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The English and South African professional accounting bodies voluntarily surrendered their accreditation with the regulator this month.
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ICAEW, SAICA members lose TPB registration pathway
24 January 2024
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9 minute read
Voting members of the Institute of Chartered Accountants in England and Wales and the South African Institute of Chartered Accountants have lost their registration pathway with the TPB after the bodies surrendered their accreditations this month, the regulator said.
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“Both the ICAEW and SAICA have voluntarily ceased their formal accreditations with the TPB. This means that, from 1 January 2024, the ICAEW and SAICA are no longer accredited as recognised professional associations with the TPB,” it said.
“The TPB would like to acknowledge the important work and contributions of the ICAEW and SAICA over the years, particularly in consultation matters.”
According to Tax Agent Services Regulations 2022, tax agents could become registered through one of six options, which included being a voting member of a recognised tax agent association.
An association could be registered by applying for recognition and satisfying certain requirements.
These included being a non-profit organisation with “adequate corporate governance and operational procedures” and having at least 1,000 voting members with academic qualifications in relevant fields or work experience in providing tax agent services.
Before the decision took effect on 1 January, ICAEW and SAICA were the only two international accounting bodies included in the TPB’s list of recognised professional associations.
The surrenders meant practitioners looking to become registered with the TPB would be unable to rely on their membership with the bodies as a pathway.
However, it would still be possible for members to obtain membership with other recognised associations. For example, CPA Australia has membership pathways in place for ICAEW and SAICA.
ICAEW members could apply for CPA Australia membership as long as they were current members of ICAEW, completed all exams and maintained membership for at least five years.
The TPB said it would maintain a “collaborative” approach with the international bodies despite their surrender of accreditations.
“As the landscape of the tax profession continues to change, these professional bodies will remain as valued stakeholders for the TPB and we look forward to their continued input as part of the TPB’s Consultative Forum,” it said.
“We note that this collaborative approach will go towards supporting the government’s consideration of recommended reforms for an enhanced co-regulatory environment and uplift in professional standards, including recommendations arising from the James Review.”
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