Банкеръ Weekly

Briefs

TOURIST OPERATORS REQUEST VAT EXEMPT NEXT YEAR AS WELL

On May 9, 2001, at a press conference organised by the branch organisations in tourism it was announced that tourist operators will request tax reliefs and a guarantee fund of BGL20MN from the next government.
In 2000 revenues in tourism went up by 15% compared to 1999 and produced 8% of the GDP in the country. Yet there are a number of problematic matters in this sector, related to the quality of tourist services, the infrastructure, the ownership of privatised sites, the high interest rate calculated on credits.
Tourist agencies' managers suggested the establishment of a National Agency with the Council of Ministers as well. Both institutions will contribute jointly to the improvement of control on tourist services and will support the sector's marketing strategy.
The Parliament voted VAT exempt for the tourist operators in 2001 for a second time in a row. Participants at the press conference requested one more year of preferences for tourism. They will request also from the new government a 50% VAT credit refund in case of tourist services export, which they consider will make the sector competitive at the international markets.

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