An 148-page document reveals the damning evidence that led to a former PwC partner being banned for leaking confidential government plans to combat tax avoidance.
The Tax Practitioners Board has released some of the damning evidence that led to a former PwC partnerThe 148-page document, which was submitted by the TPB to Senate Estimates in response to queries from Senator Deborah O’Neill, includes heavily redacted internal emails revealing that the sensitive information on plans to combat tax avoidance was widely shared with other staff and partners within the multinational firm.
Peter Collins, a former tax partner at PwC - and the only name not redacted in the emails - has been deregistered as a tax agent for integrity breaches by the board, including a two-year ban on becoming a registered tax practitioner as a result of the leak.“Also talking to treasures office about the law which is still changing. What you need?” Collins said in one email to other PwC staff.
An email from an anonymous PwC executive in January 2016 showed the success PwC yielded in the US from marketing what appear to be plans to circumvent the government’s tax plans.“The team have been very busy over the last couple of months ... and have worked with some ‘brand-defining’ clients.
“We identified US tech two years ago as representing a significant upside sector for the Australian firm as the ATO reacted to problems it had with their structures, and diligently built relationships with key offshore buyers.”This was just months before an alarmed Australian Tax Office sent out a series of alerts when it became apparent that multinationals had responded with extraordinary speed to anti-avoidance measures under the Multinational Anti-Avoidance Law .
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘For your eyes only’: How PwC leaks helped global clients dodge taxPreviously secret emails show PwC charged $2.5 million in fees to advise 14 clients how to sidestep new tax avoidance laws in 2016, relying on confidential information.
Read more »
Covid era graduates struggle with communication, say Deloitte and PwCAccounting firms offer extra training on face-to-face presentations and in-person meetings
Read more »
‘For your eyes only’: How PwC leaks helped global clients dodge taxPreviously secret emails show PwC charged $2.5 million in fees to advise 14 clients how to sidestep new tax avoidance laws in 2016, relying on confidential information.
Read more »
Banks and fundies fear franking credit hitFranked dividends paid to shareholders could be disallowed by the Tax Office under the government’s proposed crackdown on capital raisings and share buybacks.
Read more »
Domino’s Pizza in management shake-upThe sister of Domino’s Pizza Enterprises chief executive Don Meij will move back from the US to help run the Australian and New Zealand business.
Read more »
Labor’s tax take to hit 15-year highThe federal government’s tax take is poised to hit its highest level since 2008 thanks to soaring resource profits and bracket creep delivering more income tax.
Read more »