The OECD has announced updated Frequently Asked Questions (FAQs) on the International Compliance Assurance Programme (ICAP). ICAP is a voluntary risk assessment and assurance programme to facilitate open and cooperative multilateral engagements between MNE groups and tax administrations in jurisdictions where they have activities. This involves support for the effective use of transfer pricing documentation, including Country-by-Country reports. The updates to the FAQs include new target timeframes for ICAP risk assessments, offering MNE groups a clearer understanding of the expected timeline based on the programme's experience. The updates also clarify the role of MNE groups in defining the scope of...