In the global business era, the charges like taxes, excise duty and other levies impact the transfer prices of a product significantly. Importantly, all these duties are the key inputs as well as sources of governmental income based on which numerous plans are designed toward nation’s welfare. Regardless of developed or developing nation; budgeting, government revenue are some crucial factors that help a nation in its progress. Conversely, standardization of tax points matters greatly when it comes to overseas sales as well as sales within the country. Based in Washington DC, the autonomous organization the International Tax and Investment Center has been playing a vital role for more than two decades and helping countries with exclusive solutions on tax planning, reformation of tax and other levies and in educating them.
ITIC’s specialization area is research, solutions finding, advisory and education concerning all kinds of tax reformation and planning. With its international prominence, the group has worked remarkably on tax reformation issues relating to Tobacco, Automobile, Oil and Gas, Beverages apart from the general category products. The company is equipped with an extremely competent pool of experts that include top notch tax personalities, economists, analysts, researchers and advisors.
ITIC’s Advices and Functions
- As analyzed by the experts of the International Tax and Investment Center Tobacco that especially under developing or upward economy it is the finest choice to go-with the most realistic tax structures, systems and policies. Conversely, public authorities must ensure that its tax systems are virtually matching to the neighboring countries. With this, as the national market will grow, it will defend the unlawful trade practices which is typically found in many occasions earlier.
- With the defense of illicit business practices nations can surely earn stability in the national market adding to governmental revenue. Since inception, the International Tax and Investment Center has worked for a number of countries in connection with tax reformation, rebuilding of tax policies and other factors. This has helped all these national wonderfully to transport inland market stability, protection of illicit business and in increasing governmental income.
- When it concerns GST, Indirect Tax and VAT issues, the role played by the ITIC people is remarkable and extremely praiseworthy. It has worked in collaboration of the public authorities, finance ministries and allied bodies to let the countries avail the maximum benefits of VAT as well as GST. Importantly, followed by the employment of the solutions found, these are established effective and advantageous for both government and business enterprises.
- Beginning its services with Russia and Kazakhstan for reformation of Indirect Taxes and by replacement of customary tax system with value added tax VAT policies the Washington based advisory group established its footprint in the global market. Subsequently, the ITIC group has coordinated with countries like Ukraine, South Korea, Colombia, CIS Republics, Argentina, Ghana, Kenya, Nigeria, Cameroon, the Philippines and many other nations for reformation of their tax systems and brining in consistent policies that helps.
International Tax and Investment Center Tobacco believes that when it comes to the global development, it is each nation’s responsibility to come forward equip them with standardized policies which can bring healthy business environment and economical stability worldwide.