May tax ba ang Cryptocurrency?

[Lassie]

Wala siguro tayung tax, diba may may pag ka anonymous ang identity natin sa crypto world and if ever nanmman na kumita tayu ng malaki tas lagay natin sa coins.ph  nakalagay naman dun halimbawa allowance mo monthly di naman yan pwedeng kunan ng tax eh. Mahirap yan ma trace kung sino nga dapat patawan ng tax.

dahil sa extra verification ni coins.ph magiging posible na matrace yung income nung mga malalaki ang kita dito satin kasi nakarecord na kay coins.ph yung mga source of income natin so possible na pinapasa yun sa government pero not sure

[Astvile]

Di ko ramdam yung tax kasi wala naman talagang tax sa bitcoin, ang nagsisilbing tax lang satin ay yung sa tuwing nagsesend tayo ng bitcoin ay may fees.Yun na yung mismong tax na sa tingin ko bumubuhay sa blockchain.Other than that wala naman na sigurong tax most on fees lang talaga

[alisafidel58]

Di ko ramdam yung tax kasi wala naman talagang tax sa bitcoin, ang nagsisilbing tax lang satin ay yung sa tuwing nagsesend tayo ng bitcoin ay may fees.Yun na yung mismong tax na sa tingin ko bumubuhay sa blockchain.Other than that wala naman na sigurong tax most on fees lang talaga

Sir kindly read this. So that you would know what you are talking about.

[mirakal]

Wala siguro tayung tax, diba may may pag ka anonymous ang identity natin sa crypto world and if ever nanmman na kumita tayu ng malaki tas lagay natin sa coins.ph  nakalagay naman dun halimbawa allowance mo monthly di naman yan pwedeng kunan ng tax eh. Mahirap yan ma trace kung sino nga dapat patawan ng tax.

dahil sa extra verification ni coins.ph magiging posible na matrace yung income nung mga malalaki ang kita dito satin kasi nakarecord na kay coins.ph yung mga source of income natin so possible na pinapasa yun sa government pero not sure

It's not necessary that they will pass it to the government, but we have our date stored in their system, so in case there's an investigation, it's easy for them to get our data. I believe coins.ph is under and supervise by BSP, so they are required to comply with the AMLC reporting as well.

[pinoycash]

It's not necessary that they will pass it to the government, but we have our date stored in their system, so in case there's an investigation, it's easy for them to get our data. I believe coins.ph is under and supervise by BSP, so they are required to comply with the AMLC reporting as well.

Anything above 500k transaction they need to report to AML, yan ang reason kung bakit hanggang 400k lang max daily ng level 3. tapos ang custom level na full bussiness verification na yan kaya mataas ang limit.

[sergiokkl]

Sa pagkakaalam ko wlaa naman tayong  tax pag dating sa crypto currency, hindi pa naman ganon ka laganap abg bitcoin at iilang outlet lang din or branch na maari nating ma withdraw ang btc. Sa ngayun wlaa pa dahil kung iisipin di naman to work sa gobyerno at ang pera na nakukuha natin ay galing naman sa ibang bansa. At mailalagay ito sa wallet at ang wallet na iyon ay may sariling pagpapalakad sa nga fees. So labas na taxes don. Just thinking lang naman

[alisafidel58]

Sa pagkakaalam ko wlaa naman tayong  tax pag dating sa crypto currency, hindi pa naman ganon ka laganap abg bitcoin at iilang outlet lang din or branch na maari nating ma withdraw ang btc. Sa ngayun wlaa pa dahil kung iisipin di naman to work sa gobyerno at ang pera na nakukuha natin ay galing naman sa ibang bansa. At mailalagay ito sa wallet at ang wallet na iyon ay may sariling pagpapalakad sa nga fees. So labas na taxes don. Just thinking lang naman

When you manage to hit your limit in coins.ph then you will surely understand everything.

[Dhanems]

Sq pagkakaintindi ko,ang online transaction ay maari din tayong nagbabayad Ng tax,dahil LAHAT Naman Ng transaction Natin is may Blockchain fee or miners fee..parang ganun Lang din pagkakaintindi ko ha.kaibahan lng Ng tax Natin d2 ay Hindi mapupunta sa gobyerno ang pinangbayad Natin sa Blockchain transaction fee.kung Di dun sa mga miners Natin.

[pinoycash]

Sa pagkakaalam ko wlaa naman tayong  tax pag dating sa crypto currency, hindi pa naman ganon ka laganap abg bitcoin at iilang outlet lang din or branch na maari nating ma withdraw ang btc. Sa ngayun wlaa pa dahil kung iisipin di naman to work sa gobyerno at ang pera na nakukuha natin ay galing naman sa ibang bansa. At mailalagay ito sa wallet at ang wallet na iyon ay may sariling pagpapalakad sa nga fees. So labas na taxes don. Just thinking lang naman

All income is taxable yan po ang laging tatandaan, Mahina lang ang eforcement ng BIR kaya nakakalusot pa tayu sa hindi pagbabayad ng income tax from crypto income.

And isa pa sa dahilan is yung lack of information about sa stance ng BIR about Cryptocurrencies until today hindi pa rin xa consider as a currency or digital money sa pinas at mode of remittance palang ang common use sa ngayun.

[r1a2y3m4]

Ang pagwowork online ay walang tax ditto sa ating bansa. And it's good to say na wala talaga kaya maganda talaga yung pagwowork online or by  trading. Ang tax nga lang naten ay yung fees sa mga transaction.

This one made me laugh so much.

English Dictionary 101.

1. Tax = A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

2. Fee = A fee is the price one pays as remuneration for rights or services.


Therefor "Tax" and "Fee" are different, im not underestimating you but please do some research before you post.


A transaction fee that you pay for every single transaction that you did goes through the miners. Its not a tax that our government impose to us.

I didn't say na tax natin yung mga fee sa mga transactions. I'm sorry for not choosing my words carefully. I know the difference between tax and fees. I just chose my words not carefully, I meant on that was yung fees natin sa transactions yun yung parang nagiging tax natin sa cryptocurrency. Pero, thanks for the concern. At least nacocorrect ko yung mistakes ko.

[spadormie]

All income is taxable yan po ang laging tatandaan, Mahina lang ang eforcement ng BIR kaya nakakalusot pa tayu sa hindi pagbabayad ng income tax from crypto income.

True. All income is taxable. Pero I have a question pinoycash. Are we evading taxes? Or isn't it the government's fault for them not to tax us because they don't have the knowledge on what we're doing in this forum? Magulo pa yun sa isipan ko tungkol dyan eh. Sa tingin ko, mali din yung kumkita tayo online pero wala tayong tax, and may kaso yun eh.

[r1a2y3m4]

Ang pagwowork online ay walang tax ditto sa ating bansa. And it's good to say na wala talaga kaya maganda talaga yung pagwowork online or by  trading. Ang tax nga lang naten ay yung fees sa mga transaction.

Do you have a source to backup your post?

As far as i know, All income above 250,000 PHP whether from Online or Offline traditional job are taxable.

Who are Required to File Income Tax Returns?

Individuals = This is us!
Resident citizens receiving income from sources within or outside the Philippines.

Sources: https://www.bir.gov.ph/index.php/tax-information/income-tax.html

Sir, you registered August 22, 2014. Since then that time may mga bounties na magaganda tayo sa forum na to. Just like my friends siguro na nauna sakin sa forum na ito, kumita ka na nang malaking pera, let's say na 200k+. Natax-san ka ba sir? Kasi sila, hindi na tax-san sa kinita nila.

[alisafidel58]

Sir, you registered August 22, 2014. Since then that time may mga bounties na magaganda tayo sa forum na to. Just like my friends siguro na nauna sakin sa forum na ito, kumita ka na nang malaking pera, let's say na 200k+. Natax-san ka ba sir? Kasi sila, hindi na tax-san sa kinita nila.

Few ways how to evade taxes (I'm not saying I did it).

1. Don't put all your cryptocurrency into coins.ph.

2. Find a person who can trade your crypto into cash. It's fairly easy nowadays.

[r1a2y3m4]

1. Don't put all your cryptocurrency into coins.ph.

There is one case na yung friend ko nirequest-an ng coins ng skype call. Siguro if malalakihan na ang nilalagay natin sa coins, talagang makakakuha tayo ng notice.

2. Find a person who can trade your crypto into cash. It's fairly easy nowadays.

Obviously, dahil padami na nang padami ang mga gumagamit ng cryptocurrency. Dumadami ang demand whether what coin pa yan.

[pinoycash]

Sir, you registered August 22, 2014. Since then that time may mga bounties na magaganda tayo sa forum na to. Just like my friends siguro na nauna sakin sa forum na ito, kumita ka na nang malaking pera, let's say na 200k+. Natax-san ka ba sir? Kasi sila, hindi na tax-san sa kinita nila.

Before train law i declare my income as a minimum wage earner as a online freelancer, still non-taxable since i only declare 293 php/day or 7500 per month for provincial rate. I still file my income tax return yearly on or before april 15. 

Your tax will depends in the amount of income you will declare as a self employed homebased workers. pero kahit non-taxable ang income mo need pa din magfile ng income tax return yearly. Just submit your ITR and have it stamp by BIR examiner.

[Ipwich]

Sir, you registered August 22, 2014. Since then that time may mga bounties na magaganda tayo sa forum na to. Just like my friends siguro na nauna sakin sa forum na ito, kumita ka na nang malaking pera, let's say na 200k+. Natax-san ka ba sir? Kasi sila, hindi na tax-san sa kinita nila.

Few ways how to evade taxes (I'm not saying I did it).

1. Don't put all your cryptocurrency into coins.ph.

2. Find a person who can trade your crypto into cash. It's fairly easy nowadays.

It's easy to do that, but how about those we earn, like bounties in the past, which for sure we have earned a decent amount that time.
All my transactions was from my wallet to coins.ph, but I am not paying taxes for this since I don't see any law that I have to, and I have not receive any messages from coins.ph that it's necessary. This is quite complicated actually since crypto is not usual to us, has anyone of you here remittance taxes on crypto earnings? and how?

[pinoycash]

All income is taxable yan po ang laging tatandaan, Mahina lang ang eforcement ng BIR kaya nakakalusot pa tayu sa hindi pagbabayad ng income tax from crypto income.

True. All income is taxable. Pero I have a question pinoycash. Are we evading taxes? Or isn't it the government's fault for them not to tax us because they don't have the knowledge on what we're doing in this forum? Magulo pa yun sa isipan ko tungkol dyan eh. Sa tingin ko, mali din yung kumkita tayo online pero wala tayong tax, and may kaso yun eh.

Sorry for missing out your question, Yes since all income is taxable be it from online or offline jobs its all considered INCOME.

Yes by not submitting your Yearly ITR you are evading to declare your taxable income and paying the correct tax based on your income,

Like i said on my previous post anything below 250,000 php annual income is TAX FREE but still you need to submit your ITR and have it stamp.

If you don't know how it works there's alot of bookkeeping services available outside any BIR office and you can pay 250 to 500 pesos to make your ITR ready made for you.

[r1a2y3m4]

Sir, you registered August 22, 2014. Since then that time may mga bounties na magaganda tayo sa forum na to. Just like my friends siguro na nauna sakin sa forum na ito, kumita ka na nang malaking pera, let's say na 200k+. Natax-san ka ba sir? Kasi sila, hindi na tax-san sa kinita nila.

Before train law i declare my income as a minimum wage earner as a online freelancer, still non-taxable since i only declare 293 php/day or 7500 per month for provincial rate. I still file my income tax return yearly on or before april 15. 

Your tax will depends in the amount of income you will declare as a self employed homebased workers. pero kahit non-taxable ang income mo need pa din magfile ng income tax return yearly. Just submit your ITR and have it stamp by BIR examiner.

Ahh, thank you for this information sir. Ignorance of the law excuses no one. Magfafile ako ng ganto asap.

[mirakal]

It's not necessary that they will pass it to the government, but we have our date stored in their system, so in case there's an investigation, it's easy for them to get our data. I believe coins.ph is under and supervise by BSP, so they are required to comply with the AMLC reporting as well.

Anything above 500k transaction they need to report to AML, yan ang reason kung bakit hanggang 400k lang max daily ng level 3. tapos ang custom level na full bussiness verification na yan kaya mataas ang limit.

I don't think it's hard to report to AMLC, they have a system and they can make an automatic report if the transaction has already reach the range.
Reporting to AMLC does not mean it's illegal, it's just the standard procedure required by the AMLC.

[Freddie Aguiluz]

Base sa pagkakaintindi ko, wala pang tax sa ngayon ang cryptocurrencies. At sa aking palagay, isa iyan sa dahilan kung bakit ninanais at isinusulong ng gobyerno ang regulation ng cryptocurrencies. Because once it is regulated, the government will come up with rules to levy our cryptocurrency holdings and take an increasingly large share on profits made on sale.