Big Four firm used confidential Treasury documents to find loopholes in new BEPS laws and pitch for new business.
The former head of international tax for PwC Australia, Peter Collins, has been deregistered by the Tax Practitioners Board for dishonesty and for sharing confidential government briefings with PwC partners and clients.
PwC has been ordered to provide training on a six-monthly basis to relevant partners and staff on how to handle conflicts of interest and to file compliance statements to the TPB twice a year detailing the training and who attended. “Additionally, internal communications within PwC indicated an awareness amongst the internal PwC recipients, including PwC taxation partners, that the confidential knowledge gained from the consultations with Treasury would be leveraged to market PwC to a new client base,” the TPB reported.
This allowed him to shape legislation as part of a consultation committee, and meant he knew in advance what the final form of the new laws would likely be. The TPB report says PwC was able to use the information to prepare ways to minimise their effect. “Some firms are saying, ‘We’ve got the MAAL inoculation, come to us’,” Mr Konza said, without nominating which big four firms he meant.
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