Survey: only half of Airbnb hosts pay taxes

TAKS has spent the last few years monitoring Airbnb hosts to see how many of them include their rental income in their income tax returns. The results show that half of them do not.

According to the TAKS survey, the number of Airbnb properties has doubled every year since the survey started in 2015.

At the end of 2018, 551 Faroese properties were registered with Airbnb, owned by 430 persons or organisations.

No information from Airbnb

TAKS does not receive rental income details from Airbnb, which has made the survey a time-consuming project. 

Many other countries have the same problem, and they have now demanded that Airbnb supplies tax authorities with this information.

TAKS says it will now up its efforts to inform the public on how to correctly file rental income in tax returns.

Translated by prosa.fo