BUS029.doc
This article discusses the latest economy known as the “sharing economy” that has taken the world by storm. It explains how it works and mentions the tax implications and GST requirements. It recommends seeking professional advice to ensure your readers meet the rulings governing this new economy.
With help from the internet, the latest business model is quietly turning millions of ‘average Joes’ into entrepreneurs.
• Uber is connecting riders with drivers through apps.
• Airbnb is connecting hosts with travellers looking for a place to sleep through its website.
• Zopa is connecting lenders with borrowers through its peer-to-peer lending service.
Many individuals are unlocking the value of their underutilised resources by sharing them with others in exchange for a benefit – both monetary and otherwise – giving us the term ‘sharing economy’.
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