The chief objective of ITIC’s decision-table dais is to bring together both public authorities and business sector and let them assemble in a conversation table while the experts of ITIC would play the role of an advisory board. The entire group will exchange their ideas in this explicit discussion session and accordingly different ways, measures and solutions will come out. Currently, the International Tax and Investment Center has more than 85 countries affiliated with them. The global financial enterprises like IMF, World Bank Organization and equivalent institutions have joined hands with ITIC to share the major endeavors of this American Advisory group. It is, on the other hand, it has tied with a number of multinational corporate groups from industries like OIL fields, Tobacco, Automobile, FMCG products and Alcohol as its sponsors.
The International Tax and Investment Center extensively known as ITIC is a Washington; the United States based non-profit research, advisory and education group. Incepted in 1933, the group is committed to deliver superior class solutions to its client countries on the subject of the tax systems, trade policies and mechanisms with an intention to invite fair trade policies, investment and economic steadiness. The experts of ITIC examine, find solutions and advice different methodologies relating to reformation of tax structure, modifications of trade policies and measures that help eliminate illegal business practices.
Being a wholehearted supporter of global free trade, open economy and fair business relationship the International Tax and Investment Center suggests all its associate nations to greet balanced trade policies and rules together with clear exchange of commercial regulations worldwide. To help discard the smoggy areas the group has gone through the tax implications, like indirect tax matters or multi point tax that play significant role in globalized trade settings grossly. According to the advisors of ITIC that as trade and global economy are most welcome, it is significant for nations to remain vigilant because open trade is extremely prone to illicit business practices. Eventually, this causes significant revenue loss for a government. In this connection, many corporate professionals can recall the outcry of ITIC with the inflowing of illegitimate cigarettes in its affiliate countries through the border areas.
The sharp-eyed attitude and correct information of ITIC was highly appreciated by a number of diplomats and national leaders. Incidentally, different times, it has cautioned many European countries in regard to the incoming illegal sources of cigarettes. In many places these cigarettes are sold in black which is a great alarming issue. Referring this illegal trade practices the ITIC President Daniel Witt put his opinion in a press meeting that entry of banned cigarettes not only deprives a government from earning its revenue but the issue should be considered with great care since unregulated tobacco items can be destructive for the forthcoming age group. In order to ensure consistency in trade practices, the International Tax and Investment Center has introduced a number of revolutionary mechanisms that include Regional Cooperation Agreements (RECs) which is basically a trade policy designed to welcome fair trade practices globally.