According to a report from the Manila Bulletin, the Department of Finance (DOF) says earnings from online play-to-earn games, like Axie Infinity are taxable.
Finance Undersecretary Antonette C. Tiokno disclosed that the DOF and the Bureau of Internal Revenue are particularly looking into Axie Infinity.
However, both the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) have yet to resolve if the game is characterized as currency or security. Regardless, Tionko states earnings from the game are still subject to income tax.
“It 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’s not in the Philippines, but certainly, whoever earns currency from it, you should report it.”
Finance Undersecretary Antonette C. Tionko
Recently, BIR has also made an effort to tax YouTubers and other social media influencers.
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Source: Gadget Pilipinas
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