CITN, ACCA sign pact to deepen capacity in finance sector
* Seeks policies to aid investments, voluntary tax compliance
Chartered Institute of Taxation of Nigeria (CITN), and the Association of Chartered Certified Accountants (ACCA), have signed a Memorandum of Understanding (MoU), on professional curriculum exchange and membership recognition between the two institutions.
The pact will define how CITN and ACCA would collaborate to develop ACCA’s tax and law variants for Nigeria, and the basis of membership exchange between the two bodies.Speaking at a brief ceremony recently in Lagos, President and Chairman of Council, CITN, Cyril Ede, said the partnership would help the Institute and ACCA to understand the intricacies in taxation and accounting professions.
Ede noted that the collaboration would look at areas of common interest, and would place CITN on an international sphere whereby knowledge of international tax and associated issues would be gained.
“ACCA is a worldwide recognised body, not only in accounting but also in business matters. Our relationship with ACCA would be very beneficial to our members and also beneficial to ACCA.“We have pursued this matter vigorously since 2017 because this relationship would help us to widen the knowledge of taxation for more people to be involved in tax payment. Our main focus is to widen the people’s knowledge on taxation to know that it’s a compulsory responsibility,” he said.
In his remarks, the Head, ACCA Nigeria, Thomas Isibor, noted that the collaboration between the two bodies was a milestone, as it shows the importance attached to partnership development.He said the partnership would aid the development of capacity in Nigeria’s the finance sector, as CITN and ACCA will bring together resources and help in building the sector.
He said: “The benefit of this is on three layers: first is national, which is country wide, in terms of how we can support in developing the economy and wellbeing of Nigerians and also developing the professionals in the taxation and accountancy profession and also for members value.
Meanwhile, the CITN has called on the government to put the right policies in place that will enhance investments in Nigeria’s economy, and promote voluntary tax compliance.Speaking at the 40th induction ceremony, Ede, said an inclusive economic growth of about five per cent yearly can be achieved by providing five million new jobs against the current unemployment trajectory.
He maintained that the nation’s budget should detail a plan of action beyond the statement of incomes and expenditures, and fund infrastructural gap to boost Public Private Partnerships (PPPs), and concession arrangements for the proper operation and maintenance of public infrastructure.
He charged the 560 inductees to uphold professionalism in their practice of taxation to avoid sanctions by CITN, and comply with the provisions of the charter, bear true allegiance, and promote the image of the institute.
In his remarks, Chief Executive Officer, Gabe Fasoto and Co, Gabriel Fasoto, said taxation has always been a distinct profession from accountancy, and charged the inductees to maintain excellence in taxation practice and administration.
“Taxation is not settlement; you need to equip yourself technically. Know the tax laws, jurisprudence, and global tax practice, and expand the frontier of tax knowledge rather than only the pecuniary interest,” he admonished.