The government has released a consultation paper to enhance the Tax Practitioners Board’s (TPB) sanctions regime as part of the government’s response to the PwC matter, announced on 6 August 2023.
This paper relates to the priority area identified for action in the government’s PwC response: Increase the powers of our regulators.
The consultation paper will:
- enable the TPB to have the ability to impose sanctions that escalate in severity in response to more serious contraventions of the law.
- have a greater deterrence effect on misconduct and will allow the TPB to respond to misconduct in a timely manner.
The government is seeking stakeholder feedback on proposed reforms that will provide the TPB with a stronger and more agile sanctions regime.