ΠΕΡΙΓΡΑΦΗ

Businesses buying in and re-selling travel, accommodation and certain other services must account for VAT using the Tour Operators’ Margin Scheme (‘TOMS’). Despite the name, TOMS applies to a wide range of businesses and not just traditional tour operators and travel agents. Even though TOMS was intended to be a simplification measure, it can be complex and often involves detailed calculations. Getting it wrong can lead to unexpected VAT costs and penalties, meaning a sound understanding of the TOMS rules is required. 

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

Our instructor will provide you with a thorough understanding of the Tour Operators Margin Scheme (TOMS), she will also guide you through the different categories of Travel Agents and she will also inform you of the new developments as to the proposed changes in the legislation. In a very practical and interactive way the participants will work out TOMS provisions using practical examples and case studies throughout the webinar.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This program is specifically designed for professionals who would like to become familiar with the essential concepts and principles of VAT in the tourism industry in order to gain a better understanding of the field and correctly interpret the transactions they may potentially face on a daily basis in their working environment. 

Candidates should have a basic knowledge of the VAT legislation, although no prior knowledge of TOMS is required. 

More specifically: 

• professionals involved in the preparation of accounting records; 
• professionals involved in the preparation of VAT and VIES Forms; 
• professionals involved in processing sales or purchase invoices; 
• professionals involved in reviewing business contracts;

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

MODULES

PART A - Introduction

1. Categories of Travel Agents
2. Useful Definitions

PART B - Tour Operators &TOMS

1. Who can apply TOMS
2. What Services fall under TOMS
3. Special Provisions of TOMS
4. Specific Rules
5. Place of Supply
6. Time of Supply
7. Year End Adjustment

PART C - Travel Agents - Representatives

PART D - – New Developments – 2023 Reform

This seminar contributes to Continuing Professional Development for 6 CPD Units

Instructor: Mrs Demetra Constantinou, FCCA, ADIT Kinanis LLC, Partner 

Demetra Constantinou holds a BSc in Public & Business Administration. In 2009 she obtained her professional qualification of ACCA and since then her professional development escalated by adding further professional qualifications in her curriculum as follows; Chartered Institute of Taxation, Advanced Diploma in International Taxation (ADIT) – Specialization in EU VAT, CySEC's Advanced Certificate in Financial Services Legal Framework. Demetra commenced her career in 2006 at Kinanis LLC and has walked her way towards partnership through various managerial and strategic roles. Currently, she is a Partner at Kinanis LLC and manages the Accounting and VAT Department. Her main area of practice is Accounting and VAT consultancy for local and international clientele, as well as General Tax Advisory Services for EU based clients on various EU tax matters relating to VAT Law, Blockchain consulting services on Tax and VAT aspects. Demetra has extensive experience in rendering lectures on Paper P6: Advanced Taxation of the ACCA qualification and other seminars on VAT topics. She has also been a guest speaker in a number of internal and external seminars and conferences on her topics of expertise. In January 2019 she obtained her professional qualification as Certified HRDA Trainer of Vocational Training.