Professional accounting bodies are rallying round to develop tax and law variants for Nigeria.
The bodies are Chartered Institute of Taxation of Nigeria (CITN), and the Association of Chartered Certified Accountants (ACCA).
They have signed a Memorandum of Understanding (MoU) 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.”
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.
Ede said 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.
The 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.