APAs - flexible, pragmatic, certain

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. Which of the following correctly describes an advance pricing agreement?

  2. A bilateral advance pricing agreement will involve how many tax authorities?

  3. How can an advance pricing agreement with HMRC help as regards transfer pricing challenges faced in other countries?

  4. How long do most advance pricing agreements run for?

  5. Which of the following statements is correct?

  6. Under its updated guidance, HMRC will now potentially consider which type of advance pricing agreements?

  7. How long does it take to agree a typical bilateral advance pricing agreement with HMRC?

  8. What is the second step in the process of achieving an advance pricing agreement with HMRC?

  9. Regarding HMRC's evaluation of a bilateral advance pricing agreement submission, which of the following statements is not correct?

  10. With a bilateral advance pricing agreement what formal agreements will be made?