NFT games players might facing problem in our country

[yazher]

Last night the game Axie Infinity was shown on the mainstream media and they cover stories of successful players who earn lots of income with it. But the problem is, the government also watches the stories from another side of the world and thinking that they can put some taxes on it. This kind of news is something you don't want to see because once they put their hands on these earning opportunities, they will fill all of the games and trading platforms out there with taxes. They shouldn't be happy when they got an interview because the one will suffer are those who entered late in the game and put some huge amount of capitals.



Source:

https://mb.com.ph/2021/08/23/axie-infinity-earnings-subject-to-tax-dof/?fbclid=IwAR3x4_5dUJV2w5KtmnPs4OY8_h4NQsdnBm_fHUjkpdFx-dA-Bq5Zd-1CuBc

[DapanasFruit]

There is no stopping Axie Infinity in terms of popularity and it is just a matter of time until the mainstream media will be mentioning and talking about...who would not want to cover many successful and amazing stories of people rising from poverty because of the opportunity provided by NFT gaming platform called Axie Infinity? And of course, there is no stopping for the tax agency to look into the possibility that these high earning players are not actually paying any or the right tax to the government. By law, we all have the obligation to pay our taxes but of course in the Philippines you can hide as much as you can...especially if you are just a small fry like me. So if you happen to be the one interviewed by Jessica Soho then be careful maybe soon an agent from BIR can be knocking your door for the big good news that you have to pay your tax as soon as possible otherwise a portion of your house built from Axie earning can be hauled off and sold for auction. Remember, two things we can never avoid forever: death and tax.

[andeluna]

I don't know if you are in the Philippines bacause you just say in our country lots of country can post in this forum thread 😂 by the way when it comes to your thread that is really a problem to those who are playing NFT games as source of income specially in the Philippines theres a lot of gamer who started their career by this kind of platform the really problem about this is the Government they are seeking people who earning high value of money even its not part of their job to get tax with it. I thought not only in NFT games their planning to get tax but also some youtubers and streamers.

[cryptoaddictchie]

They shouldn't be happy when they got an interview because the one will suffer are those who entered late in the game and put some huge amount of capitals.

Yeah watch this too. The problem here is the decentralization set up for axie. The goverment even trying to tax something they dont even have law yet. How come they would impose such tax they dont even have regulations about it yet. Its fine to pay tax as long as they have guildelines about the crypto. Its same with trading without any rules, so Im sure this will take time or will never be implemented. Suck that  Philippines have crocodiles in the offices. These people are hungry for taxes. They obviously aiming something here.

[Beparanf]

They shouldn't be happy when they got an interview because the one will suffer are those who entered late in the game and put some huge amount of capitals.

Yeah watch this too. The problem here is the decentralization set up for axie. The goverment even trying to tax something they dont even have law yet. How come they would impose such tax they dont even have regulations about it yet. Its fine to pay tax as long as they have guildelines about the crypto. Its same with trading without any rules, so Im sure this will take time or will never be implemented. Suck that  Philippines have crocodiles in the offices. These people are hungry for taxes. They obviously aiming something here.

Agree on this, They don't need to tax players directly because all of them will need an exchange to convert SLP to Fiat, Maybe create a guidelines just like what US SEC do to regulate there people. They regulate exchange which means user are forced to submit an audit and pay there taxes base on there trading value. I notice that the issue is from Philippines which is very slow to create a guidelines. Politicians are very busy on self interest that's all the laws created is just for there own self benefits. I don't see any alarming effect of this if its came from Philippines government. LMAO

[robelneo]

I notice that the issue is from Philippines which is very slow to create a guidelines. Politicians are very busy on self interest that's all the laws created is just for there own self benefits. I don't see any alarming effect of this if its came from Philippines government. LMAO

Axie has a huge hype in the Philippines they are even covered by mainstream media thanks to those who posted their income online and on TV, I agree that guidelines will be the main issue here, there are players who will comply and there are players who will try to evade paying, can the government have access on how much these players are earning and will AXIE grant them access, some players will opt to do peer to peer than trade them on the exchange, they will just encourage peer to peer.

[uelque]

I notice that the issue is from Philippines which is very slow to create a guidelines. Politicians are very busy on self interest that's all the laws created is just for there own self benefits. I don't see any alarming effect of this if its came from Philippines government. LMAO

Axie has a huge hype in the Philippines they are even covered by mainstream media thanks to those who posted their income online and on TV, I agree that guidelines will be the main issue here, there are players who will comply and there are players who will try to evade paying, can the government have access on how much these players are earning and will AXIE grant them access, some players will opt to do peer to peer than trade them on the exchange, they will just encourage peer to peer.

I'm from the Philippines, and to be honest, I think they can put taxes to those earning in axie infinity. I believe there is a certain regulation here in exchanges about crypto (correct me if I'm wrong) which I have read before and they can put tax on it by creating a certain guideline. I'm afraid it is possible here though, but still I'm not sure. Government officials here are hungry for money so they will do everything on their power for them to earn on any possible opportunities out there like this one I guess. Maybe once this crypto game or other crypto games become much popular, and attracts much much more users, there is a possibility people will pay tax. Just a possibility!

[asriloni]

It sounds a non sense thing. If the government intends to did taxation to the players and then it can be done through their report about the income from the cryptocurrency.

Doing tax to the decentralized application even game like axie infinity was a non sense thing. How can they do that?

If a player has been getting profit from doing trade, play or sell on the axie market and these players will always withdraw or cashout their money through exchange site. that means if the tax can be done when the users were cashing out their money from the exchange site.

[cryptoaddictchie]

Politicians are very busy on self interest that's all the laws created is just for there own self benefits. I don't see any alarming effect of this if its came from Philippines government. LMAO

By the sound of it. Im sure we are living on the same country surrounded by dirty politicians. Im gonna laugh hard to see how bir will tax these players. Yes it thr country right's to have a tax from the people living it however, with the process they are doing, how people will follow their rules especially we all knew how corrupt these politicians. People only dont want to waste the tax only to know that their paid money wouldnt go to appropriate allocation but been used for some crazy meal and budget for a holiday vacation and bought luxurious cars.

[Anonylz]

Once something start to gain the media attention you already know what next is coming, even if not now maybe sometime in the future the government can make such decision, it is a probability, government always looking for ways to have control and knowing the type of revenue the owners of this project could be generating, it will be impossible to just ignore, it is a matter of imposing tax on the company and that's it.

[sgenuine]

I am not sure if authorities are likely to begin taking taxes from crypto players. I think that this sphere is so unfamiliar for them and I really don’t understand how they can know about your assets especially if you work with anonymous currencies. But if there are interviews with players, it will be easy for the government to identify those players, so I would rather these games didn’t expose their players.

[iTradeChips]

The Bureau of Internal Revenue, is definitely looking into the possibility of taxing Axie and possibly all the other NFT games in the future. If you come look at the bigger picture, the government is trying to find ways to tax many different kinds of stuff coming from the internet like Netflix, or Facebook or in this case cryptocurrencies, as they see that there is really big money that is being made here. Source: https://www.msn.com/en-ph/news/national/bir-to-go-after-cryptocurrency-deals/ar-AANDHMz?ocid=msedgntp

[vv181]

~This kind of news is something you don't want to see because once they put their hands on these earning opportunities, they will fill all of the games and trading platforms out there with taxes.~

Whether we like it or not, taxation will be inevitable in the cryptocurrencies space. Axie surely gets the centre of attention noting how big the userbase as does the money that flows around on that platform. But if the governments want to impose a tax on any type of cryptocurrencies assets they need strict regulation and laws for it. I don't think they will mandate a heavily strict regulation/law into any projects that exist, we all know how many shitcoins that are available on this space.

[yazher]

~This kind of news is something you don't want to see because once they put their hands on these earning opportunities, they will fill all of the games and trading platforms out there with taxes.~

Whether we like it or not, taxation will be inevitable in the cryptocurrencies space. Axie surely gets the centre of attention noting how big the userbase as does the money that flows around on that platform. But if the governments want to impose a tax on any type of cryptocurrencies assets they need strict regulation and laws for it. I don't think they will mandate a heavily strict regulation/law into any projects that exist, we all know how many shitcoins that are available on this space.

Yeah! you're right because if they ever implemented such laws, they also need to investigate the project if they really wanted to get some tax from it because I realized that not only the players will get affected if ever that will happened, the owner of the games need to be transparent too in order for their game to be played.

[crwth]

Knowing how the government works in the country, it's just going to become a change in their pockets. It will be hard for them to materialize this taxing, knowing that its actual method is quite technical, and they need an expert to form an effective way to tax. So I doubt they would be doing that because it will take a lot of work for the employees there and they are not that efficient when it comes to working. I hope they don't ruin the decentralized nature of it.

[Chuky92]

Last night the game Axie Infinity was shown on the mainstream media and they cover stories of successful players who earn lots of income with it. But the problem is, the government also watches the stories from another side of the world and thinking that they can put some taxes on it. This kind of news is something you don't want to see because once they put their hands on these earning opportunities, they will fill all of the games and trading platforms out there with taxes. They shouldn't be happy when they got an interview because the one will suffer are those who entered late in the game and put some huge amount of capitals.



Source:

https://mb.com.ph/2021/08/23/axie-infinity-earnings-subject-to-tax-dof/?fbclid=IwAR3x4_5dUJV2w5KtmnPs4OY8_h4NQsdnBm_fHUjkpdFx-dA-Bq5Zd-1CuBc

That is right, you made a very good point and that is the nature of the government but however, there is no way one can hide his platform and development just because the government don't like it, that is to say, more of this will be seen in the coming days. Also, most governments have tried to limit Bitcoin and crypto growth in their country but yet, people are still getting involved because it is hard to ignore, therefore this one will still progress irrespective of what the government says, all that is needed is for the team to continue developing and working on what will attract more users and investors.
Lastly, sooner than later, they will understand that crypto has come to stay and there is little to nothing they can do about it, than finding ways to accommodate it.

[michellee]

They will somehow search for a way to tax the players. We know they can do that with their resources, and if they can not do it right now, they have much time to get that way. They will not let the chance get additional income to their country and try to know who the players are and ask about many things. When that happens, the players could only follow their rule because they lived in their country. But if we know how to treat our assets and not tell others, I think we will be safe and do not have to pay tax because the government will not get anything except our bank account. When it comes to the bank, they can easily force the bank to investigate the money flows.