ISIA WELCOMES TAX ADMINISTRATION ACT 2022

The Institute of Solomon Islands Accountants (ISIA) welcomes Parliament’s decision to pass the Tax Administration Act 2022 on 9 August as it enables reforms to ensure consistency and compliance in tax administration.

ISIA CEO, Pamela Naesol-Alamu said, “The tax administration reform will improve the quality and accuracy of tax returns, improve public revenue and establish equitable treatment of all taxpayers in Solomon Islands.”

ISIA also welcomes its responsibility to raise standards for national tax agents. ISIA is mandated by the Act, to establish clear baseline credentials for all tax agents. Ms Naesol-Alamu said, “The Act requires tax agents be practicing members of ISIA. This means ISIA will ensure registered tax agents are complying with the Accountants International Code of Ethics and Conduct as adopted by the Institute and are competent at preparing accurate tax returns.”

ISIA also congratulates the Minister of Finance and Treasury (MoFT) and the Inland Revenue Division (IRD) for establishing more rigorous requirements for tax agents to meet in order to be registered by the Commissioner.

Ms Naesol-Alamu said, “As a Professional Accountancy Organisation, ISIA is proud to partner with the Government of Australia and Institute of Public Accountants to better align with international standards and comply with its responsibilities prescribed under the Accountants Act 2010. This includes the development and piloting of a Professional Diploma in Accounting for 56 Solomon Islanders who are working in accounting and finance roles in both the public and private sector.”

ISIA also intends to use the Professional Diploma as the entry qualification for all certified book-keepers, and to subsequently develop an Technician Accountants membership cadre which will significantly expand the current class of “bookkeeper” to encompass members working for business houses, public service, and those who provide limited accountancy services to the public such as bookkeepers and tax agents.

In consultation with IRD, ISIA is upgrading its Professional Diploma in Accounting Program to include a taxation and law module, specifically tailored to Solomon Islands tax and company law legislation.  This will be one of the compulsory requirements for members to successfully complete, before being certified and registered as practicing accountants.

ENDS