Holiday vouchers allow travel agencies access to an additional market estimated at EUR 400 million, the creation of complete travel packages, as well as an increase in the number of tourists interacting with agencies, stated the first vice-president of the National Association of Travel Agencies in Romania, ANAT, Lucia Morariu, in a specialized conference.
For the employee, these holiday vouchers are a salary benefit, a salary increase, and a concrete way to restore work capacity.
For the employer, holiday vouchers are an efficient method of reducing taxes and duties compared to granting holiday bonuses in cash. The employer has no taxes or duties applicable to the value of the holiday vouchers granted to the employee, and the employee only bears a 16% tax on the amount granted in the form of holiday vouchers. According to Lucia Morariu, the savings for the employer is 76% applied to the net amount granted in the form of holiday vouchers, compared to the situation where a cash holiday bonus would have been granted.
The most sought-after holiday destination sold through vouchers was the Romanian seaside, followed by classic treatment resorts such as Baile Felix, Herculane, Sovata, Govora, or Amara.
The employer is encouraged to grant holiday vouchers to employees by the fact that the corresponding amounts are fully deductible when calculating corporate income tax within the limit of six gross minimum basic salaries per country guaranteed, for each employee, during a fiscal year.
Source: Economica
Frequently Asked Questions
What is the market value of holiday vouchers in Romania?
The holiday voucher market is estimated at approximately EUR 400 million, providing a significant boost to local travel agencies.
What are the tax advantages for employers using holiday vouchers?
Employers save about 76% compared to cash bonuses, as vouchers are tax-free for the company and fully deductible within specific limits.
Which are the most popular destinations for holiday vouchers?
The Romanian seaside is the top choice, followed by traditional spa resorts like Baile Felix, Herculane, and Sovata.