Timeshare Resort Under Fire For Not Paying Taxes.
A large timeshare company based in India is under the spotlight for allegedly not paying their taxes to the department of Excise and Taxation. Officials at the Indian department have accused the timeshare resort of not paying their taxes in the state where their head offices are located, but not paying taxes for where their resorts are operating.
The Excise and Taxation Department have served a recovery notice on the resort In question and accused them of tax evasion. The tax has been calculated as per minimum rental occupancy, but taxes should have been paid to the state in which they operate. The matter is being disputed by the resort in question so will be referred to lawyers to argue the legitimacy of the claims and hopefully reach a settlement.
In India, Timeshare has become quite popular and it is estimated to have grown by over 50 percent in the last 7 years. Over 3 million Indian families own a timeshare domestically and as the trend continues, these numbers will surely increase.
Hilton Grand Vacations Expands Its Urban Portfolio In Major Cities.
Hilton Grand Vacations, the timeshare arm of the Hilton Hotelier Group, is expanding its offerings in major cities such as New York, Chicago, Washington DC and San Francisco.
HGV has opened its third timeshare in NYC. ‘The Residences’ is located at the top of the New York Hilton Midtown and homes 47 high-end units. Timeshare owners will have exclusive use of a private members lounge and full access to the hotels other amenities.
HGV is continuing to expand its Urban portfolio to provide more variety of options to its timeshare club members and to attract the next generation of timeshare members.
HGV recently entered into a purchase-sale agreement to acquire the top six floors of the DoubleTree by Hilton in Chicago. The investment is expected to cost $54.5 million and will involve converting 122 existing hotel rooms into 78 studio and one-bedroom timeshare units. Sales for the timeshare units is expected to begin in early 2019. This acquisition further cements HGV’s commitment to investing in the urban market.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advise and fully research any company you are thinking of working with.
It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Timeshare Termination.