Solomon Islands
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

New Registration Requirements in Place for Tax Agents

Under the new Tax Administration Act 2022, all tax agents must be registered book-keepers and registered certified practicing accountants with the Institute of Solomon Islands Accountants (ISIA).

This was a key message at the Institute’s information session for its members on the Tax Administration Act 2022, jointly hosted with the Ministry of Finance and Treasury’s Inland Revenue Division (IRD) at Heritage Park Hotel this month.

Speaking at the opening, CEO of ISIA, Pamela Naesol Alamu, highlighted the importance of ISIA’s role in setting the baseline credentials for tax agents under the new Tax Administration Act 2022.

“Tax agents must be book-keepers and certified practicing accountants registered with ISIA. Businesses should be aware of the new requirements under the Tax Administration Act 2022 and the Accountants Act 2010. They should ensure that accountants engaged to provide accounting, auditing, and other financial services have valid registration with the Institute,” said Ms. Alamu.

ISIA is seeking to certify competent accountants who can deliver accounting services that meet industry expectations. ISIA is currently piloting a Professional Diploma in Accounting on-line course with the Institute of Public Accountants (an Australian accredited organisation).

The Diploma program commenced in July 2022 with a cohort of 56 candidates from the public and private sectors. The program will be reviewed in 2023 to assess its effectiveness.

Ms Alamu thanked attendees saying, “this information session is important to highlight the necessary requirements pertaining to ISIA membership and tax agent registration. We also call on practicing accountants who are not registered with ISIA to visit the ISIA Secretariat office so that we can guide you towards registration.”

Around 70 members attended the information session with many asking questions after the presentation by IRD.

Australia is supporting ISIA build its capacity to deliver a range of activities including support for the Professional Diploma in Accounting program pilot.

Source: Press Release, Institute of Solomon Islands Accountants