce Department today released an interim final rule amending the Export Administration Regulations (EAR) to authorize the release of specified items subject to the EAR without a license when that release occurs in the context of a “standards-related activity.”
  • U.S. Customs and Border Protection (CBP) modified the “withhold release order” against garment imports from an apparel company located in India. Effective immediately, provided the imports are otherwise in compliance with U.S. law, shipments from the apparel company will be allowed to enter U.S. commerce.
  • The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) released eight documents containing the publication of numerous Russian harmful foreign activities sanctions regulations general licenses.
  • The Office of the U.S. Trade Representative (USTR) posted on its website a notice announcing that representatives of domestic industries benefiting from the tariff actions in the Section 301 investigation of China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation have requested continuation of the tariffs—and thus the tariff actions have not terminated and will remain in effect, subject to possible further modifications, including any modifications resulting from the statutory four-year review.

Read TradeNewsFlash-Trade & Customs

Exempt Organizations

  • A KPMG report discusses the intersection of environmental, social, and governance (ESG) and tax for tax-exempt healthcare organizations.

Read TaxNewsFlash-Exempt Organizations

The items described above are also reported as editions of TaxNewsFlash:


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