SOCPA Adopts Update on Tax Planning Activities and Services

SOCPA's Professional Ethics Committee has adopted the update on tax planning activities and services issued by the International Ethics Standards Board for Accountants (IESBA).

IESBA's primary goal with this update is to maintain the integrity and relevance of the International Code of Ethics as a cornerstone of stakeholder trust in the accounting profession. The update develops a principles-based framework that utilizes the fundamental ethics principles and established conceptual framework to guide professional accountants in both employment and public practice settings when providing tax planning activities or services. The update adds two new sections to the International Code of Ethics (Section 280: "Tax Planning Activities" and Section 380: "Tax Planning Services").  These sections clarify accountants' roles and responsibilities regarding tax planning arrangements and help protect the public interest from tax arrangements lacking reliable basis in tax laws and regulations.