Airbnb, a short-term home rental company, had 779 million euros seized in Italy on the grounds of tax evasion. The investigation, initiated by the Milan Prosecutor’s Office, alleges that the company failed to pay a 21% tax on the 3.7 billion euros of revenue from its European headquarters in Ireland between 2017 and 2021. Here ate the details…

Airbnb Tax Evasion Investigation in Italy Targets Company and Individuals

As part of the investigation, it was revealed that the financial police confiscated 779 million euros from the company. Additionally, an ongoing investigation targets three individuals who held managerial positions at Airbnb between 2017 and 2021. The company had previously contested the 2017 Italian law regarding rental taxes, arguing that it violated European Union regulations. According to this law, Airbnb and other short-term rental companies are required to pay 21% of their rental income to tax authorities.

Last December, Airbnb’s objection to this law was rejected by the European Court of Justice. Following the recent action by Italian authorities, Airbnb officials expressed their surprise and disappointment with the prosecutor’s decision. They also noted that they have been in discussions with the Italian tax authority since June 2023 in an effort to resolve the issue.

Airbnb emphasized its belief in operating in full compliance with the law and its intention to assert its rights. The Italian government had also announced last week that it would intensify its scrutiny of homeowners engaged in short-term home rentals. Furthermore, there are plans to increase the tax rate from 21% to 26% for those who rent multiple properties, with the government aiming to generate approximately 1 billion euros in additional revenue through this measure.

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Airbnb, the known home rental based firm, has recently hired the former Apple designer Jony Ive and his firm. It is a multi year partnership, which will have the firm design new Airbnb products.

For those unaware, Jony Ive was a close creative collaborator with Apple founder Steve Jobs. Ive has spent nearly three decades with the Cupertino based giant and has to lead the design behind the memorable Apple products like the candy colored iMacs and even helped in the company coming back from its near death in the 1990s and had left Apple back in 2019.

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In a recent blog post from Airbnb Chief Executive Brian Chesky, the senior official announced that Jony Ive will also be helping the company’s internal design team. Earlier this week, Airbnb’s Chief Design Officer, Alex Schleifer, would be moving to a more part time role, while the company would look into a permanent replacement, as per a source close to the matter.

Jony Ive and his firm, LoveFrom, will be working with Airbnb in an effort to raise around 3 billion US Dollars in its upcoming initial Publix offering, according to sources. Airbnb is also expected to be one of the largest and most anticipated listings in the US stock market for 2020, which has already been a big year for IPOs.

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