On 26 November new regulations of the Act on Tourist Services came into force in Poland. These regulations introduce additional financial security, referred to as the second pillar, in the event of insolvency for tour operators and travel agents.
In addition to the existing security in the form of an insurance guarantee contract, bank guarantee contract, insurance contract on behalf of clients, or the receipt of funds into an escrow account, the Tourist Guarantee Fund has been established, into which tour operators and tour agents are required to pay monthly contributions.
What is the additional financial security?
In the case of loss of financial liquidity and declaration of insolvency by the organiser or the intermediary, and the exhaustion of funds from the first pillar, the funds from Pillar II, or TFG, will be mobilised. These funds will be used to cover the costs of customers returning to the country and for the reimbursement of payments for unexecuted and prematurely terminated tourist events.
What are the new responsibilities of tour operators and travel agents?
1. Submitting the tax declaration to the Insurance Guarantee Fund (UFG) by the 21st of each month for the previous month. The declaration must indicate the number and type of concluded contracts and the number of customers they cover.
2. Paying contributions to the Tourist Guarantee Fund (TFG) by the 21st of each month for the previous month.
3. Maintain a list of contracts with clients.
Learn more about the new regulations:
