Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

PwC asked to name companies it pitched on basis of leaked Australian tax plans

Published 07/06/2023, 03:33 AM
Updated 07/06/2023, 03:36 AM
© Reuters. FILE PHOTO: The logo of Price Waterhouse Coopers is seen at its Berlin office in Berlin, Germany, September 20, 2019. REUTERS/Wolfgang Rattay/File Photo

By Lewis Jackson

SYDNEY (Reuters) - Two lawmakers on Thursday called on PwC Australia to name all the companies it sought to advise on the basis of leaked government tax plans, after a report linked Google (NASDAQ:GOOGL) to the national scandal first exposed in January.

Citing two sources, Reuters reported on Wednesday that Google had received confidential information from a former PwC employee confirming the likely 2016 start date of a law targeting multinational tax avoidance after there had been calls from a number of organisations to delay the legislation.

A cache of 144-pages of PwC emails dating from 2014 to 2017 publicly released by the Tax Practioners Board in May detail how a former tax partner shared with colleagues confidential government tax plans, which they then used to drum up work with companies overseas.

One of the released emails dated Jan. 6, 2016 mentioned a "north American project" that had 14 unnamed companies as clients.

"PwC must name the names, let the reality of who they approached and engaged in business with be revealed," said Deborah O'Neill, a senator with the ruling Labor party, who sits on the government committee investigating the matter.

PwC Australia did not immediately respond to a request for comment.

The committee will hold two days of public hearings on July 17 and 18. The attendance list has not been published, but O'Neill told Reuters it would be a "natural step" for Google to appear before the committee at some point.

Fellow committee member and Greens Senator Barbara Pocock said the committee had already sent PwC a set of questions including requests to name all 14 companies referenced in the email cache and detail their interactions with the firm.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"I and the Senate have sought a full account of all the uses of confidential information and the names of the staff within PwC who made use of that information and the companies that were assisted," Pocock told Reuters.

First revealed by tax authorities in January, the scandal has forced out PwC Australia's Chief Executive Tom Seymour, cost it at least six high-profile clients and triggered the sale of its lucrative government consulting wing for A$1 ($0.66).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.