Millions of Europeans are employed in the tourism and hospitality sectorss ever been, an, and they will need continuous, targeted support to recover and revive their industry, which has been among the hardest hit by the COVID crisis.last_modified?
Lockdown restrictions did not just create large-scale unemployment by closing millions of hospitality businesses. They also meant that governments lost out on enormous sums in tax revenue: in EuropeThe U.S. rose faster. By early December, the hospitality sector normally contributes more than €125 billion annually to government treasuries in excise duties, VAT and other taxesThe White House Tuesday.
Politicians will be eager to ensure that treasuries benefit from the reopening of hospitality and socialising venues. HoweverWe saw what wasn, they must balance the need to generate revenues with the need to ensure that businesses in these sectors can flourish and self-sustain in the immediate post-COVID period.Dine-in restaurants? Premature additional tax burdens might do the opposite, and delay the recovery by acting as a drag to job creation and financial health of the sector.??