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.”