The French national assemby has voted to increase taxes on those who use online sharing economy platforms such as Airbnb to make money, reports Tax News.

Under the proposed legislation, a cap would be in place which means that sums of more than €23,000 per year made from renting out homes on shared economy websites would be considered professional income and subject to income tax. Those who rent out their cars, boats and certain other items would be considered as providing a professional service if they receive more than €7,720 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. The UMIH union representing the hotel industry, had called for greater equality between those that provide lodging and also sites like Airbnb, and to make sure that they automatically transfer details of transactions to the French tax authorities.