According to a regional report, AxieInfinity blockchain-based gaming is the main focus of the Philippine Tax Office (BIR). Antonette Tionko, the Under Secretary of Finance, stated to reporters that the BIR is looking into ways to capture Axie Infinity gamers who don’t pay their income taxes.
Philippine tax office demands that Infinity workers are fired
The Ethereum game “AxieInfinity” has received a lot of attention in mainstream media. The game is gaining popularity. Native tokens called Axie Infinity (AXS), and Smooth Love Potion (SLP), have seen huge gains this year.
These gains have been reported by the Philippine government, and, like all global tax collectors worldwide, the BIR wants to reduce them. In a Press releasePublished by the tax administration, Antonette Tionko, the Under-Secretary for Finance of the region, states that “Axie infinity’s income are subject to tax”.
Under Secretary of Finance of Philippines: “Remember, the principle of taxation is a flow wealth”
Tionko noted that regulators have not determined whether “Axie”, a currency or security, and believes that this decision should be made by the Securities and Exchange Commission. Tionko believes that Bangko Sentral ng Pilipinas, the central banking authority, should intervene on the issue of Axie Infinity.
Tionko insists that it is taxable regardless of how it is described, and is subject to income tax, on August 23. “It is not registered in the Philippines. This is one of many things we hope to capture once the registration system for non-residents is in place. It’s not in the Philippines, but certainly anyone who makes money from it, you should point it out, ”Tionko added.
Vietnam is where the creators of the Ethereum-based game Axie Infinity Sky Mavis were based. Tionko also pointed out that all Internet programs that allow people earn money are subject income tax. “Remember the principle of taxation, it’s a flow of wealth,” Tionko concluded.
What do YOU think of the Philippine government wanting to cut the income people receive from Axie Infinity. Comment below to share your thoughts about this topic.