Taxation in Tourism,
Leisure and Hospitality

30 September – 11 October 2024
10 Days Training
Sandton Centre Johannesburg South Africa

Register Now! Limited Seats Available!

R34, 999.00 Per Delegate

Course overview

This comprehensive course on Taxation in Tourism, Leisure, and Hospitality Industries provides participants with a thorough understanding of the unique tax challenges and opportunities in these sectors. The course covers key tax concepts, regulations, and policies, as well as practical tax planning and management strategies. Through a combination of lectures, case studies, and interactive discussions, participants will learn to navigate the complex tax landscape, optimize tax liabilities, and ensure compliance with relevant laws and regulations. The course also addresses future trends and developments, equipping participants with the knowledge to anticipate and respond to emerging challenges in the industry.

Course Objectives

    • Understand Key Tax Concepts: Gain a comprehensive understanding of tax policies and regulations specific to the tourism, leisure, and hospitality industries.
    • Analyze Tax Implications: Learn to analyze the tax implications of various business decisions and transactions within these sectors.
    • Develop Tax Strategies: Develop effective tax planning and management strategies to optimize tax liabilities and ensure compliance.
    • Apply Knowledge Practically: Apply theoretical knowledge to real-world scenarios through case studies and practical exercises.
    • Stay Updated: Stay informed about the latest trends and developments in taxation affecting the industry

Who Should Attend

  • Tax Auditors and Inspectors: Professionals involved in conducting tax audits, especially those focusing on the tourism sector.
  • Tax Consultants and Advisors: Individuals providing tax consultancy services to tourism businesses.
  • Finance and Accounting Professionals: Those working within the tourism industry who need to understand tax compliance and audit processes.
  • Regulatory and Compliance Officers: Professionals responsible for ensuring adherence to tax regulations within the tourism sector.
  • Business Owners and Managers: Owners and managers of tourism-related businesses seeking to better understand their tax obligations and how to prepare for audits.

Course Outline

Section One

Revenue Recognition (Food and Beverages, Bed and Rooms)

This session will provide a comprehensive understanding of revenue recognition within the hospitality industry, focusing on food and beverages as well as bed and room services. Participants will gain in-depth knowledge of the principles and frameworks underpinning revenue recognition, including the specifics of IFRS 15 and ASC 606.

 Introduction to Taxation in Tourism, Leisure, and Hospitality

  • Overview of the tourism, leisure, and hospitality sectors
  • Importance of taxation in these industries
  • Key tax concepts and terminology

Introduction to Revenue Recognition

  • Lesson 1.1: Overview of Revenue Recognition Principles
    • Definition and Importance
    • Key Concepts and Terminology
  • Lesson 1.2: Overview of IFRS 15 and ASC 606
    • Core Principles
    • Five-Step Model for Revenue Recognition

 Revenue Recognition in the Hospitality Industry

  • Lesson 2.1: Revenue Streams in Hospitality
    • Food and Beverages (F&B)
    • Bed and Rooms (Accommodation)
  • Lesson 2.2: Identifying Performance Obligations
    • Separate Performance Obligations
    • Combined Performance Obligations

Specific Revenue Recognition for Food and Beverages

  • Lesson 3.1: Recognizing Revenue for Food Services
    • On-Premise Dining
    • Takeaway and Delivery Services
  • Lesson 3.2: Special Considerations
    • Discounts and Promotions
    • Gift Cards and Vouchers

 Specific Revenue Recognition for Bed and Rooms

  • Lesson 4.1: Recognizing Revenue for Accommodation Services
    • Room Revenue
    • Package Deals (Room + Services)
  • Lesson 4.2: Special Considerations
    • Advance Bookings and Cancellations
    • Loyalty Programs and Discounts

Practical Applications and Case Studies

  • Lesson 5.1: Case Studies on F&B Revenue Recognition
    • Real-World Examples
    • Challenges and Solutions
  • Lesson 5.2: Case Studies on Bed and Room Revenue Recognition
    • Real-World Examples
    • Challenges and Solutions

 Financial Reporting and Disclosures

  • Lesson 6.1: Presentation and Disclosure Requirements
    • Financial Statements
    • Notes and Supplementary Information
  • Lesson 6.2: Ensuring Compliance and Avoiding Common Pitfalls
    • Internal Controls
    • Audit Considerations

Future Trends and Developments

  • Lesson 7.1: Emerging Trends in Revenue Recognition
    • Technological Advances
    • Changes in Consumer Behavior
  • Lesson 7.2: Preparing for Future Changes in Standards

Section Two

Taxation and Audit of Offshore Bookings and Payments

This session provides a detailed examination of the complexities surrounding offshore bookings and payments, focusing on the legal, tax, and regulatory challenges. Participants will gain the skills needed to navigate the intricacies of international tax laws, conduct comprehensive audits, and implement effective risk management strategies. Through a blend of theoretical knowledge and practical exercises, this session aims to prepare participants to handle the nuanced challenges of offshore financial activities with confidence and proficiency.

Course outline

Introduction to Offshore Bookings and Payments

  • 1.1 Understanding Offshore Bookings
    • Definition and types of offshore bookings
    • Common industries and scenarios involving offshore bookings
  • 1.2 Overview of Offshore Payments
    • Types of offshore payments
    • Mechanisms and channels for offshore payments

 Legal and Regulatory Framework

  • 2.1 International Tax Laws
    • Key international tax treaties and agreements
    • OECD guidelines on offshore transactions
  • 2.2 Domestic Regulations
    • Relevant national tax laws and regulations
    • Compliance requirements for offshore transactions
  • 2.3 Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF)
    • AML/CTF regulations affecting offshore transactions
    • Best practices for compliance

 Taxation of Offshore Bookings and Payments

  • 3.1 Tax Implications of Offshore Bookings
    • Tax residency rules
    • Transfer pricing and its impact on offshore bookings
  • 3.2 Offshore Payments and Withholding Taxes
    • Withholding tax requirements for offshore payments
    • Strategies for minimizing withholding tax liability

Audit of Offshore Transactions

  • 4.1 Planning and Preparation for an Offshore Audit
    • Understanding audit triggers and risk factors
    • Gathering documentation and records
  • 4.2 Conducting the Audit
    • Key areas of focus during an offshore audit
    • Techniques and tools for auditing offshore transactions
  • 4.3 Reporting and Compliance
    • Documenting findings and preparing audit reports
    • Addressing compliance issues and rectifying errors

Risk Management and Mitigation

  • 5.1 Identifying Risks in Offshore Transactions
    • Common risks and challenges
    • Case studies of tax avoidance and evasion schemes
  • 5.2 Mitigation Strategies
    • Implementing internal controls
    • Using technology and software solutions for risk management

 Practical Applications and Case Studies

  • 6.1 Real-World Scenarios
    • Analysis of landmark cases involving offshore bookings and payments
    • Lessons learned and best practices
  • 6.2 Hands-On Workshops
    • Simulated audits and compliance checks
    • Group discussions and problem-solving sessions

Section Three

Taxation of Gaming and Lotteries

This session will provide an in-depth analysis of the taxation systems applied to the gaming and lottery industries. It covers the legal frameworks, types of taxes, and compliance requirements. Students will gain an understanding of how taxes are levied on various gaming activities, the economic implications, and the international perspectives on gaming and lottery taxation.

Course Outline:

 Introduction to Gaming and Lottery Taxation

  • Definition and Scope
  • Historical Background
  • Importance of Taxation in Gaming and Lotteries

Legal Framework

  • National and State Laws
  • Regulatory Bodies and Their Roles

Types of Taxes in Gaming and Lotteries

  • Direct Taxes (Income Tax, Corporate Tax)
  • Indirect Taxes (Sales Tax, VAT, Excise Duties)
  • Special Gaming Taxes (Wagering Tax, Betting Tax)

Taxation of Different Gaming Activities

  • Casino Gaming
  • Online Gaming and Sports Betting
  • Lotteries and Sweepstakes
  • Fantasy Sports and eSports

Compliance and Reporting Requirements

  • Licensing and Registration
  • Record Keeping and Reporting
  • Penalties for Non-Compliance

 Economic Implications of Gaming and Lottery Taxation

  • Revenue Generation for Governments
  • Impact on the Gaming Industry
  • Consumer Behavior and Market Dynamics

International Perspectives

  • Comparative Analysis of Different Jurisdictions
  • Tax Treaties and Cross-Border Gaming
  • Challenges in International Taxation

Policy Issues and Social Implications

  • Responsible Gambling and Taxation
  • Taxation as a Tool for Social Policy
  • Ethical Considerations and Public Opinion

End of the workshop

IN HOUSE AND ONLINE TRAINING

While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.

For Registration and other Training arrangements,
contact us on the detail below.

SOUTH AFRICA : +27 11 057 6001
TANZANIA Cell: +255 769 688 544
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com