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Creating a strong profession

Publication date: 09 May 06 | Source: THE TAX INSTITUTE

For many years the Taxation Institute has been concerned with the recognition and regulation (whether by self or Government) of the tax profession. Tax authorities around the world are increasingly recognising the importance of a well regulated and strong profession as an important link in ensuring the success and acceptance of the tax regime.

To date the only recognition and regulation of the tax profession has been the registration of a tax agent which requires no ongoing professional development. The Tax Institute has long believed this was not enough and is independently introducing mandatory professional development from July this year. It also is pleasing to see that the Government is now prepared to proceed with a legislative framework to regulate the tax profession.

"Taxpayers should be able to take comfort and obtain protection when they engage a regulated tax professional. The new regime will protect taxpayers via a safe harbour from certain penalties. This can only be good for increasing confidence in the tax profession and the tax system as a whole". Mr Mills said.

"The integrity of the tax system will now also be significantly strengthened by bringing Business Activity Statement (BAS) service providers into the registration net. It will also recognise that the tax profession is broader than just preparing tax returns and regulate those providing tax advice" concluded Mr Mills.