Recently, Organisation for Economic Co-operation and Development (OECD) has announced that Colombia joins International Compliance Assurance Programme (ICAP).
ICAP is a voluntary risk assessment and assurance programme to facilitate open and cooperative multilateral engagements between MNE groups willing to engage actively and transparently and tax administrations in jurisdictions where they have activities.
By coordinating conversations between an MNE group and multiple tax administrations, ICAP supports the effective use of transfer pricing documentation, including the MNE group’s Country-by-Country report, providing a faster, clearer and more efficient route to improved multilateral tax certainty. ICAP should reduce the resource burden on both MNE groups and tax administrations and mean fewer disputes requiring resolution through mutual agreement proceedings. Where an area is identified as needing further attention, work conducted in ICAP can improve the efficiency of compliance action taken outside the programme, if needed.
For the latest results please see the OECD status.
