KPMG death knell: UK tax experts boycott firm – FT

EDINBURGH — KPMG bosses have failed to grasp the enormity of their sins when it comes to facilitating corruption and tax avoidance. Although the KPMG name appears with increasing frequency in the headlines in connection with accounting scandals, the Big Four firm continues as though it is business as usual. A decision by KPMG to put on a festival of tax emphasising fair tax is a flag that KPMG bosses think the wider business population will continue to be duped by their marketing spin. – Jackie Cameron.By Thulasizwe Sithole.KPMG bosses sneered at South Africans when the firm was exposed for courting the Gupta family and helping them to siphon funds out of tax coffers. Later, KPMG offered a limp apology for its role in the state capture political scandal before switching its CEO and continuing 'business as usual'..However, slowly but surely the screws are tightening on the firm because of its role in corruption, just as happened to Bell Pottinger – the London-headquartered public relations firm that, like KPMG, was generating juicy fees through their friends, the Guptas..In South Africa, KPMG has lost corporate clients following an outcry over the company's complacency about unethical behaviour..___STEADY_PAYWALL___.In the UK, meanwhile, tax campaigners and academics have boycotted a "festival of tax" held by KPMG on Wednesday over concerns about the firm's past role in helping large multinationals minimise their tax bills and the inclusion of a rightwing think-tank as a speaker, the Financial Times has revealed this week.."The event, which KPMG held in central London alongside consultancy Jericho Chambers, was billed as an 'idea exchange' where a range of participants including politicians, academics, campaigners and policymakers would discuss the topic of 'responsible tax'," says the FT. ."Paul Monaghan, chief executive of the Fair Tax Mark, which lobbies companies to adopt ethical tax practices, said he and two prominent academics focused on this issue had boycotted the event. Mr Monaghan said it was 'beyond a joke' that KPMG had decided to co-host the event "given they are active advisers on tax avoidance".".He is reported as saying: "We have no problem with them being involved in the conversation [on responsible tax practices], but it is beyond daft for them to try and lead the conversation." .Prem Sikka, professor of accounting at the University of Sheffield, also declined to attend. He told the FT: "I have long boycotted events organised and colonised by unethical organisations. I can't recall any commitment from KPMG saying that they have abandoned the tax avoidance business." .The FT reminded its readers of some of just many controversies that centre around KPMG tax "structuring" including: Stagecoach in 2016, Pendragon in 2015 and P&O Cruises in 2013. .The Big Four accounting firm was criticised by the UK public accounts committee in 2012 and in 2013 over its tax advice while it advised individuals and companies named in the Paradise Papers last year, it points out..KPMG has also been criticised for hypocrisy for using a Fair Tax Mark logo in its marketing material.

KPMG death knell: UK tax experts boycott firm – FT

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