Disagreement took centre stage Wednesday in the House of Representatives as major stakeholders in the accounting profession, rejected some controversial clauses in a Bill seeking to amend the Institute of Chartered Accountants of Nigeria (ICAN) Act, 1965.
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At a public hearing organized by the House of Representatives Committee on Finance, the professionals who though applauded the efforts toward updating the laws, however, frowned at sections 21 and 28 which seeks to define tax practitioners as accountants and confer the power of regulating Tax practice in the country on ICAN.
In his presentation, Legal Adviser to Chartered Institute of Taxation of Nigeria (CITN), Chukwuemeka Eze said though they support the amendment of ICAN Act, they however have reservations with the law defining tax practitioners as accountants and conferring the powers of regulating Tax practice in the country on ICAN.
He said: “Allowing a second body to regulate tax practice in the country would be an aberration,” adding that “with section 28 of the proposed law providing that the ‘Council of the Institute shall be made up of 30 Accountant,’ it goes to show that ICAN will be regulating both Accounting and Tax practitioners in the country.”
He argued that if the provisions is allowed to pass by the National Assembly, ANAN which is the second regulatory body for accounting practice in Nigeria would also want to regulate the practice of taxation in the country.
He added that CITN (Chartered Institute of Taxation in Nigeria), has been in court with ICAN over issues of regulations with the Supreme Court set to deliver judgment on the matter any moment from now, hence the House should step down consideration of section 21 and 28 of the proposed law.
Similarly, Chairman, Board of Trustees Association of Forensic Accounting Researchers (AFAN), Prof. Mohammed Maimuna was of the view that allowing provisions 21 and 28 will be injurious to the profession.
He said, “Since we have bodies pursuing this line of argument, they should be allowed to do that. The two sections should not be considered as they are injurious to the profession. A professional should have the freedom to play within his field of expertise.”
The Chief Executive Officer of the Association of National Accountants of Nigeria (ANAN) Dr. Nurudeen Abdullahi said they object to the proposed amendment contained in Clause 27 of the Bill, which provides that, “the Principal Act is amended by inserting immediately after the new section 21, a new Section 22 that; ‘This Act supersedes the provisions of any other Act,’ which purports to diminish, undermine, subjugate or otherwise superintend over the provisions of this Act.”
According to him, ANAN and ICAN are the two professional accountancy bodies recognized by law, hence the proposed amendment, if passed into law will be inimical, not only to ANAN, but to any other professional body, including future ones that may be statutorily recognized.
Deputy Chairman of Finance Committee, Hon. Saidu Abdullahi in his remark pointed out that the amendment of the ICAN ACT 1965 is long overdue as it will address contemporary economic realities in Nigeria.
In his words: “The current amendment proposed by the House of Representatives permeates Sections 1, 2,3,4,6,8,11,12,14,15,16 and 18 of the Principal Act and the insertion of new Clauses 20 and 21 and more interpretation Clauses. The above are to address contemporary economic realities in Nigeria.”
“The amendment of the Institute of Chartered Accountants of India in 2012 revolutionized the practice of the profession in India. As lawmakers, we are committed to the discharge of this legislative assignment with dexterity, and professional expertise”, the deputy chairman noted.
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