Know How ITIC Helps Its Client Countries Defend Illegal Business Practices

In the open economy, when it comes to sales tax or excise duty like levies, the factors impact significantly on product transfer prices regardless of the system works nationally or applies to overseas market. Equally, this can also influence on budgets made or revenues projected by a government simply because any kind of tax changes in neighboring states or countries can affect market of the adjoining one. Keeping in view the above fundamentals in 1993, the International Tax and Investment Center (ITIC) was founded by a group of enthusiastic industry professionals to help countries find solutions to tax matters and stay competitive.

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ITIC is a Washington DC based autonomous, No-profit making enterprise that specializes on research, findings and training/education on Tax and Investment matters for its client companies. The foremost research or project handled by ITIC experts was for Russia and Kazakhstan with the replacement of their prevalent taxes with VAT system. Importantly, the great success of VAT solutions in these countries is the boon that demanded ITIC to work for more than 85 countries worldwide in order to bring reformations in their tax structures.  Among the nations sought for ITIC’s advisory in changing tax policies include Ukraine, Ethiopia, Argentina, the Philippines, Colombia, South Korea, Ghana, Cameroon, Nigeria, Keya, CIS Republics and others.

As per the experts of the ITICnet.org, for any country, under developing economical stage, it is always the best choice to think of most realistic tax structures and trade policies. For them, the utmost need is to ensure that the tax structure it has is virtually comparable to all neighboring countries. By doing this, when they can encourage their inland market, this can help defending unlawful trade practices and at the same time, overseas trade also remains intact. Since open trade is prone to illegal business practices, reformation of tax policies is a unique tool that can help a nation to bring healthy business environment. This can also help a country in correct budgeting and in projection of revenues.

Some other key areas where the International Tax and Investment Center has played a great role worldwide include policy making for applications on VAT and GST. In order to help nations avail best returns of GST and VAT segments, the professionals and consultants of ITIC have worked together with the fiscal, tax and administrative officials of their clients countries. The employment of the tax policies relating to VST and GST has been found effective and valuable both for the traders and government bodies.

The introduction of ITIC’s Natural Table has been established as a unique tool where all parties associated can enjoy the essence of win-win deal. In addition to this ITIC has worked on Indirect Tax issues with great expertise. In its sponsors list the group is having establishments like Oil and Gas Companies, Automobile manufactures and Tobacco/ Alcohol producers. The Washington based Advisory Specialist Company ITICnet.org is confident to produce fair and healthy business environment that will benefit everyone in the days to come.