Assistant Treasurer Stephen Jones said the government may rethink its approach to consulting with tax professionals after PwC and its former head of international tax were sanctioned for breaching confidentiality rules.
Assistant Treasurer Stephen Jones says the government may rethink its approach to consulting tax professionals but did not rule out continuing to use PwC despite the firm and its former head of international tax being sanctioned for breaching confidentiality rules.Alex Ellinghausen
Comment has also been sought from Finance Minister Katy Gallagher over the continued use of PwC professionals by the government when developing policy.PwC chief executive Tom Seymour on Monday said the firm had “failed the high standards we set for ourselves” and had updated its policies to “protect against this happening again”.
PwC was also found to have failed to regulate its partners and staff who knew the confidential information would be used to help clients sidestep new tax laws and attract new clients. The firm was ordered to provide training to relevant partners and staff on how to handle conflicts of interest.
Mr Collins signed confidentiality agreements with Treasury that allowed him wide access to policy deliberations as he advised on Australia’s Multinational Anti-Avoidance Law, the diverted profits tax and hybrid mismatch rules. “We are very concerned when tax practitioners abuse their positions of trust, or fail to act with integrity,” Mr Klug said. “Tax practitioners who breach this confidence will not be tolerated.”
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