The increased penalties Treasurer Jim Chalmers announced earlier this month could create financial chaos for PwC, KPMG, Deloitte and EY.
for advisers and firms - who promote tax exploitation schemes - from $7.8 million to more than $780 million; he effectively drew a big target on the tax practices of our embattled consulting giants.
The proposed fine - which would severely curtail any appetite for advising multinationals like Google and Facebook on any tax dodges - is just the latest curveball in what hasYates says KPMG’s challenges pre-date the inferno that the entire industry has become engulfed in followingthat PwC partners across the globe were implicated using confidential government tax information to hook some of the biggest companies in the world.
NSW Greens MP Abigail Boyd said her inquiry into the state government’s use of consulting services has been shocked at how the big firms werere effectively policing themselves on conflict of interest issues.“It feels like there is still some uncertainty in the environment, not just in our profession, but more broadly,” he says, but stops short of calling a recession.
The consulting industry is facing a different kind of hard landing with the federal government using the PwC scandal to help wean the public sector off its multibillion-dollar reliance on consultants. “From our perspective, we believe that the value that we can provide government is to have the capacity to bring global expertise and private sector expertise as, and when, required,” Deloitte chairman Tom Imbesi said.
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