The International Ethics Standards Board for Accountants (IESBA) launched the first set of tax planning global standards to strengthen the ethical framework that guides professional accountants providing tax planning services; and other providers are strongly encouraged to follow the standards.

The comprehensive framework includes a new requirement and guidance on due consideration of reputational, commercial, and wider economic consequences of their tax advice.

Gabriela Figueiredo Dias, chair of the IESBA said: ‘Professional accountants have an important duty to their clients but must not lose sight of their fundamental duty to the public interest.

‘As scandals in recent years have shown, though some behaviours may be legal under the letter of the law in certain jurisdictions, the ‘grey area’ of tax is not always the ethical way forward.’

Follo