Professional Affairs: "Change of climate in taxation: are you prepared for extended responsibilities?"
International and EU action against “harmful tax practices” is extending the concept of abuse of law. Hitherto legal structures are increasingly moved into a grey area. The loss of legal certainty resulting from this for tax payers is not merely a side effect of government’s desire for more flexibility in defending their tax bases and finding ways to increase tax collection. Indeed it is intended as a deterrent for taxpayers and their advisers.
More and more, tax administrations are seeking a wider commitment from tax advisers in terms of what advice is acceptable in respect of a legitimate tax burden, raising the question which changes for the engagement such expectations entail.
Will an advice given today be considered abusive in the future? Tax advisers do not only have to adapt their daily practice to this changing environment, but they also have to worry about consequences from past advice given to clients. Tax advisers have to manage not only the risks clients face but also their own risks: there may be civil liability to clients for advising too aggressively but also for not informing them of tax planning opportunity. Further threats include exclusion from public sector work, disciplinary sanctions and even criminal penalties.
CFE – 6th Professional Affairs Conference: "Change of climate in taxation: are you prepared for extended responsibilities?" - 22 November 2013 | Milan, Italy
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Profession > International;Profession > Déontologie