The Australian government is set to introduce legislation to impose stringent fines of up to $780 million on companies found undermining tax laws. The move follows the PwC tax leaks scandal, which prompted a reassessment of government use of Big Four firms.
The legislation aims to remove confidentiality rules hindering information sharing between the Tax Practitioners Board (TPB) and the Australian Taxation Office (ATO). “This bill will crack down on tax practitioner misconduct and rebuild public confidence in the systems and structures that keep our tax system and capital markets strong,” said Assistant Treasurer Stephen Jones.
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