Former PwC Partner Banned From Serving as a Tax Agent Over Integrity Breach

Must Read

Peter-John Collins has been banned from acting as a tax agent in Australia following an investigation by the Tax Practitioners Board (TPB). 

After disclosing private information, Peter-John Collins, the former head of international tax at PwC Australia, was given a two-year suspension from his post.

The Tax Practitioners Board verified Collins’ deregistration due to a lack of integrity on Monday, January 23.

“We are very concerned when tax practitioners abuse their positions of trust or fail to act with integrity. Many Australians and most businesses entrust their tax practitioner with sensitive personal, financial, and tax information,” TPB Chair, Ian Klug AM, said. 

“Tax practitioners who breach this confidence will not be tolerated. Rules to manage conflicts of interest are equally important in protecting client interests, especially in a large firm with multiple clients and many staff.

“Leaking confidential information in these circumstances might be seen to elevate personal and commercial profit, breaching public interest, legal and ethical obligations,” Mr Klug noted.

Collins participated in private policy conversations with the Australian Treasury as part of an advisory committee. It was discovered in 2013, 2016, and 2018 that he had broken confidentiality agreements regarding Treasury negotiations.

Collins was found to have been engaging in questionable communication with other PwC employees domestically and abroad.

According to the board, some of this was subsequently disclosed to clients and potential clients. 

On January 25, Australian Treasurer Jim Chalmers vowed to “throw the book” at those in charge of this betrayal. 

PwC has admitted that it “failed the high standards we set for ourselves as a firm.” PwC has been given a directive by the TPB to upgrade its policies and training regarding potential conflicts of interest.

The outcome highlights the need for taxation advisers to ensure that they act per their professional and ethical obligations. 

- Advertisement -spot_img
- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img