In early 2009 the Danish VKO government initiated a bill regarding a tax reform named “Forårspakke 2.0”. The bill created upheaval within the VAT in many different industries including the travel agency industry. Before the introduction of the bill, the travel agencies were covered by the law of payroll tax, but due to the new bill the companies are exempted from the former law of payroll tax and are instead covered by the law of VAT. There is therefore constructed a new set of rules for the travel agency industry which therefore creates new managerial issues concerning VAT. The desired spectrum that is to be investigated is therefore divided into two questions. The first question consists of what is understood by the travel agency term according to the special scheme for travel agencies. The second question consists of which economical and administrative consequences it has for the travel agencies, if they are covered by the special scheme for travel agencies. The overall problem formulation has been narrowed down and it therefore concentrates heavily on the two questions. To make an in-depth investigation of the before announced problem formulation, some sub questions were been developed. The results of the above mentioned questions are now summed up. Due to the implementation of the 203 bill, a new set of rules has been created for VAT compulsory travel agencies and there has also been an evolvement of new VAT related issues. These issues are expressed in the way of defining the travel agency term according to the special scheme, provision of delivery and statement of profits for travel agencies etc. The term according to the special scheme includes travel agency firms, who sell products and services in their own name and are applying services from taxable individuals. The special scheme is only applicable if a travel agency is selling a travel related service. Additionally there should be a consensus of a plural amount of services that are being offered. The special scheme is applicable on various types of firms, which are selling the same kind of travel services as a travel agency. According to the special scheme for travel agencies, the delivery is where the travel agency has established its financial center. When not applying the special scheme, the travel agencies would be imposed to register themselves in all the various countries they do business in. This registration requirement is a burden for the travel agencies and it would cause a managerial burden for the firms. The special scheme for travel agencies excludes travels that are perceived outside the European Union, and are therefore equivalent as intermediary services that are non-chargeable according to the law of VAT. Travel firms who sells services in others name, are recited as intermediary and these are not included in the special scheme of travel agencies, while these do not sell travel services in their own name and they are thereby included in the ordinary law of VAT. Method two concentrates on the other managerial and economical consequences for the travel agencies. These may vary and are dependent on which travel services that are being sold by the travel firms. Travel firms that mainly sell travel services within the EU, are included in the special scheme and are therefore required to calculate VAT of their services. These travel agencies are pressured by overwhelming managerial and economical tasks that are an aftermath of the diminishing VAT exemption, and many of these have suffered from losses, which has been exemplified throughout this paper. Last of all, the travel agencies that are selling travel packages within the EU, are the ones that are suffering the most financially and managerially after the execution of the VAT exemption. Travel agencies that are mainly selling services that are perceived outside the EU have archived great financial benefits. This is caused by VAT deduction of purchases and the opportunity of avoiding payroll taxes.
|Uddannelser||Cand.merc.aud Regnskab og Revision, (Kandidatuddannelse) Afsluttende afhandling|