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Eight tax administrations, including the UK and the US, have launched a pilot program for the multilateral risk assessment of multinational corporations.
The International Compliance Assurance Programme was launched in Washington on January 23, 2018, by Australia, Canada, Italy, Japan, the Netherlands, Spain, the UK, and the US. The objective of the initiative is to facilitate open and co-operative multilateral engagements between multinational groups and tax administrations, with a view to providing tax certainty and assurance.
The program will ensure an effective use of transfer pricing information (including that contained in a group’s country-by-country report, “master” file, and “local” file), an efficient use of resources both for the multinational groups and for tax administrations and, in the longer term, fewer cases entering into mutual agreement proceedings.
A multilateral assessment of specific international tax risks posed by each multinational group will commence during the first half of 2018 and is expected to be completed within a target time-frame of 12 months.