OECD Lessens Reporting Burden for Tax Risk Assessment Program

Applying for the global tax risk assessment program just got a bit easier for multinationals this week after the OECD removed a requirement for them to provide a country-by-country reporting self-assessment.

The OECD released a checklist of documents taxpayers must submit to make use of the International Compliance Assurance Program—or ICAP. These include consolidated financial statements for the period, unaudited statements if the audited accounts aren’t ready, and the tax strategy of the multinational group.

The organization omitted the country-by-country self-assessment from the report.

Ryan Kelly, EY Americas International Tax and Transaction Services tax controversy leader, said taxpayers had criticized ...