THE Tax Practitioners Board (TPB) has welcomed the release of a report by the Inspector-General of Taxation and Taxation Ombudsman (IGTO) on the role of the tax profession into the future.
Released yesterday, the IGTO report, Future of the Tax Profession, examines a range of current and future factors likely to reshape the tax profession and administration of the tax system, such as advances in technology.
It recognises the significant continuing role of tax practitioners and the importance of considering future changes on their ability to service taxpayers.
The report suggests potential expansion of the role of the TPB to keep pace with developments in the tax profession and workforce more generally. This is being explored in the recently announced independent review into the TPB and Tax Agent Services Act 2009, chaired by Keith James.
Chair of the TPB, Ian Klug AM, said the IGTO has made six recommendations for the TPB in the report and implementation has commenced.
"The report recommendations correspond with the focus the TPB has been applying to tackling the issue of unregistered providers of tax agent services," Mr Klug said.
"It also recognises the continuing need to work with stakeholders such as professional associations to ensure policy and guidance appropriately caters for all tax practitioners."
The report and the TPB responses are available on the IGTO website.
About the Tax Practitioners Board:
The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.