Opinion Former Article

CIOT coins new ADIT module in international taxation of banking

The CIOT is pleased to announce the launch of a new module on international tax and the banking industry, as part of its ADIT qualification.

The new module1 will cover topics such as investment banking, capital and global markets, asset financing and management, private banking and wealth management, and will be of interest to tax professionals working for, or advising, financial service institutions around the world.

CIOT President Ray McCann said:

“The new Banking module will benefit tax professionals, their firms and clients by distilling essential and cutting-edge knowledge of the tax issues concerning banks and financial institutions into a syllabus and exam that can be studied and sat around the world. Successful students will have demonstrated their expertise in international bank related taxation to the very high standard demanded by the exam.”

The Banking module is one of 17 option modules available to ADIT students, who are required to pass any two option modules in addition to the compulsory Principles of International Taxation module in order to achieve the full ADIT qualification. The first exam for the Banking module will take place in June 2019.

The Banking module is the newest addition to an expanding range of optional ADIT modules, which now cover industries from banking to oil and gas, along with 12 national and supra-national jurisdictions representing approximately 70 per cent of the world economy.2

Ray McCann said:

“The continued growth and development of ADIT to serve an ever-increasing community of international tax practitioners and their employers speaks volumes to ADIT’s value as a mark of quality in international tax. ADIT continues to be a versatile way of demonstrating technical knowledge and practical skills in the study and application of international tax across a range of subjects.”


Notes for editors

1. For further information about the Banking module, visit www.adit.org.uk/banking

2. Source of statistic is the IMF World Economic Outlook, 2018. There are 11 country jurisdictions that ADIT has modules for, plus the EU.

3. The Chartered Institute of Taxation (CIOT)

The CIOT is the leading professional body in the United Kingdom concerned solely with taxation. The CIOT is an educational charity, promoting education and study of the administration and practice of taxation. One of our key aims is to work for a better, more efficient, tax system for all affected by it – taxpayers, their advisers and the authorities. The CIOT’s work covers all aspects of taxation, including direct and indirect taxes and duties. Through our Low Incomes Tax Reform Group (LITRG), the CIOT has a particular focus on improving the tax system, including tax credits and benefits, for the unrepresented taxpayer.

The CIOT draws on our members’ experience in private practice, commerce and industry, government and academia to improve tax administration and propose and explain how tax policy objectives can most effectively be achieved. We also link to, and draw on, similar leading professional tax bodies in other countries. The CIOT’s comments and recommendations on tax issues are made in line with our charitable objectives: we are politically neutral in our work.

The CIOT’s 18,400 members have the practising title of ‘Chartered Tax Adviser’ and the designatory letters ‘CTA’, to represent the leading tax qualification.
Contact:  George Crozier, Head of External Relations, 0207 340 0569 or GCrozier@tax.org.uk
(Out of hours: 07740 477374)
 

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