Key Features of the Activity of Tourism Firms within the Russian Federation. The Financial Aspect
Key Features of the Activity of Tourism Firms within the Russian Federation. The Financial Aspect

Summary/Abstract: The research reported in this paper owes its relevance to the fact that tourism appears today to be a rather promising sector within the economy of the most nations around the world. In Russia, the influence of the tourism industry on the nation’s economy is not yet widely visible, with tourism being funded only residually. The nation’s failure to ensure the proper operation of its tourism industry costs it billions in missed revenue, which could otherwise fill the state’s budget based on increases in tourism flows. Despite its tremendous tourism potential, the nation remains quite a modest player in the global tourism market. To enable the sector to develop further and help maximize the nation’s wealth, it is worth, on the one hand, ensuring sufficient funding for it. Some of the key objectives in the area include creating the actual tourism product, developing the nation’s market for tourism services, enhancing the market’s infrastructure, boosting the quality of services, and promoting internal and foreign tourism. On the other hand, a critical issue is the caliber of financial business activity by the actual organization, its compliance with tax and any other legislation, and its conformance to all economic/legal requirements prescribed both by the Russian Federation constituent where it operates and by the federal government as a whole.

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