Sharing economy regulation in Europe and China (1)

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The sharing economy is creating much more value and growth of these economy triggers many countries to adopt regulations for the safety of both sides who access those platforms. Let’s see how it is regulating in Europe and China.

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SHARING ECONOMY REGULATION IN EUROPE AND CHINA

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S Y N O P S I S Evolution of sharing economy Regulations in Europe ▪ Business entities or private individuals ▪ Contractual relationship ▪ Insurance ▪ Taxation ▪ Regulation in member state of Europe ▪ France ▪ Belgium ▪ United kingdom Regulations in china 2

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EVOLUTION OF SHARING ECONOMY ▪ “Sharing economy” it all started when people around the world are ready to rent rooms cars equipments co-working space to the people who is in need. ▪ It is offering endless possibilities to enjoy the benefits like high degree of freedom easy adaption geographical distribution and it has to be enabled with transparency in security and insurance coverage. ▪ In the future it will continue to expand and evolve with secure technologies as we never imagine. ▪ Let’s us see how it is regulated in Europe and China 3

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Regulations in Europe 4

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E U R O P E ▪ The sharing economy has become an inevitable part of the global economy. ▪ The regulation are acknowledging that this economy is increasing and providing new opportunities. ▪ Regulating is not an easy task but it is still growing in many ways and european level integration will confer many benefits. ▪ The rise of this economy has grabbed regulatory attention in both national and european levels. 5

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Business entities or private individuals ▪ Sharing economy growth is changing the face of European business as well as many platforms around the world. ▪ At the same time the fast-growing sharing economy is providing personal services on demand as well as creating new opportunities. ▪ The rate of profit growth in this sector will be approximately 50 per year. 6

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CONTRACTUAL RELATIONSHIP ▪ This platform is providing a contractual relationship by building trust. ▪ Let us take the example of Uber ▪ Uber is providing comprehensive guidance to drivers concerning the legal side of ride-sharing. ▪ It guarantees to users in case of emergency and expecting this economy will acquire more liabilities and regulations. 7

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INSURANCE ▪ Major advent of this economy is insurance. ▪ Let us take an example of Airbnb ▪ If someone thrashed your apartment in case of any emergency or any disagreement between platform and service provider Airbnb now guarantees to pay for damages at a certain amount. 8

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TAXATION ▪ Paying tax is important for the business. ▪ Income from this economy services should be declared and taxed because revenue from these platforms is escaping the attention of tax authorities. ▪ Avoid paying tax is an endemic problem in Europe hence taxation authorities have found the correct way to ensure proper oversight with these income streams. 9

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Regulations in member state of Europe 10

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F R A N C E ▪ It stands out as an undisputed leading figure in the sharing economy. It accounts for EUR 6.5 billion and approx 75000 people employed by these platform in France. ▪ The legislative framework in France is flexible and supportive of the development of this economy. ▪ With the unexpected growth in France regulations are becoming more tougher and it is expected to be a future source of revenue. 11

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B E L G I U M ▪ The overall market volume is approximately EUR 171.6 million with total employment of 2228 persons. The accommodation sector generated the highest revenue with EUR 70.5 million. ▪ According to the regulation in belgium all the employees can earn revenue upto EUR 5000 per year and it is taxed at a rate of 10. ▪ It is instructing that these platforms are responsible for collecting the taxes and transaction should take place on the platform approved by belgian authorities. 12

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U N I T E D ▪ Its overall market reach is EUR 4.6 billion and the number of employees is estimating at up to 69 431 and it is second to france. ▪ Regulations in UK is as follows ➔ Both the service providers and users should act honestly and sustain strong relationships in building trust. ➔ Platforms should provide a high level of safety for all products and services and also for all the business transactions. 13 K I N G D O M

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Regulations in China 14

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▪ China’s sharing economy is expecting to keep a rapid annual growth rate of more than 30 over the upcoming years and turnover of china’s sharing economy reached 4.9 million yuan 763.5 billion and employees were upto 7.16 million. ▪ It involves ➔ The platform should be a registered company with legal personality and it should contain safe payment solutions with proper payment gateways. ➔ The platform operators should set up a set of internal management rules and should fulfill the needs adopted by local authorities. 15 C H I N A

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THANKS For more updates Visit- www.rentallscript.com/blog/ 16

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