An IRS official recently stated that the United States will participate this fall along with several other countries in a pilot of the “international compliance assurance program (ICAP). ICAP is a “tax risk assessment program”—though the acronym “TRAP” has been avoided, wisely. The program is intended to help countries coordinate their risk assessment efforts for multinational companies. Australia, Canada, Germany, Italy, the Netherlands, Spain, and the United Kingdom have also expressed interest in participating in the program.
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