House Resolution to tax foreign exchanges.....

[Maslate]

Representative Joey Salceda has filed a house resolution to tax foreign crypto exchanges. According to him, the government's earnings are quite low, given that only 9 active VASPs (Virtual Asset Service Providers) are operating locally. He also mentioned that despite an NTC order to block illegal foreign exchanges, Filipinos still have access to between 500 and 1,600 overseas crypto exchanges, none of which are attempting to register locally. Because of this, he proposed a resolution for Congress to study ways to generate revenue from these platforms. He noted that when Binance was banned and blocked, Filipino users lost access.



To make it easier for these exchanges to register, they might create laws that aren't too difficult to comply with, as blocking access to these exchanges entirely is still a challenge. If foreign exchanges refuse to cooperate, one idea is for the government to monitor transactions through intermediary parties, like banks, since money passes through them when buying or selling crypto. It’s a challenge, but if successful, they might be able to tax online trading income.

However (for some of us here), if you're earning crypto directly (like from a signature campaign) and trading it through P2P platforms like Binance or other foreign exchanges, this might be harder to regulate.

Here are the important notes on the news.

Salceda cited past news which led to the filing of the resolution:

1.The issuance of updated guidelines for virtual asset service providers (VASP) (Jan. 21, 2021)

2. The moratorium that paused all VASP license applications (Dec. 2023).

3. That there are only 9 remaining VASP active licensees which, as per Salceda, severely limits competition and thus “limits the incentive to innovate”.

4. The advisory vs Binance in November 2023. Salceda noted in his resolution that Binance is the “primary cryptocurrency service provider for some 9.3 million Filipinos” and that the advisory against the exchange is “prejudicing consumer interest”.

5. He also said that Philippine laws are “vague if not outright silent about the power of the NTC to block websites“. It can be remembered that the NTC issued an order to telcos to block the Binance website.

Thoughts on this [...]]

[cryptoaddictchie]

Even they wanted too ang hirap niyan iimplement since karamihan nagcacashout sa foreign exchanges and yuny crypto na pumapasok pa hindi alam ng exchange kung saan galing like airdrops, campaign dito sa forum or kung sa trading profits ba or any other sort of potential income. Saka if ever ma categorize nila, paano yung tax nun if example trader ka tapos talo ka pa, are you still entitled pa rin ba sa tax. Not sure how it works sa ibang bansa, pero for me kung maimplement man ito or mapatupad matatagalan to bago magkaayos.

[gunhell16]

Most of the congressmen like Salceda who is said to be one of the crocs, he does give proposals but he is one of the tax collectors of our countrymen. I don't know if it's true that these crocodile congressmen/women are out in the open.

Then I don't believe that they can implement that easily because it's a long matter to be honest, I don't think that he will succeed with his proposals. And many of our community will against on this matter's too of course.

[Natalim]

Most of the congressmen like Salceda who is said to be one of the crocs, he does give proposals but he is one of the tax collectors of our countrymen. I don't know if it's true that these crocodile congressmen/women are out in the open.

I didn't see his name on the list of those being investigated by DDS supporters. Lol. I know some names like Quimbo and even Pastor Abante...

Then I don't believe that they can implement that easily because it's a long matter to be honest, I don't think that he will succeed with his proposals. And many of our community will against on this matter's too of course.

Tax is inevitable, and the community can’t really oppose it since it’s for the good of both the government and the people. But the real challenge is whether they can actually implement their plan. They couldn't even fully ban Binance; they said NTC already banned it, but people are still able to access it.

[Mr. Magkaisa]

Most of the congressmen like Salceda who is said to be one of the crocs, he does give proposals but he is one of the tax collectors of our countrymen. I don't know if it's true that these crocodile congressmen/women are out in the open.

I didn't see his name on the list of those being investigated by DDS supporters. Lol. I know some names like Quimbo and even Pastor Abante...

Then I don't believe that they can implement that easily because it's a long matter to be honest, I don't think that he will succeed with his proposals. And many of our community will against on this matter's too of course.

Tax is inevitable, and the community can’t really oppose it since it’s for the good of both the government and the people. But the real challenge is whether they can actually implement their plan. They couldn't even fully ban Binance; they said NTC already banned it, but people are still able to access it.

        -      Isa lang naman ang nakikita ko dyan, medyo malaling hamo yan kay Salceda, pero kapag naipaglaban nya yan hanggang sa huli ay for sure na malaki din ang magiging pasasalamat natin sa kanya in the end.

Saka alam naman din natin na hindi talaga yan magiging madali, saka kahit hanggang ngayon naman ay karamihan sa lokal natin dito ay mas ninanais na gamitin parin ang mga foreign exchange dahilas tiwala tayo dito kesa sa sariling atin..

[PX-Z]

Kung makikipag cooperate lang sila sa mga international crypto exchanges with lesser demands, kase alam ko may malaking bayad pa to acquire ng license[1] minus sa mga under the table pa na bayad. At tulad sa sinabi ko on the other thread discussion, kung hindi automated ang pag kuha ng tax like they implement sa mga online sellers sa online platforms like shopee and lazada, mahirap ma implement ang ganyan. Subject for ban evasion ang ganyan, lalo nat maraming corrupt ng politician. Sisingit ang idea ng nakararami na mas gugustuhin pa ng mga tao na wag nalang mag provide ng tax kung ibubulsa lang naman ng mga nakaupo.

[1] https://prifinance.com/en/cryptocurrency-license/philippines/

[Maslate]

.., kung hindi automated ang pag kuha ng tax like they implement sa mga online sellers sa online platforms like shopee and lazada, mahirap ma implement ang ganyan.

Napapansin ko rin na hindi gusto ng mga Pilipino na magbayad ng buwis. Madalas akong umorder sa Shopee dahil may negosyo ako, pero napansin ko na yung ibang supplier ko ay iniwan na ang platform at lumipat na lang sa Facebook para magbenta. Talagang challenging ang implementation nito; sana hindi lang basta may batas, kundi talagang pinag-aralan at epektibo.

[PX-Z]

.., kung hindi automated ang pag kuha ng tax like they implement sa mga online sellers sa online platforms like shopee and lazada, mahirap ma implement ang ganyan.

Napapansin ko rin na hindi gusto ng mga Pilipino na magbayad ng buwis. Madalas akong umorder sa Shopee dahil may negosyo ako, pero napansin ko na yung ibang supplier ko ay iniwan na ang platform at lumipat na lang sa Facebook para magbenta. Talagang challenging ang implementation nito; sana hindi lang basta may batas, kundi talagang pinag-aralan at epektibo.

Maliban kase sa laki ng charges and fees ni Shopee, plus yung withholding tax na 0.5% (if nakapag bigay ng ka ng requirement declaration from BIR ng below 500k ang annual sale mo) or 1% (naman if above 500k) pa. Aabot sa 12% ang total na bawas sa final order income mo as seller.
Tapus charge pa sayo RTS fee if ang item ay hindi ni-received ni buyer maliban nalang kung nakapag avail ka ng promo nila to wave RTS fee. Kaya malaki lugi sa part ng seller. Kaya mas mabuting sa labas nalang ng platform mag benta Hahah. Minsan ginagawa na lang pang checkout as courier ang shopee dahil sa laki ng charge nila, wag lang magpapahuli lol, dapat nasa 100+ parin ang price sa shopee item. lol

[GreatArkansas]

(....)

Then I don't believe that they can implement that easily because it's a long matter to be honest, I don't think that he will succeed with his proposals. And many of our community will against on this matter's too of course.

Tax is inevitable, and the community can’t really oppose it since it’s for the good of both the government and the people. But the real challenge is whether they can actually implement their plan. They couldn't even fully ban Binance; they said NTC already banned it, but people are still able to access it.

I agree with this. Ito rin yung isang reason bakit andami parin nakakalusot sa Pilipinas eh, di masyado mahigpit sa kahit anong bagay.

Parang always behind ang Pilipinas, lalo na ngayon papalapit na ang eleksyon, itong mga plan into nila for sure, matatagalan na naman ito at mahihirapan na man sa pag implement.

Parang ang nangyayari kasi pag gumagawa sila ng batas na hindi nila na experience yung kalagayan ng mga naapektohan nito, parang di man lang sila gumawa nga survey or kumuha ng mga hinaing ng mga tao at personal na mga experiences.

[tech30338]

Representative Joey Salceda has filed a house resolution to tax foreign crypto exchanges. According to him, the government's earnings are quite low, given that only 9 active VASPs (Virtual Asset Service Providers) are operating locally. He also mentioned that despite an NTC order to block illegal foreign exchanges, Filipinos still have access to between 500 and 1,600 overseas crypto exchanges, none of which are attempting to register locally. Because of this, he proposed a resolution for Congress to study ways to generate revenue from these platforms. He noted that when Binance was banned and blocked, Filipino users lost access.



To make it easier for these exchanges to register, they might create laws that aren't too difficult to comply with, as blocking access to these exchanges entirely is still a challenge. If foreign exchanges refuse to cooperate, one idea is for the government to monitor transactions through intermediary parties, like banks, since money passes through them when buying or selling crypto. It’s a challenge, but if successful, they might be able to tax online trading income.

However (for some of us here), if you're earning crypto directly (like from a signature campaign) and trading it through P2P platforms like Binance or other foreign exchanges, this might be harder to regulate.

Here are the important notes on the news.

Salceda cited past news which led to the filing of the resolution:

1.The issuance of updated guidelines for virtual asset service providers (VASP) (Jan. 21, 2021)

2. The moratorium that paused all VASP license applications (Dec. 2023).

3. That there are only 9 remaining VASP active licensees which, as per Salceda, severely limits competition and thus “limits the incentive to innovate”.

4. The advisory vs Binance in November 2023. Salceda noted in his resolution that Binance is the “primary cryptocurrency service provider for some 9.3 million Filipinos” and that the advisory against the exchange is “prejudicing consumer interest”.

5. He also said that Philippine laws are “vague if not outright silent about the power of the NTC to block websites“. It can be remembered that the NTC issued an order to telcos to block the Binance website.

Thoughts on this [...]]

Hindi ako ngaagree na mababa ang tax collection ng government, ang isang issue talaga jan ay ang corruption sa ibat ibang sangay ng ating gobyerno, kung titingin ka palang andmi mga establishment saan napupunta ang mga tax nila, customs palang bilyon na ang kita daang bilyon ah sa tingin ko, kung dagdagan pa ngtax na ito parang buhay na buhay na mga henerasyun padating sa mga buwaya, madali lang naman masulusyunan yan at kung tutuusin kaya ne binance magbayad isang lang dahilan maaring may gusto pa ng kickback kaya di natuloy at dina pumayag ang binance kasi garapalan.

[gunhell16]

Representative Joey Salceda has filed a house resolution to tax foreign crypto exchanges. According to him, the government's earnings are quite low, given that only 9 active VASPs (Virtual Asset Service Providers) are operating locally. He also mentioned that despite an NTC order to block illegal foreign exchanges, Filipinos still have access to between 500 and 1,600 overseas crypto exchanges, none of which are attempting to register locally. Because of this, he proposed a resolution for Congress to study ways to generate revenue from these platforms. He noted that when Binance was banned and blocked, Filipino users lost access.



To make it easier for these exchanges to register, they might create laws that aren't too difficult to comply with, as blocking access to these exchanges entirely is still a challenge. If foreign exchanges refuse to cooperate, one idea is for the government to monitor transactions through intermediary parties, like banks, since money passes through them when buying or selling crypto. It’s a challenge, but if successful, they might be able to tax online trading income.

However (for some of us here), if you're earning crypto directly (like from a signature campaign) and trading it through P2P platforms like Binance or other foreign exchanges, this might be harder to regulate.

Here are the important notes on the news.

Salceda cited past news which led to the filing of the resolution:

1.The issuance of updated guidelines for virtual asset service providers (VASP) (Jan. 21, 2021)

2. The moratorium that paused all VASP license applications (Dec. 2023).

3. That there are only 9 remaining VASP active licensees which, as per Salceda, severely limits competition and thus “limits the incentive to innovate”.

4. The advisory vs Binance in November 2023. Salceda noted in his resolution that Binance is the “primary cryptocurrency service provider for some 9.3 million Filipinos” and that the advisory against the exchange is “prejudicing consumer interest”.

5. He also said that Philippine laws are “vague if not outright silent about the power of the NTC to block websites“. It can be remembered that the NTC issued an order to telcos to block the Binance website.

Thoughts on this [...]]

Hindi ako ngaagree na mababa ang tax collection ng government, ang isang issue talaga jan ay ang corruption sa ibat ibang sangay ng ating gobyerno, kung titingin ka palang andmi mga establishment saan napupunta ang mga tax nila, customs palang bilyon na ang kita daang bilyon ah sa tingin ko, kung dagdagan pa ngtax na ito parang buhay na buhay na mga henerasyun padating sa mga buwaya, madali lang naman masulusyunan yan at kung tutuusin kaya ne binance magbayad isang lang dahilan maaring may gusto pa ng kickback kaya di natuloy at dina pumayag ang binance kasi garapalan.

sa tax na meron nga tayo dito sa bansa natin ay nalalakihan na ako pero sa ibang mga bansa ay mas malaki pa sa tax na iniimplement dito. Well, sana nga mapatupad nila yan ng maayos na kung saan ang makikinabang ang lahat ng mga crypto community sa huli.

Kaya lang sa reality talaga, napakadalang lang napag-uusapan ang ganyang bagay na related sa cryptocurrency o bitcoin or blockchain technology. Isipin mo sa loob ng 2 years parang singit-singit lang nangyayari na napag-uusapan ang crypto o mga crypto exchange sa bagay na ito.

[bhadz]

sa tax na meron nga tayo dito sa bansa natin ay nalalakihan na ako pero sa ibang mga bansa ay mas malaki pa sa tax na iniimplement dito. Well, sana nga mapatupad nila yan ng maayos na kung saan ang makikinabang ang lahat ng mga crypto community sa huli.

Ayaw kong maging negative at remain optimistic lang sa mga ganitong nangyayari sa bansa natin. Magiging legal at sana nga makinabang ang dapat makinabang tulad natin.

Kaya lang sa reality talaga, napakadalang lang napag-uusapan ang ganyang bagay na related sa cryptocurrency o bitcoin or blockchain technology. Isipin mo sa loob ng 2 years parang singit-singit lang nangyayari na napag-uusapan ang crypto o mga crypto exchange sa bagay na ito.

Kasi iba ang bills priority ng house at senado. May mga kanya kanya silang focus kaya hindi din natin maaasahan yung mga ganitong resolution para maipasa bilang batas. Pero nakikita nating lahat na may pag-asa ang binance dito. Nakalaya na si CZ at kahit wala naman na siya sa board as CEO o anomang position, malaki pa rin ang shares niya sa company at nagpunta na siya dito sa bansa natin. Waiting nalang siguro mga ilang taon para maipasang batas yan, 2 years na pinakamabilis siguro?

[lionheart78]

It was the institutions fault kung bakit mababa ang kita nila from exchanges tax.  Remember the ban approving/releasing new licenses sa mga nag-aapply nito.  At nakita naman natin ang naging resulta, siguro dapat mag start na silang mag release ng mga licenses para sa mga foreign exchange ng magkaroon sila ng right to tax them.

Hindi ako ngaagree na mababa ang tax collection ng government, ang isang issue talaga jan ay ang corruption sa ibat ibang sangay ng ating gobyerno, kung titingin ka palang andmi mga establishment saan napupunta ang mga tax nila, customs palang bilyon na ang kita daang bilyon ah sa tingin ko, kung dagdagan pa ngtax na ito parang buhay na buhay na mga henerasyun padating sa mga buwaya, madali lang naman masulusyunan yan at kung tutuusin kaya ne binance magbayad isang lang dahilan maaring may gusto pa ng kickback kaya di natuloy at dina pumayag ang binance kasi garapalan.

True corruption talaga ang problema like dun sa kinwento sa akin ng kakilala ko na intead of complying dun sa requirement, binabayaran na lang nila para maaprove ang mga certification na kailangan nila sa negosyo nila. 

[Text]

Sa tingin ko, malaking hamon talaga ang pag regulate at pag-tax ng foreign crypto exchanges dito sa Pilipinas dahil decentralized ang nature ng mga transactions at napaka-fluid ng ecosystem. Kahit pa maglagay ng regulations para sa mga exchanges, mahirap talagang i-monitor lahat, lalo na kung may mga paraan tulad ng P2P na hindi dumadaan sa mga traditional banks.

Dapat ang mga batas na ipapatupad ay hindi nakapabibigat sa mga users at negosyante, kundi makatutulong sa pag-unlad ng crypto industry dito sa bansa natin.