On 24 February 2022 the OECD announced that Chile has joined the International Compliance Assurance Program (ICAP). The ICAP is a voluntary risk assessment and assurance program whose objective is to facilitate greater cooperation in tax compliance issues between multinationals and the tax administrations of the countries where they operate. The ICAP facilitates discussions between the multinationals and tax administrations and promotes the effective use of transfer pricing documentation, including the use of the master and local file and the country-by-country report, to provide more information for the tax administration and achieve greater certainty for the taxpayer. The website of the OECD’s Forum on Tax Administration includes a list of participating countries in the ICAP and a list of answers to questions frequently asked by multinational groups about the ICAP.
The International Compliance Assurance Program Handbook for Tax Administrations and MNE groups was issued by the OECD on 18 February 2021. The Handbook outlines the selection process through which multinationals can apply to participate in the ICAP program. The next application deadline for submission of an application to participate in the ICAP is on 31 March 2022, and there is a further deadline on 30 September 2022.
