Dumaguete Info Search


Philippines Government Accusations

Discussion in 'Off-Topic Forum' started by PatO, Aug 25, 2021.

  1. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

    Messages:
    5,731
    Trophy Points:
    451
    Ratings:
    +4,027 / 974
    Shockingly, Philippines news channels are covering numerous corruption allegations against multiple government agencies.
     
    • Like Like x 1
    • Funny Funny x 1
  2. SpringYellow

    SpringYellow DI Member

    Messages:
    156
    Trophy Points:
    101
    Ratings:
    +78 / 23
    Blood Type:
    A+
    Even BIR wants to put taxes in a crypto p2e called "Axie Infinity".
     
  3. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

    Messages:
    4,510
    Trophy Points:
    356
    Ratings:
    +5,085 / 2,706
    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.
     
  4. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    12,912
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +15,796 / 3,754
    Blood Type:
    O+
    Crypto would be investment income (assuming there were any gains made). Of course that income should be reported and taxed.
     
  5. Dutchie

    Dutchie DI Senior Member Showcase Reviewer Veteran Army

    Messages:
    597
    Trophy Points:
    261
    Location:
    Dumaguete
    Ratings:
    +1,088 / 99
    Blood Type:
    A+
    "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.
     
    • Informative Informative x 1
  6. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    12,912
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +15,796 / 3,754
    Blood Type:
    O+
    Didn't say anything about my own country.
    The Philippines has a 20% (or 15% for certain types of deposits) tax on interest income, a 10% tax on dividends (if paid from a corporation to an individual, corporation to corporation there is no tax), a 6% tax on capital gains and there is a 0.6% tax on all stock trades (no matter if you lost money in the trade or not).

    Taxing crypto somewhere between 6 to 20% would be in line with current Philippines tax law.
     
  7. Stampy

    Stampy DI Junior Member

    Messages:
    31
    Trophy Points:
    8
    Ratings:
    +9 / 0
    Blood Type:
    O+
    I understand the point but I cannot imagine how will they put a tax in a Blockchain game/NFT.
     
  8. andiflip

    andiflip DI Senior Member

    Messages:
    559
    Trophy Points:
    231
    Ratings:
    +486 / 173
    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..
     
  9. charlyB

    charlyB DI Senior Member

    Messages:
    609
    Trophy Points:
    221
    Ratings:
    +782 / 285
    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. :greedy:
     
    • Agree Agree x 5
  10. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

    Messages:
    12,912
    Trophy Points:
    451
    Occupation:
    FIRE
    Location:
    Valencia
    Ratings:
    +15,796 / 3,754
    Blood Type:
    O+
    They tax the buyer and seller in a real estate purchase?
     
Loading...