The IRS Advance Pricing and Mutual Agreement Program (APMA) on March 30 issued its 22nd Annual Statutory Report (the Report) concerning Advance Pricing Agreements (APAs). The Report observes that during calendar year 2020, APMA completed more APAs than in 2019 and completed them somewhat more quickly. A total of 127 APAs were executed in 2020 as compared to 120 APAs executed in 2019. For APAs completed in 2020, the average processing time was 38.5 months, a slight decrease from the prior year’s average of 40 months. Further, the data reflects a trend of decreased processing times over the last several years.
International Tax and Treasury