24 Aug Earnings From Axie Infinity & Other Play-To-Earn Games Subject To Income Tax
Mga higala! Earnings from Axie Infinity and other play-to-earn games are subject to income tax, says the Department of Finance (DOF)!
According to a report from the Manila Bulletin, this was recently stated by DOF Undersecretary Antonette Tionko.
ICYDK, Axie Infinity is an NFT-based online game developed by Vietnamese studio Sky Mavis, which uses Ethereum-based cryptocurrencies— AXS (Axie Infinity Shard) and SLP (Smooth Love Potion). The said cryptocurrencies can be traded and exchanged by players to pesos and/or other Axies (digital pets used in the game).
Tionko emphasized that any earnings from the game are taxable or subject to income tax.
She then disclosed that Sky Mavis is not currently registered with the Bureau of Internal Revenue (BIR) and added that even though it is a non-resident foreign corporation they should be paying taxes since they have income derived from sources within the Philippines.
For more details, read:
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