Meeting News - January 28, 2008 - (Page 39)

Reclaiming VAT for meetings value Join me… Successful Meetings University – International Date: March 3-5 City: New York, NY Property: New York Marriott Financial Center Hotel P lanning international meetings has become an even greater challenge lately in light of the weak U.S. dollar. But there are several ways planners can boost their buying power and stay on budget, even with the hassle of fluctuating currencies. tions. A frequent speaker at industry events around the world, Krugman is regarded as one of the Planner Emily Lewis industry’s top experts in crosscultural planning, international operations, and risk management. r —Emily Lewis Emily Lewis plans meetings for meeting planners—no easy task! She is the conference manager for MeetingNews and sister magazine Successful Meetings, organizing multiple Successful Meetings University events across the country each year. Exhibitors Aberdeen Exhibition & Conference Centre • Air France • Amsterdam RAI • Argentina En Colores, DMC • Austrian National Tourism Board • Barcelona Convention Bureau • Belgian Tourist Office • Bermuda Department of Tourism • Concorde Hotels & Resorts • Costa Del Sol Convention Bureau • Croatian Convention & Incentive Bureau • Dubai Convention Bureau • French Government Tourist Office • Glasgow Convention Bureau • Guadalajara Convention & Visitors Bureau • Hesperia Hotels • Hong Kong Tourism Board • Hyatt Regency Aruba Resort & Casino • InterContinental Hotels & Resorts • Korean National Tourist Office • Marketing Challenges Int'l., Inc. • Marriott Hotels of Moscow • Marriotts UK & Ireland • Mexico Tourism Board • Monaco Government Tourist Office • Netherlands Board of Tourism & Conventions • New York Marriott Financial Center Hotel • Nice Convention Bureau • PRA Destination Management • Singapore Exhibition & Convention Bureau • Sol Melia Hotels & Resorts • Suntec Singapore International Convention & Exhibition Centre • Switzerland Convention & Incentive Bureau • Tourism Ireland • Vienna Convention Bureau • Visit Britain • Visit London • Visit Scotland • Visit Wales • Yucatan Convention & Visitors Bureau One such tactic is to reclaim value-added taxes (VAT), sometimes called GST or IVA. However, this too, can be one of the more confusing aspects of overseas planning; rules for VAT reclamation vary greatly from country to country and organization to organization, so it is critical for planners to enlist the help of a VAT reclaim specialist. Here are some important issues to consider: q Start working with a VAT specialist as early as possible—VAT reclamation can help determine a destination’s true affordability. q VAT reclamation can help determine what and how you charge attendees for meetings. q Nonprofits aren’t eligible for VAT reclamation in some countries, but they are in others. q Incentives, corporate meetings, and conventions all have their own possibilities and challenges when it comes to VAT reclamation. q VAT refunds typically take up to a year before they come through. q Depending on the structure of the company, sometimes such refunds don’t go back to the original cost center—so even when the company will eventually see the refund, the meetings budget may not. While the ins and outs of VAT reclamation may seem overwhelming, the process can have a big impact on a meeting budget. At our upcoming Successful Meetings University – International event in March, one of our guest speakers, Carol Krugman—director of client services for George P. Johnson—will touch on VAT reclamation and other key budgetary topics in an educational session entitled “Financial Management for International Meetings.” Other important issues to be discussed include currency strategies, Sarbanes-Oxley compliance, and shipping and customs charges. Krugman has plenty of overseas budgeting anecdotes to offer; she boasts 25 years of international meeting planning experience in Latin America, Europe, Asia, Australia, and the Middle East. She is the author of two books: Mexico: A Planning and Information Guide and Global Meetings and Exhibi- Speaker Update: Loriann White MeetingNews research shows that many planners are committed to launching strategies for greener meetings in 2008. To further their education in this arena, Loriann White, executive director of Loriann White the Atlanta Green Meetings Council and regional VP of ConferenceDirect, will speak at our upcoming Successful Meetings University – Southeast event, Feb. 24-26 at the Hyatt Regency Atlanta. White’s session, entitled “Green Meetings 101: Ten Proven Steps to a Sustainable Meeting,” will show attendees how to incorporate environmental considerations through all stages of the meeting planning process. A fun, green-oriented teambuilding activity will take place after the session, which will benefit a local inner-city school in Atlanta. —EL Visit our Successful Meetings University Website, www.MeetingNews.com/SMU, for the latest information about these programs, and feel free to e-mail any questions about the events to emily.lewis@nielsen.com. We’re expecting to hear from you! www.meetingnews.com January 28, 2008 MeetingNews 39 http://www.mimegasite.com/mimegasite/events/marketplace.jsp http://www.mimegasite.com/mimegasite/events/marketplace.jsp http://www.mimegasite.com/mimegasite/events/marketplace.jsp http://www.mimegasite.com/mimegasite/events/marketplace.jsp http://www.MeetingNews.com/SMU http://www.meetingnews.com

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Meeting News - January 28, 2008

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