Code of Ethics
Council has set up machinery (ies) to deal with cases of professional misconduct by any member of the Institute. These are the Investigation Panel and the Disciplinary Tribunal.
The procedure is that any form of misconduct by a member which is likely to damage the reputation of the Institute or the profession shall be referred to the Investigation Panel, which investigates the allegation and if deemed necessary, refer such case to the Disciplinary Tribunal. The duties of the Tribunal and the Investigation Panel are set out on pages 12 to 15 of the Membership Rules and Schedule 2 of the Act.
However, a member of the Institute may be liable to be removed or suspended from membership by Council if he:
- Violates fundamental rules of the Institute applicable to him, or
- Is convicted of felony or misdemeanor, or
- Is finally declared by a court of competent jurisdiction to have committed a fraud, or
- Had been found guilty of any act of default discreditable to the Institute, or
- Is adjudged bankrupt, or
- Fails to satisfy a judgment debt, or
- Is declared lunatic, or
- Willfully commits any breach of the regulations of the Institute, or
- Fails to pay any subscription or other sums payable by him to the Institute for 6 months after same shall have become due, or
- Fails to participate in the Mandatory Professional Training Programme of the Institute.
Rule 10 on page 4 of the Membership Rules and Regulations states “No member of the Institute shall practice as Chartered Tax Practitioner unless he/she had applied for and been granted license to practice by Council and had complied with rule11.
Such license, which shall be in the form approved by Council from time to time, shall be conspicuously displayed at the principal place of the business of the member.”
A member is eligible for a license to practice as a Chartered Tax Practitioner if he/she has:
- Acquired Tax experience continuously for a period of 36 months;
- As a partner or consultant in a firm of Chartered Tax Practitioner or;
- As a partner in a firm of Chartered Accountants which engages in tax practice.
- A practicing member shall purchase a seal from the Institute together with a set of pre-numbered stamps, which shall be placed on all reports by the practitioner.
Other rules as regards this are available on page 5 of the Membership Rules and Regulations.
It should be noted that, as soon as Council ratifies the implementation of the issuance of the Institute’s practice license, it becomes an offence under the Act for anybody to practice Taxation in Nigeria unless he/she is a member of the Institute and holds a current license of the Institute. The license is renewable yearly.