CITN, ICSAN, AFAR, others oppose ICAN Amendment Bill in NASS

*The Chartered Institute of Taxation of Nigeria, Institute of Chartered Secretaries and Administrators, and other industry professional groups have opposed the proposed Institute of Chartered Accountants of Nigeria Amendment Bill presented to House of Representatives Committee on Finance, in the National Assembly

Alexander Davis | ConsumerConnect

The Chartered Institute of Taxation of Nigeria (CITN), Institute of Chartered Secretaries and Administrators (ICSAN), Association of Forensic Accounting Researchers (AFAR), Taxpayers’ Rights Initiative have opposed the proposed Institute of Chartered Accountants of Nigeria (ICAN) Amendment Bill, presented to the House of Representatives Committee on Finance in the National Assembly (NASS), Abuja, FCT.

Hon. Abubakar Yunusa Ahmad sponsored a bill for an Act to amend the Institute of Chartered Accountants of Nigeria (ICAN) Act 1965, CAP. I11, LFN, 2004, according to report.

It was gathered the proposed ICAN Amendment Bill also aims to address emerging trends in the Nigerian economic environment, besides related matters (HB 1178)’ aimed at empowering the Institute to regulate its members to practice accounting and taxation, among other professions.

The Bill has been described as an encroachment into the statutory obligations of other professional bodies.

At the Public Hearing of the House of Representatives Committee on Finance, Chukwuemeka Eze, CITN Legal Adviser, cited the CITN Act No. 76 of 1992.

Section 1 of the CITN Act empowers the Institute to regulate and control the practice of taxation in all its ramifications in the country.