Skip to main content

Proposed Revisions to The Code Addressing Tax Planning and Related Services

Translated by: Instituto Salvadoreño de Contadores Públicos
| Exposure Drafts and Consultation Papers
Comments due by:

The proposed revisions to the Code addressing tax planning and related services respond to public interest concerns about tax avoidance and the role played by consultants, including professional tax advisers, in light of revelations in recent years such as the Paradise and Pandora Papers. The proposals strengthen the ethical expectations for professional accountants in business and in public practice when performing tax planning activities for employing organizations or providing tax planning services to clients, respectively.

Among other matters, the proposed ethical framework:

  • Explains the types of threats to compliance with the fundamental ethics principles of the Code that might be created when professional accountants are involved in tax planning.
  • Sets a clear principle that professional accountants recommend or otherwise advise on a tax planning arrangement only if they have determined that there is a credible basis in laws and regulations for it.
  • Requires consideration of the reputational, commercial, and wider economic consequences that could arise from the way stakeholders might view the tax planning arrangement before determining whether to proceed with the recommendation or advice.
  • Provides practical guidance to assist professional accountants in navigating situations of uncertainty when carrying out tax planning.
  • Deals with other practical matters, including disagreement with the client or management or those charged with governance, and documentation.

The development of the proposals has been informed by extensive fact-finding and outreach to stakeholders, including three global roundtables held in April 2022.

Watch the global webinar about the tax planning exposure draft here.

Copyright © 2024 The International Federation of Accountants (IFAC). All rights reserved.

Submitted Comment Letters

  1.  (Singapore)
  2.  (International)
  3.  (Thailand)
  4.  (Belgium)
  5.  (United Kingdom)
  6.  (Germany)
  7.  (Germany)
  8.  (International)
  9.  (United States of America)
  10.  (Korea)
  11.  (International)
  12.  (India)
  13.  (Saudi Arabia)
  14.  (Zimbabwe)
  15.  (Zimbabwe)
  16.  (United Kingdom)
  17.  (Australia)
  18.  (Hong Kong, Special Administrative Region of China)
  19.  (International)
  20.  (Australia)
  21.  (Africa)
  22.  (Uganda)
  23.  (Thailand)
  24.  (Malaysia)
  25.  (Japan)
  26.  (International)
  27.  (Brazil)
  28.  (International)
  29.  (United Kingdom)
  30.  (International)
  31.  (United Kingdom)
  32.  (Malta)
  33.  (South Africa)
  34.  (South Africa)
  35.  (International)
  36.  (International)
  37.  (United States of America)
  38.  (International)
  39.  (International)
  40.  (United States of America)
  41. PKF Durban (2.37 MB)
     (South Africa)
  42.  (International)
  43.  (Canada)
  44.  (Ireland)
  45.  (United States of America)
  46.  (Australia)
  47.  (Netherlands)
  48.  (Malaysia)
  49.  (Hong Kong, Special Administrative Region of China)
  50. GSM Law LLP (253.66 KB)