Chartered Tax Accounting
CHARTERED TAX ACCOUNTANT: The prescribed qualification to qualify one to become Tax Accountant, are as follows: the successful completion of CITA-UK Level I, CITA-UK Level II, CITA-UK Level III and CITA-UK Professional Level. The central subject disciplines are Taxation, Tax Audit and Investigation, Accounting and Auditing. Upon completion, one’s practical experience is evaluated and after the council’s approval, the applicant could be admitted to membership.INTRODUCTION TO TAX ACCOUNTING: The subject Tax Accounting refers to an academic discipline in accounting with focus on taxation. It is the application of specific accounting practices to minimize one’s tax liabilities or to avoid paying unfair tax. Tax accountants must be well grounded in both tax and accounting as the individual should be able to prepare tax accounting statements with the full application of tax laws to avoid paying excess tax. The tax accountants play several roles in an organization, they assist in preparation of the entity’s financial reports, tax returns, answering tax questions and offering general tax accounting advice.
THE SCOPE OF TAX ACCOUNTING: The core disciplines in the subject area of tax accounting are principles of accounting, principles of tax and tax law.