Sa ngayun wala pa akung naririnig o nabasa na balita mula sa pamahalaan natin na mayron o magkakaroon na ng tax ang mga kagaya natin kumukita sa cryptocurrency, kung sakali man na ipag utos ito ng pamahalaan ay okey lang naman din para sa akin.
Pero ang sigurado dito ang pinapatawan ng tax ay ang mga exchange katulad ng COINS.PH at mga iba pang katulad nito.
Topic: May tax ba ang Cryptocurrency? - page 10. (Read 2763 times)
I agree with what @mirakal just said na ang dapat patawan ng tax ay ang mga exchanges or the companies like coins.ph as they are the median on where we get our income from crypto. Getting some tax over every transactions from every individual will really benefit the government that much at yung na gain na tax saan naman nila gagamitin, if ever sa ikabubuti ng crypto industry dito sa Pinas then I have no grudge para dyan.
Hope that the government will give us the specific details how they'll entitled giving tax over crypto.
Sa ngayon tax free pa talaga sya even on stock market, so habang tax free pa sya enjoy lang muna naten and wag tayo masyadong mapressure kase ok naman ang government naten wag lang basta basta magtitiwala. Sa coins.ph wala naman tax na binabawas aside from their own fees and rates, and even banks kahit na alam nila na galing ito sa coins.ph wala naman silang binabawas so meaning we are still free from paying taxes. Hope that the government will give us the specific details how they'll entitled giving tax over crypto.
There's only no clear regulation about crypto income tax but as a general rule, if you earn you have to pay taxes of what you earn, but as long as there's no proper procedures to remit, I think we can use it as an excuse.
I agree with what @mirakal just said na ang dapat patawan ng tax ay ang mga exchanges or the companies like coins.ph as they are the median on where we get our income from crypto. Getting some tax over every transactions from every individual will really benefit the government that much at yung na gain na tax saan naman nila gagamitin, if ever sa ikabubuti ng crypto industry dito sa Pinas then I have no grudge para dyan.
Hope that the government will give us the specific details how they'll entitled giving tax over crypto.
Sa ngayon tax free pa talaga sya even on stock market, so habang tax free pa sya enjoy lang muna naten and wag tayo masyadong mapressure kase ok naman ang government naten wag lang basta basta magtitiwala. Sa coins.ph wala naman tax na binabawas aside from their own fees and rates, and even banks kahit na alam nila na galing ito sa coins.ph wala naman silang binabawas so meaning we are still free from paying taxes. Hope that the government will give us the specific details how they'll entitled giving tax over crypto.
I agree with what @mirakal just said na ang dapat patawan ng tax ay ang mga exchanges or the companies like coins.ph as they are the median on where we get our income from crypto. Getting some tax over every transactions from every individual will really benefit the government that much at yung na gain na tax saan naman nila gagamitin, if ever sa ikabubuti ng crypto industry dito sa Pinas then I have no grudge para dyan.
Hope that the government will give us the specific details how they'll entitled giving tax over crypto.
Hope that the government will give us the specific details how they'll entitled giving tax over crypto.
@Bttzed03, thank you so much for bringing this topic up.
According to National Internal Revenue code "Lahat ng income galing man sa kahit na anong klaseng legal na paraan ay taxable."
Hindi nga masyadong klaro ang binigay na laws ng BIR subalit ayon sa kanilang pamunuan na ang pag tatax sa crypto income ay naka depende sa kung papano kinlasify ng BIR ang iyong bitcoin transaction. Pde itong maging capital tax gains or income tax.
But then again malaking part ng pag consider sa iyong possible tax yung tax reform. As long as you are gaining not more than 20,000 pesos monthly . You are not liable to pay your "Income Tax" in accordance to law. At when it comes to capital gains tax I will summarize it for everyone to atleast get an idea.
You are entitled to pay capital tax gains if:
-Binenta mo yung crypto asset mo
-Bumili ka ng producto gamit ang iyong asset.
Yan lng nalalaman ko sa ngayon.
I think this article is worth reading para naman ma intidihan nyo kahit papano.
https://philippines.bc.events/news/taxation-of-cryptocurrencies-in-the-philippines-how-are-virtual-currencies-regulated-93106
Ito din yung draft ng BSP regarding virtual currency's guidelines specifically ICOs
http://www.sec.gov.ph/wp-content/uploads/2018/08/MC-Rules-for-ICOs.pdf
According to National Internal Revenue code "Lahat ng income galing man sa kahit na anong klaseng legal na paraan ay taxable."
Hindi nga masyadong klaro ang binigay na laws ng BIR subalit ayon sa kanilang pamunuan na ang pag tatax sa crypto income ay naka depende sa kung papano kinlasify ng BIR ang iyong bitcoin transaction. Pde itong maging capital tax gains or income tax.
But then again malaking part ng pag consider sa iyong possible tax yung tax reform. As long as you are gaining not more than 20,000 pesos monthly . You are not liable to pay your "Income Tax" in accordance to law. At when it comes to capital gains tax I will summarize it for everyone to atleast get an idea.
You are entitled to pay capital tax gains if:
-Binenta mo yung crypto asset mo
-Bumili ka ng producto gamit ang iyong asset.
Yan lng nalalaman ko sa ngayon.
I think this article is worth reading para naman ma intidihan nyo kahit papano.
https://philippines.bc.events/news/taxation-of-cryptocurrencies-in-the-philippines-how-are-virtual-currencies-regulated-93106
Ito din yung draft ng BSP regarding virtual currency's guidelines specifically ICOs
http://www.sec.gov.ph/wp-content/uploads/2018/08/MC-Rules-for-ICOs.pdf
Kung sa mga mataas ang kita maaari pero kung tayo na maliliit lang ang kinikita gaya ko siguro dapat super liit lang if ever na magkaroon ng tax dito sa Pilipinas. Pero hindi pa ba sapat ang mga tax na binabayaran ng mga company na gumagamit ng bitcoin siguro naman like coins.ph ay may tax or permit silang binabayaran at doon pa lang ay okay na at hindi na sila maghahabol.
Hopefully they will not anymore go after our earning in crypto because every time we cash out our income to php we pay for the big charges, it's coins.ph that are making a lot of money from us, so the government should increase their tax on them. It's very complicated for us to report our income in crypto as the value fluctuates, I'm thinking of a tax like "VAT" format where every time we spend we are already paying a tax on it, so same with cashing out in local exchange, they charge us, that should be our tax, or maybe if the government are still not satisfied, they just add a tax during conversion so we don't have to report individually.
I'm not underestimating the knowledge of that barangay representative but her knowledge on Philippine taxation may be lacking. Hindi parehas ang classification ng trader sa freelancer.
To be more accurate, all income are taxable unless may specific provision na tax-exempt siya (may tinatawag tayo na non-taxable income). Wala pa naman nilabas ang BIR na tax-exempt ang kinikita natin sa crypto-related activities.
Tama ka dyan. Pero, wala kasing specific guidelines para sa atin, and sa traders if may tax ba talaga to. Pero, sana to clear things out sana maglabas si BIR ng guidelines regarding trading in exchanges, tutal di na naman mangmang ang Pinas sa mga ganitong uri ng transaction. To be more accurate, all income are taxable unless may specific provision na tax-exempt siya (may tinatawag tayo na non-taxable income). Wala pa naman nilabas ang BIR na tax-exempt ang kinikita natin sa crypto-related activities.
Kung sa mga mataas ang kita maaari pero kung tayo na maliliit lang ang kinikita gaya ko siguro dapat super liit lang if ever na magkaroon ng tax dito sa Pilipinas. Pero hindi pa ba sapat ang mga tax na binabayaran ng mga company na gumagamit ng bitcoin siguro naman like coins.ph ay may tax or permit silang binabayaran at doon pa lang ay okay na at hindi na sila maghahabol.
I'm not underestimating the knowledge of that barangay representative but her knowledge on Philippine taxation may be lacking. Hindi parehas ang classification ng trader sa freelancer.
To be more accurate, all income are taxable unless may specific provision na tax-exempt siya (may tinatawag tayo na non-taxable income). Wala pa naman nilabas ang BIR na tax-exempt ang kinikita natin sa crypto-related activities.
Tama ka dyan. Pero, wala kasing specific guidelines para sa atin, and sa traders if may tax ba talaga to. Pero, sana to clear things out sana maglabas si BIR ng guidelines regarding trading in exchanges, tutal di na naman mangmang ang Pinas sa mga ganitong uri ng transaction. To be more accurate, all income are taxable unless may specific provision na tax-exempt siya (may tinatawag tayo na non-taxable income). Wala pa naman nilabas ang BIR na tax-exempt ang kinikita natin sa crypto-related activities.
Sana magkaroon tayo ng concrete procedure on how to file taxes with crypto kasi sa US, nag-uumpisa na sila maghabol sa mga tax evaders. lol
Quote
By the end of August, an estimated 10,000 taxpayers will receive letters from the IRS warning them that they may owe back taxes on unreported cryptocurrency earnings. While it might not be immediately obvious, you must include cryptocurrency earnings when you file federal taxes. As with tax evasion for traditional currency, anyone convicted of evading crypto taxes could face up to five years in prison and a fine of up to $250,000.
In a press release, IRS Commissioner Chuck Rettig said:
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties. The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
The IRS considers cryptocurrency taxable just like any other property transaction. If you're paid in crypto by an employer, your earnings are subject to federal income tax withholding and payroll taxes. If you earn cryptocurrency as an independent contractor, you'll have to file a 1099. If you sell crypto, you could have to pay capital gains tax, and if you're mining, that should be reported in your gross income. While cryptocurrency may have once felt cutting edge, getting a letter from the IRS stating that you owe back taxes makes it automatically less cool.
~Source In a press release, IRS Commissioner Chuck Rettig said:
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties. The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
The IRS considers cryptocurrency taxable just like any other property transaction. If you're paid in crypto by an employer, your earnings are subject to federal income tax withholding and payroll taxes. If you earn cryptocurrency as an independent contractor, you'll have to file a 1099. If you sell crypto, you could have to pay capital gains tax, and if you're mining, that should be reported in your gross income. While cryptocurrency may have once felt cutting edge, getting a letter from the IRS stating that you owe back taxes makes it automatically less cool.
This topic is worth reviving/bumping.
Indeed it is. Pero I just want to share my experience sa may barangay namin. Humingi kasi ako ng barangay clearance for verification para sa coins noon. And then, they are asking for the reason why I'm getting a barangay clearance. I told them a long story about sa verification. And then, may nabanggit dun yung barangay representative na, yang mga trading trading na yan kase, walang tax yan eh. Parang freelancer. Somewhat ganyan yung sinabi. I don't know if this should be what we follow pero ang sabi ni pinoycash all income is taxable which is true naman. Pero di rin kase stable ang kitaan dito eh. Minsan pa may mga sumasideline lang dito gamit yung forum.To be more accurate, all income are taxable unless may specific provision na tax-exempt siya (may tinatawag tayo na non-taxable income). Wala pa naman nilabas ang BIR na tax-exempt ang kinikita natin sa crypto-related activities.
This topic is worth reviving/bumping.
Indeed it is. Pero I just want to share my experience sa may barangay namin. Humingi kasi ako ng barangay clearance for verification para sa coins noon. And then, they are asking for the reason why I'm getting a barangay clearance. I told them a long story about sa verification. And then, may nabanggit dun yung barangay representative na, yang mga trading trading na yan kase, walang tax yan eh. Parang freelancer. Somewhat ganyan yung sinabi. I don't know if this should be what we follow pero ang sabi ni pinoycash all income is taxable which is true naman. Pero di rin kase stable ang kitaan dito eh. Minsan pa may mga sumasideline lang dito gamit yung forum.
This topic is worth reviving/bumping.
@PinoyCash, you seem to be the most knowledgeable about Philippine Tax on this thread, why not create a more informative and comprehensive topic? A lot of commenters are not reading your good responses here.
@PinoyCash, you seem to be the most knowledgeable about Philippine Tax on this thread, why not create a more informative and comprehensive topic? A lot of commenters are not reading your good responses here.
Base sa pagkakaintindi ko, wala pang tax sa ngayon ang cryptocurrencies.
Ganito yan, hindi porket tahimik pa o wala pang malinaw na guideline ang BIR tungkol dito eh ibig sabihin wala ng tax. Kung kumita ka dahil sa pag-trade, pag-mina, pag-bounty, pagsali sa signature campaigns, maari pa din mapatawan ng buwis yung mga kinita mo. May iba-ibang klase ng buwis na pwede ipataw depende sa kung paano ka kumita. I consult this thing sa isang retired judge, ang sinagot nya sa akin is ganito.. as a cryptocurrency wala but kapag ito ay ipinapalit na natin sa peso, this is considered as kita so ito ay may karampatang buwis.
This is probably because Cash basis ang tax system dito. Sa ngayon, fiat pa lang ang kinikilalang cash. 
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.
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.
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.
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.
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?
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.
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. Jump to: