Treasury is threatening to revoke approval for recent takeovers by foreign companies involving PwC due to concerns the firm may have offered misleading tax advice.
Federal Treasury is reviewing an unknown number of foreign takeovers involving PwC after the embattled consulting firm was accused of misleading the Tax Office to help its clients receive Foreign Investment Review Board approval.
The ATO said statements it received from the applicant and/or PwC, “while possibly legally correct, had the effect of misleading the ATO as to the intended use of aggressive tax structures by the FIRB applicant”. The ATO did not name the applicant involved. “The PwC scandal exposed severe shortcomings in our regulatory frameworks that were largely ignored by the Coalition, and we’re taking significant steps to clean up the mess.”Treasury has now confirmed it is investigating past transactions involving PwC that could lead to criminal charges for misleading Treasury, as well as approval for some of these deals being revoked.
“Treasury is presently examining its records and working with the ATO to identify whether any foreign investment applications where PwC was involved were based on false or misleading information,” Treasury said in a response to queries from Labor senator Deborah O’Neill.“Subject to the findings of these investigations, Treasury will consider what further actions or responses may be appropriate to take.
Treasury said this review was triggered by information provided by the ATO in response to questions on notice in May this year.
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