The International Tax and Investment Center (ITIC) is a US based no-profit making research and educational enterprise. Since its foundation in 1993, the organization is committed to investigate, study and offer advisory services toward best practices in tax matters as well as investment policies enabling its client worldwide both in public and private sector affiliates to have a seat in its decision making table.
The whole approach of ITIC’s decision-making platform is to bring together the relevant parties for an unequivocal discussion session where the ITIC’s expert pool is ready to exchange their ideas and advises with their affiliate bodies. As of today, in ITIC’s major network, there are 85 country associates while its great endeavor is supported by IMF, World Bank Organization and other major financial establishments. Among its sponsors, it has multinational corporate enterprises that are from Oil fields, Tobacco, Alcohol, Automobile and FMCG product industries.
As a strong healthy supporter in free global trade, open economic systems and fair commercial relationship the International Tax and Investment Center recommends all its members to welcome balanced trade rules and fair exchange of business regulations globally. It order to eliminate the foggy areas it has studied and identified the tax issues, like indirect tax concerns which can play a crucial role in the trade settings. Importantly, as open business economy is always welcome, it needs to be carefully observed since open systems also likely to encourage illicit trade practices as well, offenders causing significant amount of revenue losses for governments.
In the recent years ITIC’s hue-and-cry in connection with the flowing of illegal cigarettes into its member states through the boarders, has been highly appreciated by many national leaders and diplomats. The vigilant group has recently cautioned the European Union in this regard. As it is exposed that out of its total cigarette consumption in EU, roughly 9% of cigarettes are entering into its market through illegal sources making the government loss over EUR10 billion tax revenues every year. Notably, in a country like Ireland cigarettes sold in black markets stand to 1 in every 4, which is truly alarming.
According to Daniel Witt, President of International Tax and Investment Center that while offenders involved in this ill practices earn solid money by selling entirely unregulated tobacco items, the entry of banned cigarettes may have destructive impact on the forthcoming generation. In order to stop these ill practices and making members series of the issues the community recently has launched its suggestive booklet – The Illicit Trade in Tobacco Products and How to Tackle It.
ITIC is aggressively working in collaboration with the government authorities worldwide to make sure that conformity in trade practices and rules across the global is well maintained. In the recent years the International Tax and Investment Center has launched its innovative catalyst like Regional Cooperation Agreements (RECs) policies to carry on fair trade policies. Meanwhile, the community has worked in conjunction with the officials of the East African Community (EAC), the Eurasian Economic Community and AEC or ASEAN Economic Community as well as South African Development Community and helped them significantly to bring in positive changes in their trade, tax and investment policies.