The Auditor-General for the Federation, Chief Adolphus Aghughu, has tasked tax practitioners on acquisition of new knowledge and capacity development to remain relevant in the field of taxation.
Aghughu, gave the advice at the 46th Induction Ceremony of the Chartered Institute of Taxation of Nigeria (CITN) on Saturday in Lagos.
He said that success of taxation practice was built on education, capacity development and knowledge acquisition.
Aghughu, who was a special guest at the ceremony, advised that the inductees should continuously educate themselves, acquire new knowledge and be up-to-date with new developments in the profession.
According to him, education is key, saying that tax practitioners should learn on daily basis; study and know the law, the regulations and orders guiding the profession and the country.
“Strive to make the Institute better than you met it; be the drivers of the profession and always act diligently in accordance with the tax rules.
“There are challenges out there that you need to surmount and your ability to withstand and cope with the challenges will make you a better person in the profession.
“Always pursue new knowledge and experiences; once you have these basic tools, money will naturally come,” Aghughu said.
The President of CITN, Mr Adesina Adedayo, said that the exercise was a mechanism to grow the tax administration system of the country.
He said the induction was in fulfilment of one of the core objectives of the Institute, which is to admit qualified persons as tax professionals in compliance with the provisions of the CITN Act, CAP C10, Laws of the Federation of Nigeria, 2004.
He called on members to shun all acts of unethical practices and be prudent in all their dealings regarding the profession.
Adedayo said that an investigating panel had been empowered by the charter to investigate cases of professional misconduct as they affect members.
He added that the disciplinary tribunal was statutorily saddled with the responsibility of disciplining any member found guilty, saying that sanctions include delisting names of erring members from members’ register amongst others.
Adedayo noted that taxation as one of the fiscal policy instruments was needed for stability in the post-pandemic era.
He said, “You are hereby advised to eschew all acts of unethical practices, be prudent and accountable in all your dealings, especially in professional services rendered to your clients at various levels of engagement.
“It is imperative that as tax professionals, we should support the government toward achieving a tax-driven economy.
“The onus is on us to attain this feat by being proactive in developing strategies for tax policy formulation and administration among others.”
In his remarks, the Chairman, Membership and Professional Conduct Committee, Mr Ade-Tunde Oretuga, extolled the importance of the roles of the new inductees.
Oretuga said the induction signified commitment on the part of the inductees to become ambassadors of the profession at all times.
He, therefore, urged the inductees to uphold the principles of peaceful, innovative and harmonious working relationship with one another.
“It goes without saying that your clients will know and judge the institute through your character and service innovation.
“The manner in which you engage and render your professional services to your clients will go a long way in shaping the perception of the institute,” he said.