The Australian government has unveiled a proposal to crack down on tax avoidance schemes following the PricewaterhouseCoopers scandal that has rocked the tax and consulting industry.
“The PwC scandal exposed severe shortcomings in our regulatory frameworks,” Treasurer Jim Chalmers said Wednesday announcing a tax law overhaul aimed at making promoting tax avoidance schemes unprofitable.
A PwC Australia partner was banned last year for leaking confidential government information on multinational tax laws. Ensuing public inquiries and government bans on contracting saw the firm shed its government advisory arm earlier this year.
Under proposed changes to the Tax Administration Act, new maximum ...
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