APESB Introduces New Ethical Standards for Tax Practitioners

APESB Introduces New Ethical Standards for Tax Practitioners

By Ez-XBRL Team 4 February, 2025
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4 February 2025

The Accounting Professional & Ethical Standards Board (APESB) has issued revisions to the APES 110 Code of Ethics for Professional Accountants, introducing new ethical standards for Tax Planning and Related Services.

These updates, based on global ethics standards set by the International Ethics Standards Board for Accountants (IESBA), aim to strengthen the ethical framework for tax professionals in response to concerns about tax avoidance and past global tax scandals, such as the Paradise Papers and Pandora Papers.

Key Updates in the Code:

? Stronger Ethical Standards – Ensuring tax planning aligns with public interest.
? Reputational & Economic Impact Test – Accountants must evaluate broader consequences of tax strategies.
? Enhanced Professional Judgment – Mandating a credible basis for tax planning arrangements.

APESB Chairman Nancy Milne OAM stated, “Australia has seen several incidents of unethical behavior by tax professionals recently. These new standards will help uphold integrity in the profession while ensuring high-quality tax planning services.”

Implementation Timeline:

Effective Date: July 1, 2025 (early adoption permitted).