Media Dragon: Government consults on next reforms in response to PwC tax leaks scandal

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The Albanese Government has today opened consultation on the next tranche of reforms to strengthen integrity and accountability in our tax system.

While the vast majority of tax agents do the right thing, the PwC tax leaks scandal has shown that the current regulatory framework is insufficient to respond when misconduct occurs.

The consultation paper includes the Albanese government’s plan to strengthen the Tax Practitioners Board’s (TPB) sanctions regime, which would improve deterrence and increase discipline for those who do the wrong thing.

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How much global offshore tax evasion exists? It’s a difficult number to pin down.

One thing some parties can agree on — from academics to civil society — is that the OECD’s exchange of information frameworks, especially its automatic exchange of information (AEOI) standard, has reduced banking secrecy over the past several years. Recently, the EU Tax Observatory calculated that offshore tax evasion has decreased by a factor of nearly three in less than a decade because of AEOI. Now, only a quarter of offshore household wealth evades taxation, the report says.

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