Business

DOF Wants Tax On Crypto In The Philippines By 2024

The Department of Finance (DOF) has submitted a proposal to the incoming administration of President-elect Ferdinand “Bongbong” Marcos Jr. to tax crypto and other digital assets by 2024.

While there’s no clear tax rule on cryptocurrency and similar digital assets yet, the DOF wants it to be treated similarly to taxable assets when sold at a profit, AKA like capital gains.

The DOF sees the taxation of crypto transactions and other digital services like Netflix and the like as critical to repaying the loans that the previous administration incurred in its fight against the COVID 19 pandemic.

Should this be implemented, the DOF sees an added revenue of around Php 13.2 billion per year from the crypto tax.

As of this writing, both the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) have yet to classify Axie Infinity’s SLP and AXS currencies as taxable ones.

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