Global

Details

  • Service: Tax, Global Transfer Pricing Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 10/16/2013

Canada - APA report, statistics for 2012-2013 

October 16: The Canada Revenue Agency (CRA) released an annual report on the advance pricing arrangement (APA) program for 2012-2013.

The APA report results (for the year ended 31 March 2013) appear to indicate that the CRA is shifting its priorities from its focus in many recent years.


  • The statistics show that the CRA focused on completing APAs previously accepted into the program, and spent less effort on bringing new taxpayers into the program.
  • The detailed pre-file package review first instituted by the CRA in 2010-2011 increases the likelihood that applicants are accepted into the program.

According to the CRA's report, taxpayers made 24 applications to the APA program in 2012-2013 and 21 APA applications were formally accepted into the program. (compared 34 applications and the CRA accepted 17 cases in 2011-2012).


Read an October 2013 report prepared by the KPMG member firm in Canada: Canada's APA Program - CRA Completes Record-High APAs in 2013



Contact a tax professional with KPMG's Global Transfer Pricing Services.




©2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now