The institute also urged them to be mindful that their conduct henceforth has a great impact, not just on the practice but on the profession and the institute at large.
President and Chairman of Council, CITN, Samuel Agbeluyi, gave the charge recently, during an orientation programme for the award of practice license to members of the institute with the theme ‘Professional Ethics, Engagement Procedures and Small Firms’ Merger for Business Sustainability.’
He said as practitioners licensed by the CITN, the award of practice license serves as a badge of honour that distinguishes them as qualified and competent taxation professionals.
He urged that the awardees must be devoted to attending the institute’s training programmes to ensure that their technical sagacity on taxation and fiscal policy in Nigeria was not just up to date but apt.
Agbeluyi restated the institute’s commitment to ensuring that taxation remains a specialised and regulated profession, where only individuals with the required expertise and certification are authorised to practice.
Chairman, Taxation Standards and Practice Monitoring Committee, CITN, Dr Ruth Arokoyo, urged the awardees to always strive for excellence, innovation and adaptability, noting that the taxation landscape was ever-evolving, shaped by regulatory changes, digital transformation and global economic shifts.
She urged them to commit to continuous learning, embracing technological advancements, and positioning themselves as a trusted advisor in the taxation field.
Noting that one of the biggest challenges small tax firms face is competition from larger firms, she called on the need for continuous professional development.
According to her, a key strategy for business sustainability is collaboration and mergers with other small firms.
She added that a well-planned merger could create a stronger, more competitive firm while allowing them to maintain personalised client service.
Speaking on the theme, Associate Director, Tax and Regulatory Services, Deloitte & Touche, Orhiunu Ibironke, said on the role of ethics, strategic mergers, and engagement procedures in business survival, they play a very critical role in business survival as they ensure a firm’s continued growth and market dominance.
To ensure adherence to best practices of ethical standards, she said firms needed to develop a strong core of conduct, ensure adherence to industry standards, provide proper training for employees, and foster a culture of transparency.
She also stressed that firms must ensure that merger transactions are properly planned with clear post-merger integration goals and proper evaluation of synergies to secure the success of the transaction.
Additionally, she said firms needed to develop detailed engagement plans that clearly define the scope and expectations of the project, establish communication lines, and prioritise clients’ needs while actively managing potential risks.
Similarly, Vice Chairman 1, Taxation Standard and Practice Monitoring Committee, CITN, James Obogwu, urged that a tax professional must comply with the institute’s legal requirements, code of conduct, rules, and regulations even as they carry out due diligence, evaluate cultural compatibility and merger agreement for business sustainability.
