WENDELL HUSSEY | Cadet | CONTACT
The Federal Government has today moved to deal with the fallout from the PWC scandal.
Facing allegations of abuses of power and misuse of confidential information stemming from the relationships between consultancy firms and the government, the powers at be have called for an audit.
“We have asked PWC to conduct an audit into whether it was appropriate that they were given all of the information on tax avoidance and allowed to shape changes to those laws AND THEN allowed to go and use that in advising their giant clients,” said a government spokesperson.
The move comes following seriously crook revelations over the last few weeks about the information that the giant accounting and consultancy firm were privy to, and what they did with that information to help their giant multinational clients who try to pay as little tax as possible.
One of the Big 4 accounting firms, PWC are in the incredible lucky position where they get 250 million dollars a year in consultancy work from the federal government, but are able to then gain 100s of million more money from multinational companies to help them minimise tax as much as possible.
It’s estimated that tax avoidance by multinational companies who make 100s of billions of dollars a year cost the national coffers roughly 50-100 billion dollars in lost tax a year.
Understandably, as a result of the nature of the situation, a few people are quite furious that PWC were using confidential information to help their clients avoid tax.
Which is why the government has called on their most trusted consults to audit the relationship between themselves and their trusted consultants.
“These things obviously cost money, so we will be paying them 10.5 million dollars to conduct that audit,” said the government spokesperson.
“Which will result in absolutely no repercussions for anybody involved.”
“It’s not like they sold some weed or held up a servo.”
More to come.