Airbnb’s Economic Impact on Local Communities
Transcript of Airbnb’s Economic Impact on Local Communities
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Airbnb’s Economic Impact
on Local Communities
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How Home Sharing Works
You show your room or house on the Airbnb website
1 List
A visitor views and commits to use it
2 Reserve
Airbnb securely handles all exchange of money
3 PayVisitor lives like a local in a neighborhood
4 Visit
Both sides rate the other to build trust & keep the system growing
5 Rate
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What is a Voluntary Collection Agreement? (VCA)
• A VCA is a legally binding agreement between Airbnb and a taxing authority to
contractually assume the hotel occupancy tax (“TOT”) collection and remittance
obligations of Airbnb Hosts for booking transactions completed on our platform.
• Airbnb does not assume obligations unrelated to tax (e.g., rental permitting, zoning, health
and safety requirements, etc.)
• Airbnb registers as a taxpayer and reports/remits in the aggregate on a single return. Hosts
cannot opt in/out.
• Airbnb currently has VCAs with over 300 jurisdictions in the US.
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Win, Win, Win!
• Win for our Hosts - they no longer need to worry about complicated occupancy taxes
• Win for the governments - easier to collect from and audit one taxpayer rather than thousands
• Win for Airbnb - we’re doing the right thing to help our community
Why do we enter into
VCAs?
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Source: Airbnb Action