The proposed revisions 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.

Public mistrust in professional tax advisers has risen to such a level that in some major jurisdictions, legislation is being considered to regulate tax advice and tax advisers.

The plan is to strengthen the ethical expectations for professional accountants in business and in public practice when performing tax planning activities for employing organisations or providing tax planning services to clients.