Paul Sutton and Paul O’Regan discuss LCN Legal’s 5-step process for creating and implementing ICAs. This has been developed over many years, and is designed to ensure that in a tax audit, the group's ICAs will support its TP position. Paul Sutton explains the firm’s 5-step process for creating and implementing effective ICAs. In the course of explaining each stage in detail, he highlights the importance of: Ensuring that ICAs have legal substance, and integrating the legal considerations from the outsetUnderstanding the precise nature of the key transactions, and establishing the ‘legal anchor points’Working effectively with the wider team of TP professionalsDrafting that is brief and clear, using plain languageIdentifying and taking on board the needs of other stakeholdersLocalising agreements to reflect the needs of different countries and entitiesEnsuring that directors have all the information they need to carry out their responsibilitiesCreating – and maintaining – a central online archive of agreements. Hosted on Acast. See acast.com/privacy for more information.

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