Financial and legal regulation of hotel and tourism business

Abstract

The article substantiates the relevance of the study of financial and legal regulation of hotel and tourism business. Arguments proving that hotel and tourism business, as a component of the real sector of economy, objectively has its own characteristics, both at the micro- and macroeconomic levels, are presented. The identification and research of the financial and legal levers of regulation of hotel and tourism business for restoration and development of this sphere of activity have been carried out. The problems of the complex analysis of financial and legal regulation of the activities of hotel, restaurant, and tourism business enterprises and ways to solve them are outlined, which will contribute to ensuring the financial stability of the hospitality sector in the long term. It is substantiated that despite the presence of a large number of various legal acts that regulate the work of tourism, recreational, and restaurant enterprises, there is no single system of their interconnection and comprehensive action. It has been determined that ensuring the financial stability of hospitality enterprises is impossible without a thorough and high-quality legal framework that would fully regulate and establish the rules and obligations of all participants in the market of hotel, restaurant, and tourism services. An assessment of the net profit (loss) of the enterprises of the hotel and restaurant business of Ukraine has been carried out, as well as of the financial results before taxation by types of economic activity in the sector of temporary accommodation and catering. As evidenced by the analysis carried out in the article, state financial support for innovative activity of hotel and restaurant business and obtaining financial monetary resources are very problematic, especially in modern conditions with a constant deficit of the state budget. The significance of formation of legal competences of specialists in the international hotel and tourism business is emphasized as a crucial component of their professional training, and the matrix of competences and program results from the international legal regulation of hotel and tourism business has been analyzed. It has been proven that during the training process it is essential to focus on the practical aspects of application of legal norms in real situations that arise in hotel and tourism business. This will help students develop not only theoretical knowledge, but also the skills to solve specific legal issues that may arise in their professional activities. The importance of taking into account changes in the legislation and the practice of regulation of the international hotel and tourism business, as well as ensuring the constant updating of students’ knowledge in this direction, is also emphasized. Measures to overcome the crisis in the post-war recovery of the hotel and tourism business in Ukraine are highlighted.