The Government is taking decisive action in response to PwC tax leaks scandal. As per the Ministers Treasurer Portfolio Media Report, the Albanese Government will oversee the biggest crackdown on tax adviser misconduct in Australian history.
The PwC scandal exposed severe shortcomings in our regulatory frameworks that were largely ignored by the Coalition, and today we’re taking significant steps to clean up the mess.
We’re cracking down on misconduct to rebuild people’s faith in the systems and structures that keep our tax system and capital markets strong.
We’re also cracking down on the scourge of multinational tax avoidance and making sure multinationals pay their fair share of tax in Australia.
By increasing penalties, giving regulators stronger teeth to investigate and prosecute perpetrators and boosting transparency, collaboration and coordination within government, we are acting to restore public confidence and help prevent this from happening again.
The package of reforms announced today cover three priority areas:
Strengthening the integrity of the tax system
Increasing the powers of our regulators
Strengthening regulatory arrangements to ensure they are fit for purpose
PwC are facing further scrutiny under the weight of the Treasury review but continue to assert that no further wrongdoing was done by any employees within the organisation. They will continue to be in damage control for the foreseeable future. Read more here >>