The Inland Revenue Authority of Singapore has published a short note on The International Compliance Assurance Programme (ICAP).
IRAS is participating in ICAP from 2021. An MNE may indicate an interest in participating in ICAP to the tax administration in the jurisdiction of its ultimate parent entity (the UPE tax administration) or may be approached by its UPE tax administration to discuss its possible participation in the programme.
The MNE’s suitability for ICAP will be considered on a case-by-case basis. The MNE may propose for participating tax administrations it wishes to involve in its ICAP risk assessment, which will be subject to the participating tax administrations’ agreement.
The International Compliance Assurance Programme (ICAP) is a voluntary risk assessment and assurance programme to facilitate co-operative multilateral engagements between multinational enterprises (MNEs) and tax administrations.