Change in activated VAT numbers in the hospitality industry in Italy 2020
VAT identification numbers represent companies or entities that are subject to pay value added taxes. In several countries worldwide it is a requirement to activate a VAT identification number when opening a new business or starting a company. In the hospitality industry in Italy, roughly 34 percent fewer VAT identification numbers were activated in 2020 over the previous year. The lodging sector recorded the highest decrease, with a 42.4 percent year-on-year drop in newly activated VAT numbers.
