Tax reforms are collective efforts to reform the ways taxes are collected and managed to provide economic and social benefits to the citizen of particular nation. Tax system in a particular country is the biggest source of revenue therefore it should be managed in the way it benefits the whole economy of the country. Fortunately, there are some non-profit institutions that provide research based data and tax reform solutions to the different countries.
International Tax and Investment Center is one of the most renowned non-profit and independent education institutes that work to make improvements in the economies by giving tax reform solutions and fair business trade practices. This firm has been established in 1993, headquartered in Washington D.C. This firm strongly believes in fair trade practices globally, when a business entity understand importance of fair trade practices, they will certainly bring in the positive developments in the economies.
This firm has initiated several incredible measures to ensure fair trade practices and tax reforms are being done across the globe in different countries. One of the most popular measures initiated by this group is Regional Cooperation Agreements (RECs), which consists of information and guidelines of practices and measures that each and every nation should undergo healthy trade practices. This group has worked with ministers of finance, commerce, tax authorities, customs and various international authorities such as IMF.
This firm has its affiliates and offices in 12 countries – Azerbaijan, Myanmar, Nigeria, Iraq, Kazakhstan, Russia, Ukraine, the United Arab Emirates, Brazil, Indonesia, United Kingdom, and the United States. This firm has guided many countries to refine their tax systems in order to bring in positive development in the country growth.
In Layman Language, what is this Firm doing?
There would be many people who may have difficulty in understanding what kind of work International Tax and Investment Center is doing. Therefore, it would be better to define their work in crisp and lucid language. No one denies with the fact that in every country, irrespective of developed or developing, there are problems of poverty, illiteracy and unemployment. Even the most affluent and developed countries are facing these problems. This firm is helping the countries to bring in comprehensive changes in their tax systems, business trade practices and overall economy restructuring. This way the countries will be able to encourage local investors as well as attract foreign investors.
This firm is basically known for its strategic moves of facilitating the businesses and governments a way to develop an understanding for economic growth. Through its “Neutral Table”, this firm provides a platform to the business analysts, policy makers, business entities and government to reach to brainstorm and reach a consensus point for development and growth of the nation. Majorly, it is focused on tax and investment reforms that directly leads towards the job creation, elimination of poverty and improved living standards. Plus, it strives hard for: Effective and transparent tax administration, Pro-growth fiscal policies, fair international trade practices and effective tax system.