Home » CITN Syllabus » The Chartered Institute of Taxation of Nigeria (CITN) Professional Taxation 1 (PT 1) level is the middle stage of the CITN certification exams. These exams are essential for graduates looking to deepen their understanding and skills in taxation, and they are a key step towards becoming a certified tax professional by CITN.
The CITN Professional Taxation 1 level syllabus covers the basics of taxation principles, providing the necessary knowledge for those aiming to work in the Nigerian tax field. The syllabus includes a variety of important topics organized into four main courses: Financial Reporting, Income Taxation, Indirect Taxation, Governance, Risk, and Ethics.
The curriculum is carefully designed to give students a solid understanding of both the theory and practical aspects of tax compliance and planning. Preparing for the CITN Professional Taxation 1 level exams requires extensive study and hands-on practice with tax laws and principles, and that can be obtained through an extensive study of the CITN syllabus..
Passing the CITN Professional Taxation 1 level exams is a major achievement for those wanting to excel in the tax profession. It not only opens the door to further certification but also boosts career opportunities in taxation, accounting, finance, and business administration in Nigeria.
There are four courses at the CITN Professional Taxation I Level, and they include:
The CITN Financial Reporting course helps you learn advanced accounting principles and practices. It follows the CITN syllabus, which outlines all the important topics and skills you need to master financial reporting.
Studying for this course means diving into different aspects of accounting, like understanding and applying International Financial Reporting Standards (IFRS), Nigerian Financial Reporting Standards (NFRS), and other rules. You’ll cover topics such as making financial statements, consolidating financial data, analyzing finances, and meeting disclosure requirements.
Combining theory with real-world examples gives you a strong grasp of financial reporting practices. This knowledge is crucial for dealing with complex accounting situations in various business and regulatory settings. The CITN syllabus is your structured roadmap, ensuring you understand the basic principles required to pass the CITN certification exams and develop the analytical and reporting skills needed for career growth in accounting and finance.
The financial accounting from the foundation level is taken up into financial reporting in the context of more complex events and transactions, emphasizing compliance with regulations including International Accounting Standards and generally accepted accounting principles.
Candidates will be expected to demonstrate an understanding of and competence in financial statement preparation, analysis, interpretation, and reporting.
Main Competencies
On successful completion of this paper, candidates are expected to be able to:
i. Explain the importance of a regulatory framework for accounting and reporting;
ii. Identify and state the circumstances in which private sector entities are required to prepare and present statutory financial statements;
iii. Identify and state the laws, regulations accounting standards, and other requirements that govern the production of financial statements by public and private sector entities;
iv. Account for specific transactions in accordance with relevant international accounting standards;
v.Draft and present financial statements, or extract from them, of an entity and simple groups in accordance with its chosen policies and in accordance with IFRS and local laws;
vi. Assess the circumstances in which the use of IFRS for companies may not be required;
vii. Analyse and interpret financial statements of an entity and simply groups; and
viii. Understand recent developments and ethical issues in financial reporting.
| Syllabus for CITN Professional Taxation I Level | ||
| Level | Professional Taxation I | |
| Course Name | Financial Reporting | |
| A. Conceptual and regulatory framework for financial reporting | ||
| S/N | Topic | Breakdown |
| 1 | Conceptual Framework | i. Explain the meaning and purpose of conceptual framework. ii. Explain the objectives, qualitative characteristics and limitations of financial statements. iii. Discuss the underlying assumptions in preparing financial statements. iv. Identify users of financial statements and their information needs. v. Identify and discuss the components of financial statements. vi. Explain the concept of capital maintenance. vii. Differentiate between principle-based and rule-based financial reporting frameworks. viii. Discuss accrual, cash and breakup bases of accounting. |
| 2 | Regulatory framework | i. Identify and discuss laws, regulations, accounting standards, and other requirements that govern the preparation of financial statements. ii. Identify and discuss relevant provisions of Companies and Allied Matters Act Cap C20 LFN 2004, and special pronouncements by regulatory authorities (CBN, NDIC, FRCN, NAICOM, NSE, SEC, PENCOM, etc.) iii. Explain the standard-setting process of the International Accounting Standards Board (IASB) and its relationship with national standard setters. iv. Discuss the process of adoption of IFRS and applicable local standards. v. Explain the peculiar nature and relevant frameworks of specialized, not-for-profit, and public sector entities (including IFRS, national standards and IPSAS). |
| B. Accounting standards and policies relating to specific transactions in the financial statements | ||
| 1 | Tangible non-current assets (IAS 16) | Calculate (where necessary), discuss and account for tangible non-current assets in accordance with the provisions of relevant accounting standards (IAS 16, IAS 20, IAS 23, IAS 40, and IFRS 5). |
| 2 | Intangible non-current assets (IAS 38) | Calculate (where necessary), discuss and account for intangible non-current assets in accordance with the provisions of relevant accounting standard (IAS 38). |
| 3 | Impairment of tangible and non-intangible assets (IAS 36) | Calculate (where necessary), discuss and account for impairment of tangible and intangible noncurrent assets in accordance with the provisions of relevant accounting standard (IAS 36), excluding financial assets and liabilities. |
| 4 | Fair value measurement, financial assets, and liabilities | (a) Differentiate between debt and equity financial instruments. (b) Calculate (where necessary), discuss, and account for fair value measurement of financial assets and liabilities in accordance with the provisions of relevant accounting standards (IAS 32, IFRS 7 and IFRS 9, IFRS 13) with respect to measurement, recognition, derecognition and disclosures, excluding hedging but including simple impairment cases. |
| 5 | Inventories and revenue from contracts (IAS 2, IAS 41, IFRS 15) | Calculate (where necessary), discuss and account for inventories and revenue from contracts in accordance with the provisions of relevant accounting standards (IAS 2, IAS 41and IFRS 15). |
| 6 | Provisions, contingent liabilities, and contingent assets and events after the reporting period (IAS 37, IAS 10) | Calculate (where necessary), discuss, and account for provisions, contingent liabilities, and assets as well as events after the reporting period in accordance with the provisions of the relevant accounting standards (IAS 10, IAS 37). |
| 7 | Income Taxes (IAS 12) | Calculate (where necessary), discuss and account for income tax including current and deferred tax in accordance with the provisions of relevant accounting standard (IAS 12). |
| C. Preparing and presenting separate financial statements | ||
| 1 | Preparation of financial statements | i. Calculate (where necessary), discuss and account for accounting policies and changes in accounting policies in accordance with the provisions of IAS 8 – Accounting policies, changes in accounting estimates and errors. ii. Prepare and present entities’ separate financial statements including statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity and relevant notes in accordance with IAS 1 – Presentation of financial statements. iii. Prepare and present statement of cash flows for single entity in accordance with IAS 7 using direct & indirect methods. |
| D. Preparing and presenting financial statements of simple group (parent, one subsidiary and an associate) | ||
| 1 | Understanding a simple group | (a) Explain the concept of group especially a simple group and the objectives of preparing group financial statements. (b) Discuss the provisions of the relevant accounting standards for the preparation and presentation of financial statements of simple group – (IAS 27, IAS 28, IFRS 3, and IFRS 10), including the use of fair value for non-controlling interest. (c) Calculate non-controlling interest using alternative methods and effect necessary adjustments required to prepare the financial statements of simple group. |
| 2 | Preparation and presentation | i. Prepare and present statement of financial position of a simple group (one subsidiary and an associate in accordance with the provisions of relevant standards (IAS 1, IAS 27, IAS 28, IFRS 3 and IFRS 10). ii. Prepare and present income statement including other comprehensive income of a simple group (one subsidiary and an associate), in accordance with the provisions of relevant standards (IAS 1, IAS 27, IAS 28, IFRS 3 and IFRS 10). iii. Prepare and present statement of cash flows of a simple group (one subsidiary and an associate), in accordance with the provisions of IAS 7. |
| E. Financial statement analysis and interpretation | ||
| 1 | Understanding various types of analyses that financial statements may be subjected to and ratios used in the analysis | i. Identify and discuss the types of analyses and interpretations of financial statements. ii. Discuss the various aspects of financial position and performance that may be assessed (profitability, liquidity/solvency, gearing, investors’ returns) through the analyses and interpretation of financial statements. iii. Define ratio, identify and calculate various types of ratios used in the assessment of financial position and performance of a business entity. iv. Analyse and interpret computed ratios and assess the current period financial position and performance of a business entity in comparison to (1) its prior period, (2) another given entity for the same period and (3) industry average for the same period. v. Analyse and interpret computed ratios and assess the current period financial position and performance of a simple group (one subsidiary and associate) in comparison to (1) its prior period, (2) another given simple group entity for the same period, and (3) industry average for the same period. vi. Discuss the use of cash flow statements in assessing liquidity and compare its usefulness with that of a statement of profit or loss and other comprehensive income when assessing liquidity and growing concerns of a business entity. vii. Explain the use of earnings per share (EPS) in assessing the performance of corporate entities in the capital market, especially capital market reaction to earnings announcements. Where necessary, write report as may be required when analysing and interpreting the financial position and performance of a business entity and simple group, drawing conclusions, making recommendations and giving advice from the perspectives of different stakeholders. |
| 2 | Limitations of analyses and interpretation of financial statements | i. Discuss the limitation of historic financial information in the analyses and interpretation of financial statements. ii. Explain how financial statements may be manipulated and discuss the impact of window dressing and creative accounting on calculated ratios and how they can distort analyses and interpretation of financial statements. iii. Explain how analyses and interpretation of financial statements of specialized and not-for-profit organizations differ from that of profit-oriented organizations. iv. Explain why earnings per share (EPS) trend may be a better indicator of performance when compared to a company’s profit trend and discuss the limitations of using EPS as a performance measure. v. Explain why and how the use of consolidated financial statements might limit analyses and interpretation techniques. vi. Discuss the use of other information, including non-financial information relevant to the assessment of an entity’s performance. |
| 3 | Ethics and current developments in financial reporting | i. Discuss developments around the inclusion of non-financial information in financial reporting. ii. Discuss new accounting standards in issue as may be specified from time to time. iii. Discuss and apply ethical issues in financial reporting. |
| Applicable Accounting Standards: | Preface to IFRS Conceptual Framework for Financial Reporting IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Reporting Period IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 23 Borrowing Costs IAS 27 Separate Financial Statements IAS 28 Investments in Associates IAS 32 Financial Instruments: Presentation IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 40 Investment Property IAS 41 Agriculture IFRS 3 Business Combinations IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 7 Financial Instruments: Disclosures IFRS 9 Financial instruments IFRS 10 Consolidated Financial Statements IFRS 13 Fair Value measurement IFRS 15 Revenue from contracts with customers All new standards may be examined after six months from the date of issue All applicable laws may be examined after six months from date of amendment or enactment | |
The Chartered Institute of Taxation of Nigeria (CITN) Income Taxation course offers you an in-depth understanding of income tax laws and their practical application in Nigeria. This course is perfect if you aim to specialize in taxation, providing you with essential knowledge on direct tax laws in force and insight into procedural aspects of assessment of tax liability for various taxpayers.
To excel in the CITN Income Taxation course, you can rely on the CITN syllabus to guide your studies. The syllabus outlines the key areas you need to master, including the principles and concepts of income tax, assessment procedures, tax reliefs, and exemptions, and recent changes in tax legislation.
By carefully studying the CITN syllabus, you can effectively organize your study schedule, focus on crucial topics, and ensure you cover all necessary material to succeed in the course and advance your professional qualifications in taxation.
At the end of this paper, candidates will be able to:
i. Understand the detailed principles underlying the Companies Income Tax Act, Tertiary Education Tax, Nigeria Information Technology Development Tax, Personal Income Tax Act, and Capital Gains Tax Act
ii. Compute the taxable income of a taxpayer
iii. Analyze the assessment procedures and representation before appropriate legal authorities
iv. Analyze the available objection and dispute processes.
| Syllabus for CITN Professional Taxation I Level | ||
| Level | Professional Taxation I | |
| Course Name | Income Taxation | |
| S/N | Topic | Breakdown |
| 1 | ACCOUNTING STANDARDS | i. Impact of accounting standards on taxable profit ii. Deferred tax and difference between income tax and levy under IFRS (IAS 12 and IFRIC 21) |
| 2 | ADMINISTRATION OF COMPANIES INCOME TAX | i. Constitutionality of income tax and administrative powers of the Federal Inland Revenue Service ii. Registration iii. Types of assessment (Government assessment, turnover basis of assessment/best of judgment assessments, self-assessment) iv. Objection and appeals process (Time limit for appeals, contents of notices of assessment, notices of the objection, amendment of assessments, and notice of refusal to amend Tax Appeal Tribunal, Courts, etc.) v. Statute of limitation and powers of the tax authorities to audit open years vi. Components of the tax returns (capital allowances, financial statements, assessment forms, etc.) vii. Filing due date and payment due date (including resolving the conflicts between the self-assessment regulations and the Companies Income Tax Act) viii. Tax clearance certificate (content, timing for issuance of tax clearance certificate, conclusions reached from the Warm Spring and Ors vs FIRS on issuance of TCC) |
| 3 | SCOPE OF COMPANIES INCOME TAX, TERTIARY EDUCATION TAX, NIGERIA INFORMATION TECHNOLOGY DEVELOPMENT LEVY | i. Persons Chargeable for the various taxes • Definition of Nigerian and Foreign companies, • Definition of companies liable to NITDA levy, examples and ambiguities ii. Treatment of residents and non-resident companies iii. Capital vs revenue – receipts, expenditures iv. Concept of business profits and passive/investment income v. Definition of Non-resident companies (NRCs) under the CITA. vi. Legal Basis of Income Taxation for NRCs – Reference to Section 13 (2) of the CITA vii. Define and explain the concepts of fixed base; dependent agent; turnkey projects and arms-length transaction and how they apply to NRCs. viii. Determination of CIT payable by NRCs (candidates are to note that the basis for arriving at the taxable profits is similar for Nigerian companies – however, reference should also be made to the turnover method – Deemed profit model) ix. Basis for non-payment of Tertiary Education Tax for NRCs x. Other special issues which include: • Capital importation and repatriation issues which typically arise from the absence of a certificate of capital importation. • Format of audited accounts used in tax filing • Obligation to withhold tax on payments to vendors |
| 4 | COMPUTATION OF COMPANIES INCOME TAX AND TERTIARY EDUCATION TAX | i. Difference between assessable profit and total profit ii. Incomes chargeable to tax and incomes exempted from tax iii. Allowable and non-allowable expenses iv. Adjustment of income for tax purposes v. Determination of basis period vi. Currency for tax settlement and implications for functional currency, • exchange losses (realized vs unrealized) • Conversion of foreign currency income to Naira for N10 retention for capital allowances, small companies tax rate, and percentage applied to turnover for minimum tax purposes vii. Commencement rule, change of accounting date, and cessation rule viii. Qualify capital expenditure ix. Capital allowances x. Treatment of research and development costs (capital, revenue, and provisions) and rural investment allowance xi. Computation of CIT xii. Loss relief xiii. Minimum tax computation and excess dividend tax under Section 29 of CITA xiv. Treatment of dividend income and distributions (including the definition of dividend, franked investment income and treatment of profits of holding companies, treatment of non-distribution of dividend for a company with 5 shareholders or less) |
| 5 | CAPITAL GAINS TAX | i. Charge to tax and persons chargeable ii. Chargeable assets and examples (including examples of property created by the person disposing of it, or otherwise coming to be owned without being acquired) iii. Treatment of residents with assets inside Nigeria and assets outside Nigeria iv. Treatment of non-residents with assets inside Nigeria and treatment of non-residents with assets outside Nigeria v. Definition of location of assets (movable vs immovable) for CGT purposes vi. Exclusion of losses, part disposal of assets, and roll-over relief vii. Treatment of compensation for loss of office, retirement benefit schemes, policy of insurance, and instances where no asset is acquired by the person paying the capital sum viii. Date of acquisition and valuation of assets (including artificial transactions and transactions between connected persons) ix. Exemptions and exclusions x. Part disposal of assets and bargains comprising 2 or more transactions |
| 6 | ADMINISTRATION OF PERSONAL INCOME TAX | i. Constitutionality of income tax and administrative powers of the State Internal Revenue Service and Joint Tax Board ii. Registration for personal income tax and PAYE iii. Types of assessment (Direct assessment, self-assessment system and PAYE) iv. Objection and appeals process (Time limit for appeals, contents of notices of assessment, notices of objection, amendment of assessments and notice of refusal to amend, Tax Appeal Tribunal, Courts, etc.) v. Statute of limitation and powers of the tax authority vi. Components of the tax returns vii. Filing due date and payment due date |
| 7 | PERSONAL INCOME TAX ON INDIVIDUALS | i. The charge to tax and persons chargeable ii. Principle of residence and determinants of the relevant tax authority iii. Taxation of non-resident individuals iv. Computation of chargeable incomes v. Computation of minimum tax vi. Computation of PIT, rates, etc. vii. Earned income vs unearned income viii. Reliefs, Charges, and statutory deductions ix. Income Tax Aspects of Transparent Vehicles – Trusteeship, Partnerships, etc. • Trust • Settlements • Estates • Partnerships • Existing partnership • Commencement of partnership • Dissolution of partnership • Admission of new partner(s) |
| 8 | OPERATION OF PAY AS YOU EARN (PAYE) | i. Status – employed vs self-employed/contractor and implication for PAYE vs Withholding Tax ii. Responsibility for PAYE (employer and manager) – agency workers and managed services scenarios iii. Earnings and benefits treated as income and exclusion for employment-related expenses iv. Deductions allowed from employment Income v. Taxation of expatriate employees vi. Valuation and Taxability of Perquisites, Benefit-in-kind, non-payroll allowances, benefits, and other contentious issues under PAYE • Gratuity • Payment instead of notice • Reasonable removal expenses • Per diem and estacodes • Employer provided loans and advances • Employer provided accommodation • Reimbursable expenses |
| 9 | WITHHOLDING TAX ON COMPANIES AND INDIVIDUALS | i. Treatment of non-residents for business profits and passive income ii. Determination of employee for PAYE vs contractor for WHT iii. Items subject to WHT and exemptions for sales in the ordinary course of business and capital sums iv. Other exemptions from withholding tax v. Treatment of passive income for withholding tax purposes |
If you’re considering studying the CITN Indirect Taxation course, you will delve into a structured curriculum to master the nuances of indirect taxes within Nigeria’s tax landscape. It also provides a detailed study of the various provisions of indirect taxation laws and their impact on business decision-making.
Following the CITN syllabus ensures you receive a comprehensive education on value-added tax (VAT), customs and excise duties, and other crucial aspects of indirect taxation. This approach equips you with practical knowledge essential for navigating compliance challenges and strategic tax planning. Through curated study materials, expert guidance, and tailored assessments, the course prepares you not only for CITN certification but also for excelling in various roles within the realm of Nigerian taxation.
At the end of this paper, candidates will be able to:
3. Identify and analyze the procedural aspects under different applicable statutes related to indirect taxation.
| Syllabus for CITN Professional Taxation I Level | ||
| Level | Professional Taxation I | |
| Course Name | Indirect Taxation | |
| S/N | Topic | Breakdown |
| 1 | LEGAL BASIS AND NATURE OF INDIRECT TAX | i. Constitutional validity of Value Added Tax (VAT), consumption tax, and various levies (including taxes introduced by the enactment of new laws) ii. Features of indirect tax iii. Powers to administer various indirect taxes and sharing formula between tiers of Government for Value Added Tax |
| 2 | HISTORY OF VAT AND GENERAL PRINCIPLES | i. General definition of VAT ii. Difference between the variant of VAT practiced in Nigeria and the variant practiced in most parts of the world. iii. International principles for cross border – Destination versus origin principles |
| 3 | IMPOSITION OF VAT | i. Scope of coverage • Definition of taxable person Definition of supply including – Application of the tax on leases with a focus on what constitutes taxable goods given the use of the phrase “letting of taxable goods….” – Definition of taxable goods and services (lack of definition vs definition in Sale of goods Act and the Black Law’s dictionary) – Out of scope transactions – Federal High Court in the Judgment between the Federal Inland Revenue Service (FIRS) and CNOOC • Responsibility of Government Ministries and Agencies • Non-Resident Companies ii. Schedule of exempt items – • Exemptions in the law vs exemptions by the FIRS Information Circulars • Clarification on whether VAT would apply on any transaction which is not specifically exempted in the VAT Act iii. Schedule of zero-rated items with examples iv. Definition and application of VAT on imported goods and services including value of imported goods. v. Definition and application of VAT on exported goods and services – compared and contrasted with destination and origin principles |
| 4 | ADMINISTRATION OF VAT | i. Timeline for registration – commencement of business or commencement of the Act and how it applies to new businesses. ii. Process of Registration iii. Obligation to register for VAT by Non-resident companies |
| 5 | RETURNS, PAYMENT AND OFFENCES | i. Obligation to issue a tax invoice and description of a tax invoice ii. Definition of output tax iii. Definition of input tax and allowable input tax iv. Obligation to deduct the tax at source (application to Government Ministries, Agencies, Nonresident companies (NRCs) and the Oil and gas Industry) v. Impact of obligation to deduct on Oil and gas industry and allowable input VAT claim in the industry vi. Obligation (specifically who is obliged to) and timeline for submitting returns vii. Obligation to remit and timeline for remitting tax collected viii. Cash vs Accrual method of reporting and payment of VAT ix. Penalties • Provision of false documents • Evasion of tax • Failure to notify change of address • Failure to issue a tax invoice/issuance of a tax invoice by unauthorized persons • Failure to register • Failure to submit returns • Failure to keep records |
| 6 | CASE LAW | |
| 7 | CUSTOMS AND EXCISE DUTIES | i. Delivery terms (incoterms) – impact on liability for duty and VAT ii. Tariff classification and rates of duty • Rules of classification • Tariff quotas, tariff suspensions, and reliefs – Duty drawback and duty drawback facilities – Temporary importation permits – Bonded warehouse – Export Processing Zones – ECOWAS Trade Liberalization Scheme iii. Customs valuations iv. Procedural aspects for importation and exportation • Import license • Export license • Regulators – Nigerian Export Promotion Council, Nigerian Customs Service, Standards Organization of Nigeria, Nigeria Agency for Food and Drug Administration and Control, etc v. Export Expansion Grant vi. Excise duties • Dutiable liquor and tobacco products and statutory definitions • Valuation of goods for excise duty purposes • Excise factory • Removals and warehousing |
| 8 | STAMP DUTIES | i. Administration ii. Types of stamps iii. Chargeable interests, transactions, and consideration iv. Ad valorem and fixed charge and schedule of rates and charges v. Exemptions and reliefs (transfer of shares, transfer of property within a group, acquisition of vessels etc.) vi. Recent developments and cases on stamp duties e.g. Stanbic IBTC vs FIRS on N50 stamp duty |
| 9 | OTHER INDIRECT TAXES AND TRENDS | i. Other indirect taxes • Niger Delta Development Commission Fund • Hotel Occupancy and Restaurant Consumption Tax • Levies imposed by the Nigerian Maritime Administration and Safety Agency • Local content surcharge imposed on transactions in the oil and gas industry • Governor’s consent and taxes applicable to the transfer of property • Tenement rates and taxes on utilization of property ii. Recent trends • Electronic fiscal devices • Base Erosion and Profit Shifting proposals on the digital economy (taxing remote digital supplies) |
The CITN (Chartered Institute of Taxation of Nigeria) Governance, Risk, and Ethics course is designed to help you understand corporate governance, risk management, and ethical behavior. It enhances your knowledge of contemporary business issues ranging from strategic management to effective risk management framework.
By following the CITN syllabus, you get a clear plan that outlines the important topics, learning goals, and exam requirements. You will focus on key areas like the duties of boards and directors, and how to assess risks and make ethical decisions. The syllabus also includes suggested readings and practical exercises to help you apply what you learn to real-life situations and improve your problem-solving skills in governance, risk, and ethics.
At the end of this paper, candidates will be able to:
iii. Discuss the risk management framework and state some international risk management standards
vii. Identify CITN Statements of Taxation Standards (STS) applicable to specific business scenarios.
viii. Explain the concept of Emotional Intelligence and its effect on Business success.
| Syllabus for CITN Professional Taxation I Level | ||
| Level | Professional Taxation I | |
| Course Name | Governance, Risk & Ethics | |
| S/N | Topic | Breakdown |
| 1 | STRATEGIC MANAGEMENT | i. Concept of Strategic management ii. Strategy definition and features iii. Components of strategy statements • Strategic intent • Mission statement • Vision • Goals and Objectives iv. Strategic management process • Environmental scanning • Strategy formulation • Strategy implementation • Strategy evaluation v. Comparison of strategy formulation and strategy implementation vi. Definition and characteristics of strategic decisions vii. Benefits of strategic management • Financial benefit • Non-financial benefit viii. Definition and features of business policy ix. Difference between business policy and strategy x. Definition, advantages and limitations of SWOT Analysis xi. Assessment of e-Business • Principles of e-Business • E-Business Application (Purchasing & Supply, Relationship Management, Taxation) |
| 2 | RISK MANAGEMENT | i. Meaning and types of risk ii. Components of business risk including risks arising externally or internally and relating to achievement of: • Strategic objectives • Operational efficiency and effectiveness • Reliable reporting • Legal, regulatory and ethical compliance iii. Meaning and principles of risk management iv. Risk management framework • Risk assessment – Inherent risk – Residual risk • Risk management process – Identification; Analysis; Evaluation & Ranking; Response Planning; Monitoring & Review • Risk monitoring • Risk mitigation strategies • Risk response strategies v. Relationship between risk management, governance, internal control and compliance. vi. Tax Audit Risk Assessment vii. Meaning and concept of Tax risk Management framework. |
| 3 | GOVERNANCE | i. Meaning and concept of governance and corporate governance ii. Definition and principles of good governance • Fair conduct of elections, representation and participation • Responsiveness • Efficiency and Effectiveness • Openness and transparency • Rule of law • Ethical conduct • Competence and capacity • Innovation and openness to change • Sustainability and long-term orientation • Sound financial management • Human rights, cultural diversity and social • Accountability iii. Nature, significance and scope of enterprise governance iv. Threats to effective governance from tax perspective v. Role and responsibilities of an effective board vi. Importance of probity as a principle of governance assessing issues and their implications in a given scenario. vii. Principles of good governance in the Public sector • Professional ethics • Professionalism • Leadership • Accountability • Transparency • Participation • Responsiveness • Compassion and humanity viii. Governance issues in the accountability of Management to the board, shareholders and other stakeholders. ix. Scope, background and concept of Corporate Social Responsibility (CSR) and Sustainability in business. x. Definition and explanation of Tax morality, Voluntary tax compliance and Tax transparency. xi. Definition and application of Tax Justice concept xii. Recent global development in enterprise and corporate governance. |
| 4 | ETHICS | i. Definition and meaning of Ethics and business ethics. ii. Distinguishing features of ethics and morality iii. Fundamental principles of ethics • Principle of Respect for autonomy • Principle of Beneficence • Principle of non-maleficence • Principle of justice iv. Principles of Business ethics (i.e. ethical principles in the workplace) • Honesty • Integrity • Promise-keeping and trustworthiness • Loyalty • Fairness • Concern for others • Respect for others • Law abiding • Commitment to excellence • Leadership • Reputation and morale • Accountability v. Relationship between business ethics and business success vi. Business ethics and corporate social responsibility vii. Ethical principles for CITN Tax Professionals in accordance with Statement of Taxation Standards (STS) and the Professional Rules and Practice Guidelines (PRPG) |
| 5 | EMOTIONAL INTELLIGENCE | i. Definition and meaning of Emotional Intelligence (EI) ii. Competencies/Types of Emotional Intelligence • Self-awareness. • Self-regulation. • Motivation. • Empathy. • Social skills. iii. Comparison of Emotional Intelligence and Intelligent Quotient (IQ) iv. Importance of Emotional Intelligence to business success • Staff Motivation • Better working environment • Escalation of business success • Team spirit and bonding • Elimination of communication barrier |
| Exemptions from the CITN Professional Examinations | ||
| S/N | QUALIFICATION | EXEMPTION (NEW) |
| 1 | TTS Graduates, (ATT)/ATS/ATSWA, OND (Accounting &Taxation) | All Foundation Papers |
| 2 | ICAN(ACA) | All Foundation Papers, All PT I papers & PT II papers except Income Tax for Specialized Businesses |
| 3 | ANAN(CNA) | All Foundation Papers, All PT I papers & PT II papers except Income Tax for Specialized Businesses |
| 4 | BL | All Foundation Papers, All PT I papers & PT II papers except Financial/Tax Analysis and Income Tax for Specialized Businesses |
| 5 | ACCA | All subjects at all levels except Business Laws, Income Tax for Specialized Businesses |
| 6 | CIOT | All subjects at all levels except Business Laws, Income Tax for Specialized Businesses |
| 7 | CITN TAX ACADEMY (CTA) | Subject by subject exemption |
| 8 | CIMA | All subjects at all levels except Business Laws, Income Tax for Specialized Businesses |
| 9 | ACIB | All Foundation Papers, Financial Reporting and Governance, Risk & Ethics in PT I |
| 10 | ACS/ACIS/ICSAN | All Foundation Papers, Financial Reporting, and Financial/Tax Analysis in PT II |
| 11 | MNIM | All Foundation Papers, Governance, Risk & Ethics, and Financial Reporting in PT I |
| 12 | LLB | All Foundation Papers, All PT 1 Papers |
| 13 | HND/Degree Taxation | All Foundation Papers, All Papers in PT 1 and International Tax, and Tax Audit & Investigation in PT II |
| 14 | HND/Degree (Accounting) | All Foundation Papers, All PT 1 Papers |
| 15 | HND/Degree Banking/Finance/Insurance | All Foundation Papers, All PT 1 Papers |
| 16 | Degree in Economics | All Foundation Papers, All PT 1 Papers |
| 17 | HND/Degree Bus. Admin/Public Admin/Bus. Management | All Foundation Papers, except Principles of Taxation, and Financial Reporting & Governance, Risk Ethics in PT 1 Paper |
| 18 | HND/Degree Maths/Statistics | Economics in Foundation and Financial Reporting in PT I |
| 19 | Other Degrees not stated here | Subject-by-subject exemption upon presentation of transcript |
| 20 | Masters in Management Sciences with Taxation Option/Taxation course in Transcript | All papers in Foundation, all papers in PT I, International Taxation and Financial/Tax Analysis in PT II |
| 21 | Master’s Degree in Management Sciences | All papers in Foundation, all papers in PT I |
| 22 | All other Masters’ Degree | Subject-by-subject exemptions upon presentation of transcript |
| 23 | PhD in Management Sciences with Taxation Option/Taxation course in Transcript | All papers in the foundation, all papers in PT I, and all papers in PT II except Income Tax for Specialized Businesses |
| 24 | PhD Degree in Management Sciences | All papers in the foundation, all papers in PT I, and all papers in PT II except TaxAudit & Investigation and Income Tax for Specialized Businesses |
| 25 | All other Doctoral Degrees in Management Sciences | All papers in the foundation, all papers in PT I, except Tax Audit & Investigation and Income Tax for Specialized Businesses |
| 26 | All other Doctoral Degrees | Subject-by-subject exemptions upon presentation of transcript |
| 27 | FIRS/JTB Fundamental Level | Principle of Taxation in Foundation |
| 28 | FIRS/JTB Preliminary Level | All Papers in Foundation, all papers in PT I, and International taxation in PT II |
| 29 | FIRS/JTB Final Level | All papers in the foundation, all papers in PT I, and all papers in PT II except Financial/Tax Analysis |
| 30 | All other Professional Certificates | Subject-by-subject exemptions upon presentation of certificate |
