Travel agencies are ”irritated” by the fact that the establishment of the Tourism Guarantee Fund is delayed and that the authorities have not yet made any decision regarding the guarantee of tourist packages.
Alin Burcea, first vice-president of the National Association of Travel Agencies in Romania, ANAT, stated that the government should care about this important tourism project and that no conclusion has been reached so far, following discussions with the relevant ministry.
”We, the ANAT association, have been concerned about this measure, of securing money in tourism, for 7 years already. The guild wakes up and the Government does not. Two years ago, we came up with a draft normative act through which we proposed four guarantee methods: fund, insurance, cash collateral and bank guarantee letter. Now the conclusion has been reached that the idea of having only a fund is not beneficial. We requested that in the first year we guarantee up to a loss of 500,000 EUR, in the second year to reach 1 million EUR and then to grow gradually and reach a capital of 10-20 million EUR in this fund and guarantee unlimitedly,” stated Alin Burcea.
Also, travel agencies are requesting a differentiated VAT of 9% for all services offered.
Source: Profit
Frequently Asked Questions
What is the purpose of the Tourism Guarantee Fund?
The fund is designed to protect consumers by ensuring that their payments for travel packages are refunded if a travel agency becomes insolvent or goes bankrupt.
What are the four guarantee methods proposed by ANAT?
ANAT suggests a multi-option approach including a dedicated guarantee fund, insurance policies, cash collateral, and bank guarantee letters.
Why is the tourism industry requesting a 9% VAT rate?
Travel agencies are seeking a uniform 9% VAT rate across all tourism services to increase competitiveness and simplify the taxation system within the industry.