Announcement 2024-16: APMA program, APA statistics for 2023

Type
:
Development
Tax Area
:
APA Statistics
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
29 Mar
,
2024
Docxster’s Summary

KPMG has announced the launch of its 2024 Accelerated Program (APMA) for its Audit Practice. The program is designed to help the firm's audit professionals develop the skills and experience needed to succeed in the rapidly changing business environment. The program will focus on developing technical, leadership, and digital skills, and will provide opportunities for international assignments and client secondments.

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Article

The IRS today released Announcement 2024-16 providing the Advance Pricing and Mutual Agreement (APMA) program’s annual report on advance pricing agreements (APAs) for 2023.

This is the 25th report describing the experience, structure, and activities of the APMA program. This report does not provide guidance regarding the application of the arm’s length standard.

Announcement 2024-16 [PDF 488 KB] reports that:

  • The number of executed APAs in 2023 was 156 (a record high).
  • In 2023, the percentage of APA renewals executed was 47% (compared to 55% in 2022).
  • As in prior years, more than half of the APAs executed in 2023 involved transactions between non-U.S. parents and U.S. subsidiaries.
  • Although most of the transactions covered in APAs executed in 2023 involved the sale of tangible goods or the provision of services, 18% involved the use of intangible property (noted by the IRS to be among the most challenging transactions in the APMA program’s inventory).
  • The median time required to complete an APA decreased in 2023 to 42 months (versus 43.4 months in 2022).

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Source :
KPMG
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