Section 1: Establishment of Chartered Institnte of Taxation of Nigeria

(1) There is hereby established a body to be known as the Chartered Institute of Taxation of Nigeria (in this Act referred to as ''the Institute") which shall be a body corporate under that name and be charged with the general duty of-
(a) determining what standards of knowledge and skill are to be attained by persons seeking to become registered members of the taxation profession (in this Act referred to as "the profession") and reviewing those standards, from time to time as circumstances may require;
(b) securing, in accordance with the provisions of this Act, the establishment and maintenance of a register of fellows, associates, graduates and student members of the Institute and the publication from time to time, of lists of those persons; and
(c) regulating and controlling the practice of the profession in all its ramifications;
(d) maintaining, in accordance with this Act, of discipline within the profession;
(e) performing, through the Council established under section 4 of this Act, the functions conferred on it by this Act.
(2) The Institute shall have perpetual succession and a common seal which shall be kept in such custody as the Council may, from time to time, authorise.