On 21 July 2015, the Australian Taxation Office (ATO) updated its advance pricing arrangements overview and replaced the 2011 APA Practice Statement. The APA practice statement was replaced to reflect:
- A principle-based approach;
- A Streamlined process and practices to improve timeliness; and
- A Reduction of red tape
According to the overview, the ATO has also established a new APA/MAP program management unit and appointed new Competent Authorities to strengthen the existing network. The man…