Philippines Government Accusations

Shockingly, Philippines news channels are covering numerous corruption allegations against multiple government agencies.

 

Even BIR wants to put taxes in a crypto p2e called "Axie Infinity".

 

I read about 'Axie Infinty' and hardly understood a word - except NFT (non fungible tokens) which I read about elsewhere a few weeks ago and assumed the world had gone crazy.

 

"Taxable Income" definitions vary among countries.
In the Netherlands capital gains are not regarded as income if they are the result of investments. Only if those capital gains are enjoyed as the result of a business process then they'd be regarded as taxable income.
In other words: if an individual sells their house and makes a profit on it, that profit doesn't result in taxable income.
However if you buy and sell houses for a living then the profits are taxable income.
Same with other asset gains. So, received interest and dividends are taxable income, profit on an asset you sell is not, unless you do so for a living.
No idea how it is in the Philippines, but it's too easy to assume the same definition of income applies as in your own country.

 

I understand the point but I cannot imagine how will they put a tax in a Blockchain game/NFT.

 

The same way they tax resto/bars here, they count the chairs and tell you how much you make and how much your tax is.. simple and also no deductions are allowed..

 

This is another phrase the Philippines has hijacked from the English language use wrongly and call it a misnomer if you question it.
If you sell property here they tax the full amount at 6%, which means you could have bought property 2 years ago at 2M when the market was good but now become desperate for cash and sell at 1.5M, they will take 6% of that and your 0.5M loss counts for nothing.