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ICAN, CITN sign MoU on taxation training

By BusinessNews Staff on March 17, 2015

The Institute of Chartered Accountants of Nigerian says it has signed a Memorandum of Understanding with the Chartered Institute of Taxation of Nigeria.

With the MoU, chartered accountants who are ICAN members can practise taxation without having to write the CITN examination.

The President, ICAN, Mr. Chidi Ajaegbu, said during a visit to the Lagos Mainland and District Society of the institute that the MoU, was well-received.

He said, “As a chartered accountant, you are not required to write any taxation before you can practise taxation. However, if you must practise taxation in this country, you must be a member of the CITN as prescribed by law. So, we have been able to deal with that and that’s essentially what the MoU is about.”

According to Ajaegbu, the Supreme Court has ruled that a chartered accountant and ICAN member cannot be subjected to any form of examination before becoming a member of the CITN.

“As a chartered accountant, you are not required to write any form of examination from now on, except the Supreme Court reverses that position because truly the terms of settlement have been adopted by the Supreme Court as a consent judgment.

“However, you are expected to undergo the pre-induction procedure or requirement of the CITN before you can be registered. And if you must practise tax, you must be a member of the CITN as prescribed by law.”

The ICAN boss said the institute was also collaborating with the Chartered Institute of Public Finance and Accountancy in the United Kingdom.

“We are also going ahead to sign an MoU with the CIPFA in the United Kingdom. They have offered our members in the public sector with five years of experience direct membership. We are signing that MoU before the end of this month in London.

“What that means therefore is that we are collaborating with people who actually originated public sector accounting. I think this is also something that is worth celebrating.”

While welcoming the president, the Chairman, Lagos Mainland and District Society, Mr. Cyprian Nwuya, ?described the president’s visit as historic in the annals of the district, adding that the 50th president of ICAN was once the chairman of the district.

“ICAN LMDS has done so much to uphold the tenets of our great Institute since its formation in 1992. We have lived up to expectation as grade ‘A’ district.”

Nwuya said the district had made arrangements to visit two organisations, namely Yaba College of Technology and Nigeria Breweries Plc to enable ICAN members in the organisations interact with the president.

“At the Nigerian Breweries Plc we have about ?65 chartered accountants in their employment. It will also afford the president the opportunity to talk to accountancy students at Yaba College of Technology,” he said.

[Punch]

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