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(Reuters) – The UK is considering stricter tax rules for the so-called sharing economy to increase revenue and ensure a “level playing field” for all businesses, a government newspaper showed.
In a consultation document released on Wednesday, the UK Treasury Department said the growth of the sharing economy « may present certain VAT tax base challenges » and expressed concerns that the current state of affairs could provide unfair benefits for the sharing economy compared to traditional companies.
« The government believes that the sharing economy is not only a challenge for VAT, it also affects a number of different taxes, » the consultation said.
When self-employed entrepreneurs provide services booked on platforms like Uber and Airbnb, they often individually fall below the VAT registration threshold of 85. 000 pounds.
The Treasury Department’s consultation document highlighted examples of business practices that should be explored in order to take non-VAT measures « where they may have been (collected) in the traditional economy. ”
The Treasury Department said its review was designed to “test the government’s view of the VAT challenges that the sharing economy is creating. ”
The International Monetary Fund urged the UK in late October to keep its COVID-19 spending up and plan tax hikes.
Carbon taxes, sales taxes and property taxes were all areas where the UK was able to increase revenue without hurting growth. IMF officials said tax hikes were almost inevitable.
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Uber Technologies Inc, VAT, Airbnb, Sharing Economy
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Ref: https://in.reuters.com
