{"id":11350,"date":"2021-08-26T03:54:09","date_gmt":"2021-08-26T03:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/philippines-tax-agency-targets-axie-infinity-players-its-taxable-subject-to-income-tax\/"},"modified":"2021-08-26T03:54:09","modified_gmt":"2021-08-26T03:54:09","slug":"philippines-tax-agency-targets-axie-infinity-players-its-taxable-subject-to-income-tax","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/philippines-tax-agency-targets-axie-infinity-players-its-taxable-subject-to-income-tax\/","title":{"rendered":"Philippines Tax Agency Targets Axie Infinity Players \u2014 \u2018It\u2019s Taxable, Subject to Income Tax\u2019"},"content":{"rendered":"

According to a regional report, the Philippines Bureau of Internal Revenue (BIR) is focusing on the blockchain-powered game Axie Infinity over tax concerns. Finance Undersecretary Antonette Tionko explained to the press that BIR is looking into methods aimed at capturing Axie Infinity players failing to pay their income taxes.<\/strong><\/p>\n

Philippines Bureau of Internal Revenue Wants Its Cut From Axie Infinity Earners<\/h2>\n

The Ethereum-game \u201cAxie Infinity\u201d has made waves not only in the crypto realm but also in terms of mainstream media attention. The game has gathered a lot of popularity and the native tokens called axie infinity (AXS) and smooth love potion (SLP) have seen significant gains this year.<\/p>\n

In places like the Philippines<\/a> and Venezuela<\/a> people are earning a lot of money playing Axie Infinity. In fact, some players are earning more playing Axie Infinity than they would at their 9-5 jobs.<\/p>\n

The Philippines government has caught wind of these earnings and just like all global tax collectors, BIR wants its cut. In a press release<\/a> published by the tax authority, the agency and the region\u2019s finance undersecretary Antonette Tionko say \u201cAxie Infinity earnings are subject to tax.\u201d<\/p>\n

<\/p>\n

Philippines Finance Undersecretary: \u2018Remember the Principle of Taxation, It\u2019s a Flow of Wealth\u2019<\/h2>\n

Tionko stressed that regulators have not decided on whether or not \u201cAxie\u201d is a currency or security and believes that decision is up to the Securities and Exchange Commission (SEC). Tionko also thinks the central banking authority Bangko Sentral ng Pilipinas (BSP) should weigh in on the Axie Infinity subject.<\/p>\n

Pictured left: The Philippines finance undersecretary Antonette Tionko<\/p>\n

\u201cBut regardless of how it is characterized, it\u2019s taxable, subject to income tax,\u201d Tionko insisted on August 23. \u201cIt is not registered in the Philippines. That is one of the things that we hopefully capture once we have that system of registration for non-residents. It\u2019s not in the Philippines, but certainly whoever earns currency from it, you should report it,\u201d Tionko added.<\/p>\n

The creators of the Ethereum-powered game Axie Infinity Sky Mavis are based in Vietnam. Tionko further stressed to the public that all internet schemes that allow people to make money are subject to income taxes. \u201cRemember the principle of taxation, it\u2019s a flow of wealth,\u201d Tionko concluded.<\/p>\n

What do you think about the Philippines government wanting a cut of the earnings people make from Axie Infinity? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nTaxes, Antonette Tionko, axie infinity, Axie Infinity Shards, axs, Bureau of Internal Revenue, finance undersecretary, Philippines, Philippines BIR, Philippines government, Philippines tax agency, Sky Mavis, SLP, Smooth Love Potion, Tax, tax concerns, Tax Filings, Taxation, Vietnam<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a regional report, the Philippines Bureau of Internal Revenue (BIR) is focusing on the blockchain-powered game Axie Infinity over tax concerns. Finance Undersecretary Antonette Tionko explained to the press that BIR is looking into methods aimed at capturing Axie Infinity players failing to pay their income taxes. Philippines Bureau of Internal Revenue Wants…<\/p>\n","protected":false},"author":0,"featured_media":11351,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11350"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11350"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11351"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}