The travel sector industry is undeniably one of the most demanding and complicated sectors due to the complexity of the events, different application of the VAT treatment as well as the frequency of reporting to group parent company or even the shareholders of the organisation.
Through its extensive experience, CYAUSE Audit Services Ltd offers the following services to this sector;
- VAT Services (monthly and quarterly)
- Monthly Accounting Segmental Reporting
- Advisory Services on Tax and Internal Controls of the Company
- Accountancy Services
- Statutory Audit Services.
At CYAUSE Audit Services Ltd we place great emphasis on the latest VAT and TAX developments in this sector which are constantly evolving following the European Union Directives providing therefore the more recent and relevant advisory services to our clients.
Over the last years we have managed to secure tens of thousands of Euro in lost VAT money due to wrong application of the VAT rules within the Eurozone.
Challenges facing the travel sector
- Volume of accounting records is cumbersome, hence setting up the accounting function correctly is of primary essence
- Accounting records must be processed on monthly basis for group reporting purposes, hence speed and accuracy of an essence
- VAT application as TOMS (Travel Operators Margin Scheme) EU directive is not followed by all EU members
- Payroll reconciliations especially if the tour operator operates in various countries
Obtained several VAT rulings for Liberty International regarding the TOMS application in Cyprus and other jurisdictions which are not applying the EU Directive 709/5 TOMS (Travel Operators Margin Scheme) saving tens of thousands in VAT for our clients in the industry.