On or about 21 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated its website to how to participate in the International Compliance Assurance Programme (ICAP).
The ICAP is a voluntary risk assessment and assurance programme to facilitate co-operative multilateral engagements between multinational enterprise (MNE) groups and tax administrations.
An MNE group may indicate its interest in participating in the ICAP to the tax administration in the jurisdiction of its ultimate parent entity (i.e. the Ultimate Parent Entity (UPE) tax administration), or may be approached by its UPE tax administration to discuss its possible participation in the programme.
An MNE group’s suitability for the ICAP will be considered on a case-by-case basis. The MNE group can indicate its preferences as to which tax administrations would be participating in its ICAP risk assessment. These preferences will be taken into account by the tax administrations in considering whether they will participate in the MNE group’s ICAP risk assessment, but are not determinative.
The deadlines for submission of an application to participate in the ICAP can be found on the OECD’s website. MNE groups that wish to discuss possible participation in the ICAP should contact the UPE tax administration in advance of the deadline.