Why it matters: PwC used secret government info to advise clients how to sidestep new tax laws
Ex-PwC tax partner Peter Collins was helping Treasury develop tax law
He was also sharing confidential information he gleaned with colleagues
The firm advised 14 clients how to sidestep the new tax laws, booking $2.5m in fees
PwC Australia chief executive Tom Seymour has confirmed that he is one of dozens of partners who received emails that discussed plans to use confidential government tax policy information to win new clients.
The embattled CEO told partners on Friday he would not step down as the leader of the firm but was open to their feedback. Instead, PwC would appoint an external party to conduct an independent review of the firm’s “governance, culture and accountability”.
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Edmund Tadros leads our coverage of the professional services sector. He is based in our Sydney newsroom. Email Edmund at edmundtadros@afr.com.au
Neil Chenoweth was a senior writer for The Australian Financial Review
