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French Lawmakers Approve Tax Hike On Sharing Economy

by Ulrika Lomas, Tax-News.com, Brussels

01 November 2016


The French National Assembly has voted to increase tax on "professional" renters of services using online sharing economy platforms such as Airbnb.

The bill, approved by French deputies on October 28, targets those earning relatively large amounts of money from renting out items like their homes and vehicles to the public on shared economy platforms.

Under the proposed legislation, amounts of more than EUR23,000 (USD25,200) per year made from renting out homes on shared economy websites would be considered professional income and subject to income tax.

Those renting out their cars and certain other items would be considered as providing a professional service if they receive more than EUR7,720 per year.

The bill will need the approval of the Senate before it can become law. The Senate is expected to consider the proposals in the coming weeks.

TAGS: tax | value added tax (VAT) | law | real-estate | internet | legislation | individual income tax | services | BEPS

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