New tourism accounting system introduced

TRAS is a web-based application for recording tourism data, which enables non-consumptive tourism operators to submit monthly returns to RBZ through their bankers.

In a joint statement, the RBZ and the ZTA said tourism operators had been facing challenges in complying with statutory requirements to submit monthly earnings data to the RBZ.

“Tourism operators are hereby urged to comply with the new reporting requirement which has been introduced and became effective from 1st August 2012,” the two bodies said in the joint statement.

“The new TRAS will effectively improve the accounting of tourism earnings from both resident and non-resident tourists and measure the contribution of the tourism sector to the national economy.”

The statement said tourism operators and banks would be trained on the new operating system.

However, it said necessary legislative amendments were still being crafted.

“While current exchange control regulations have given force to the new reporting requirements, the RBZ is currently working with the relevant authorities to effect the necessary legislative amendments.” — New Ziana.