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Regulation – the way forward?
Key points
- In the UK there are rules and codes of conduct for members of professional bodies but anyone can set up as a tax adviser.
- Conversations are taking place globally on how to strengthen ethical standards.
- What can be learnt from other jurisdictions that already regulate their tax agents?
- It is important to have a clear framework with consistent rules.
Regulation of the tax profession is a hot and sometimes vexed topic. It has been on the agenda for many years with various calls for evidence and consultations on the issue. Indeed at a perhaps more basic level HMRC issued a consultation more than 11 years ago – Establishing the future relationship between the tax agent community and HM Revenue & Customs – in which it sought to differentiate services between agents in business and those who support individuals family and friends...
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