The Institute of Indirect Taxation (IIT) was a distinct professional body in the United Kingdom prior to its merger with the Chartered Institute of Taxation in August 2012.
Members of the IIT specialised in the study and practice of indirect taxes. 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 operated as a company limited by guarantee.
Entry to the Institute was normally gained by taking up to four professional examinations in indirect taxation. There were 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 was 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 were:
- 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 were entitled to use the designatory letters AIIT (Associate of the Institute of Indirect Taxation). Upon submission of a thesis to the institute it was possible to become a Fellow of the Institute of Indirect Taxation which allowed for the use of the designatory letters FIIT. Other categories of member, which were without designatory letters, were student members and affiliate members. It was also possible to be made an honorary member or Fellow.
Read more about Institute Of Indirect Taxation: Merger With CIOT
Famous quotes containing the words institute, indirect and/or taxation:
“Whenever any form of government shall become destructive of these ends, it is the right of the people to alter or to abolish it, & to institute new government, laying it’s foundation on such principles & organising it’s powers in such form, as to them shall seem most likely to effect their safety & happiness.”
—Thomas Jefferson (1743–1826)
“Imagination is always the fabric of social life and the dynamic of history. The influence of real needs and compulsions, of real interests and materials, is indirect because the crowd is never conscious of it.”
—Simone Weil (1909–1943)
“Every diminution of the public burdens arising from taxation gives to individual enterprise increased power and furnishes to all the members of our happy confederacy new motives for patriotic affection and support.”
—Andrew Jackson (1767–1845)