Peculiarities of accounting and taxation of travel enterprises revenues

Abstract

Introduction. Tourism industry in Ukraine and in the world demonstrates the dynamic growth, so the problem of increasing revenues and gains of tourism activities remain relevant for practice and require further development in economic science.

Purpose. The paper is devoted to problems of taxation and faithful accounting for the performance of travel enterprises.

Method (methodology): theoretical generalization, statistical analysis.

Results.On the basis of analysis of the development in tourism market paper shows a significant impact of the tourism industry on Ukraine's balance of payments, the negative balance of travel services exports and imports, as well as undervalued tourist product offered by domestic enterprises to be consumed by foreign tourists. So the paper argues the necessity of revising the state strategy and policy in the regulation of the tourist services in Ukraine. Based on analyzing the performance of travel business the paper shows a reduction of revenues and gains in tourism business while the total number of travel enterprises as well as total number of consumers of tourism services increase. The article  proves the necessity of specific accounting procedures to reflect revenues and gains in financial statements of enterprises that provide services of inbound and outbound trips. The paper proposes to travel operators and travel agencies to distinguish different types of revenue and gains, namely revenue of tourist services rendered, gains of accounts receivable revaluation, gains of accounts payable revaluation, gains of foreign cash revaluation, gains of currency exchange (acquisition), and gains of currency exchange (sale). The article  also proposes the special order of accounting for each of distinguished types of revenue and gains. The paper reveals differences in definition of revenue according to national and international accounting standards and also grounds regulatory changes in procedures of gains accrual upon operations of purchase and sale of foreign currency in the interbank currency market of Ukraine.