Institute of Indirect Taxation
Encyclopedia
The Institute of Indirect Taxation is a professional body in the United Kingdom
. Its members specialise in the study and practice of indirect tax
es. The body was formed in July 1991 and formally launched in October 1991. It gained permission to call itself an institute in December of the same year. It operates as a company limited by guarantee
.
Entry to the Institute is normally gained by taking up to four professional examinations in indirect taxation. There are two routes through the exams, the Value Added Tax
route and the customs route which reflect two of the most major areas that indirect taxation is applied to in the United Kingdom. It is possible to gain exemptions from some of the exams through possessing other suitable qualifications which include those from various British accountancy
professional bodies, the Chartered Institute of Taxation and HM Revenue and Customs.
The four papers are:
Those who have passed the examinations and been accepted into membership are entitled to use the designatory letters AIIT (Associate of the Institute of Indirect Taxation). Upon submission of a thesis to the institute it is possible to become a Fellow of the Institute of Indirect Taxation which allows for the use of the designatory letters FIIT. Other categories of member, which are without designatory letters, are student members and affiliate members. It is also possible to be made an honorary member or fellow.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Its members specialise in the study and practice of indirect tax
Indirect tax
The term indirect tax has more than one meaning.In the colloquial sense, an indirect tax is a tax collected by an intermediary from the person who bears the ultimate economic burden of the tax...
es. The body was formed in July 1991 and formally launched in October 1991. It gained permission to call itself an institute in December of the same year. It operates as a company limited by guarantee
Company limited by guarantee
In British and Irish company law, a private company limited by guarantee is an alternative type of corporation used primarily for non-profit organisations that require legal personality. A guarantee company does not usually have a share capital or shareholders, but instead has members who act as...
.
Entry to the Institute is normally gained by taking up to four professional examinations in indirect taxation. There are two routes through the exams, the Value Added Tax
Value added tax
A value added tax or value-added tax is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, by this stage of its...
route and the customs route which reflect two of the most major areas that indirect taxation is applied to in the United Kingdom. It is possible to gain exemptions from some of the exams through possessing other suitable qualifications which include those from various British accountancy
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
professional bodies, the Chartered Institute of Taxation and HM Revenue and Customs.
The four papers are:
- I: Legal, Business and Professional Ethics
- II: optional paper which is dependent on whether the VAT or customs route through the qualification is being taken
- III: Other Indirect Taxes
- IV: Stamp Taxes, Direct Taxes and Interaction of all Taxes
Those who have passed the examinations and been accepted into membership are entitled to use the designatory letters AIIT (Associate of the Institute of Indirect Taxation). Upon submission of a thesis to the institute it is possible to become a Fellow of the Institute of Indirect Taxation which allows for the use of the designatory letters FIIT. Other categories of member, which are without designatory letters, are student members and affiliate members. It is also possible to be made an honorary member or fellow.