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PwC Tax Crime: A Question Of Loyalty

The auditing consultancy firm PwC has betrayed the confidential trust bestowed upon it by the Australian Federal Government. PwC tax partner Peter John Collins has been banned for 2 years by the Tax Board and referred to the Australian Federal Police for investigation. Over 50 PwC senior employees and partners received emails from Peter Collins disclosing confidential information relating to proposed changes to corporate taxing. The outcome of this may well have cost the national tax coffers tens of billions of dollars over the years since this white collar crime and accountancy version of insider trading occurred in 2014/15. PwC tax crime: A question of loyalty.

PwC Tax Agent Misconduct

The Senate enquiry into this matter, which revealed this serious transgression by PwC, poses some pertinent questions. It is a question of where do the loyalties of these accountancy professionals lie? The cross fertilisation of corporate tax accountants inside Treasury, Department of Finance, and ATO makes this observer wonder at the influence of outsourcing by governments over many years. Does the national interest rate highly in the hearts and minds of these accountancy boffins or do they predominantly honour their profession and corporate masters?

Australian Public Service Compromised By PwC?

The absence of public service independence has been revealed by the Royal Commission into the Robodebt Scheme. Senior bureaucrats have been shown to value their highly paid jobs over moral and legality concerns in the many years of Robodebt operation. PwC was involved in preparing a report on Robodebt. Indeed, PwC has earned billions of dollars doing consultancy work for the federal government in recent years. The Abbott, Turnbull, Morrison governments were intimately involved in increasing the outsourcing of government work to consultancy firms and reducing the size of the public service.

RDNE Stock project at Pexels PwC tax crime: A question of loyalty for those professionals involved. The conservative attitude to government and taxing promulgated by Liberal and National politicians is publicly reductionist. The actual facts show increases in the size of government during their years in power, however. I mention this because one wonders whether these corporate tax accountants clearly see increases to taxation in the national interest or whether they consider their professional interests paramount. It raises societal questions about the power of corporations over countries. Who is their first port of call, Australia or PwC? Accountants are everywhere and they are directly involved in the way our economies and worlds are structured and operate. Corporations continue to grow as market concentration increases globally. There are 4 big multinational auditing firms, of which PwC is one of them. The decades of Neoliberalism has seen the exponential rise of monetary policy as the key element of governing the economy. Accountants and economists have become ever more important to the running of our Western nations. Governments have been giving up control to private corporations via outsourcing their duties. The PwC misconduct and potential crime is a natural outcome of this dereliction of duty for short term cost savings. It is likely that the existing public service is compromised via the influence of corporate consultancy firms. It is a mixed stew of expediency, corporate greed, self-preservation, and divided loyalties.

Professor Alan Fells has been saying for years that Auditing firms should not be tendering for consultancy and financial services work as well. That there needs to be a clear level of separation protecting confidential information. These corporate giants in the accountancy sector must be reduced and/or broken up. Accountants have great potential for criminal behaviour because they are where the money is. The stereotype of the boring accountant is outdated and inaccurate in the 21C. Who sets up all these evil trusts and tax avoidance schemes that allow very rich people to dodge their tax responsibilities? Accountants. The PwC tax crime is not a case of a few bad apples it is a systematic failing of professional standards, it is corporate malfeasance, and the dimming of loyalties to the national interests of Australia by Australians.Robert Sudha Hamilton

Nataliya Vaitkevich at Pexels “Police are now investigating the leak of confidential tax information by a former PwC partner at the request of the Australian government. The Australian Federal Police has launched an investigation into former PwC employee Peter-John Collins and his role in the Treasury tax leaks scandal today, May 24. An AFP spokesperson told the Australian Broadcasting Corporation that the police have “received a report of crime relating to the alleged misuse of confidential government information”. “An investigation has commenced and no further comment will be made at this time,” the spokesperson added. PwC Australia received confidential government tax plans after Collins, the firm’s former head of international tax, attended high-level meetings as part of his role in an advisory group to the Australian Treasury. The Tax Practitioners Board has imposed a two-year ban on Collins as a penalty. Collins left PwC Australia in October 2022. Steven Kennedy, secretary to the Treasury, said Collins had “improperly used confidential Commonwealth information” in an official statement earlier today. “The emails that the Tax Practitioners Board tabled in Parliament on May 2 2023 highlighted the significant extent of the unauthorised disclosure of confidential Commonwealth information and the wide range of individuals within PwC who were directly and indirectly privy to the confidential information,” Kennedy said. “In light of these recent revelations and the seriousness of this misconduct, the Treasury has referred the matter to the Australian Federal Police to consider commencement of a criminal investigation,” he added. PwC Australia CEO Tom Seymour stepped down on May 9 over the scandal. An independent inquiry has been launched and Seymour is set to retire in September, when the results of the investigation will be published. Last week, Kristin Stubbins, acting CEO, said: “We are committed to learning from our mistakes and ensuring that we embrace the high standards of governance, culture and accountability that our people, clients and external stakeholders rightly expect.” The ‘big four’ firm has flown in global executives to take oversight of the crisis, while former Telstra CEO Ziggy Switkowski conducts an independent review of the leak and the company. A PwC Australia spokesperson said the firm “will continue to co-operate fully with any investigations into this matter”, reported Reuters.” - https://www.internationaltaxreview.com/article/2bpem9ws6gqq88mlkga9s/former-pwc-australia-partner-faces-criminal-investigation-over-tax-leaks ©House Therapy Read the full article

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Sanjayan Nadarajah holds a bachelor's degree in chemistry and has worked in quality assurance for years.