CITG to streamline tax practice regulation

In line with maintaining professional standards and creating an environment for adaptation to innovative trends, the Chartered Institute of Taxation Ghana (CITG) is set to introduce new measures to effectively regulate the practice of taxation in Ghana.

This was revealed by the Registrar at CITG, Dr. Frank Yao Gbadago, who spoke on behalf of the President, Mr. George Ohene Kwatia at the Annual General Meeting of the Association of Chartered Certified Accountants (ACCA) on October 6, 2023, in Accra.

Dr. Gbadago, who spoke to the theme for the AGM, “Transformational Leadership in a Volatile Environment,” highlighted the importance of transformational leadership among professionals and firms in the finance, accounting, and tax fields.

As part of a response to the need for transformational leadership in the taxation space, Dr. Gbadogo disclosed that the CITG is rolling out mechanisms to make the regulation of the practice of taxation more effective.

This, he observed, is crucial in addressing the economic challenges confronting the country following the liquidation of some financial institutions. He said that although the expertise of professionals, including those in tax, has not been fully tapped, all hope is not yet lost.

“In spite of sidelining, transformative professionals cannot relent on their oars, especially as there is light at the end of the tunnel. In this regard, I am happy to inform you that, in line with Sections 2, 3, 12, 13, and 19 of the Chartered Institute of Taxation Act, 2016 (Act 916), CITG is embarking on effective regulation of the tax practice space”, he stated.

He recounted the positive relationship between CITG and ACCA, which dates back many years and has yielded successes in both institutions and for the country.

According to him, transformational leadership, which involves innovative thinking, puts leaders in better positions to navigate otherwise difficult situations.

“In the face of constant change, leaders must embrace a transformational approach to navigate the complexities of our volatile environment. Transformational leadership embodies visionary thinking, fosters innovation, and inspires a shared vision among stakeholders. It rises above managing the status quo; it is about leading through change, driving growth, and adapting to the challenges of our time,” Dr. Gbadago admonished.

He welcomed members of the ACCA into the tax practice industry after fulfilling all the requirements of Act 916 with regards to studying, professional qualifying, and licensing procedures.