Abuja, Nigeria — June 13, 2024 — A new bill aimed at amending the Institute of Chartered Accountants of Nigeria (ICAN) Act No. 15 of 1965 is currently under consideration at the National Assembly. The bill, sponsored by Senator Olamilekan Adeola Yayi from Ogun West, seeks to expand the scope of ICAN’s professional practice.
One of the significant amendments proposed in the bill would allow ICAN members to practice as tax practitioners. Additionally, the bill aims to broaden the definition of ‘accountancy practice’ to include tax practice.
Senator Adeola, in presenting the bill, emphasized the need to modernize and expand the roles of chartered accountants in Nigeria to meet contemporary professional demands. He argued that allowing ICAN members to engage in tax practice would enhance the quality and breadth of services provided by accountants, benefiting the broader economy.
However, the proposed amendments have faced opposition from the Chartered Institute of Taxation of Nigeria (CITN). The CITN contends that the amendments are impractical and would encroach on the professional territory of tax practitioners, potentially leading to conflicts of interest and a dilution of professional standards.
In a statement, a CITN spokesperson said, “It is not feasible for ICAN members to practice as tax practitioners without adequate training and certification specific to tax practice. This move could undermine the specialized nature of tax practice and create overlaps that may not serve the best interest of clients or the profession.”
The debate underscores the importance of stakeholder engagement in the legislative process. Public hearings offer a platform for various professional bodies, experts, and members of the public to provide input, ensuring that legislation reflects a broad consensus and addresses potential concerns comprehensively.
As the bill moves through the legislative process, both ICAN and CITN members, alongside other stakeholders, are encouraged to participate actively in public hearings and discussions. Their input will be crucial in shaping the final content of the bill to ensure it meets the needs of the accounting and tax professions while maintaining high professional standards.
The outcome of this legislative effort will be closely watched by professionals in both fields, as it could significantly impact the landscape of accountancy and tax practice in Nigeria.
