TAXING AXIE INFINITY?

【Samurai-NFT News】

【TAXING INFINITY USERS IN THE PHILIPPINES】

Online gaming has become a popular online activity in the Philippines despite the internet connection that limits a smooth gaming experience amongst gamers. Gamers are fond of connecting and building virtual relationships online; and showing off themselves through virtual battles. It is fun indeed! During this pandemic, it was a considerable alternative for leisure. Moreover, Pandemic has brought chaos and adversity to people and sorting out things on how to survive has been harsh but online game named Axie Infinity rang out amongst gamers and investors.

Recently, millions of players flocked to the said game, in where people earn as they play. Axie Infinity was said to start around 2018 but the hype was on May this year 2021. Axie infinity entices the Filipino community for entertainment and earnings.

For now let us discuss about the recent buzz of taxing Axie users. After the popular Philippine’s public affair television show KMJS (Kapuso Mo Jessica Sojo) featured two successful Axie players with six digit earnings and properties they have acquired, it called the attention of the Philippine’s Finance Secretary Antonette Tionko and remarked that gaming platforms are subject to income tax and that users are required to report their earnings. It is indeed a good business; I mean good way to generate income for the government.

Philippines has 40% users of Axie and making it the largest users. If the government would implement tax to Axie users, there must be a clear implementation and guidelines, as for now; there are still grey and undefined areas in the proposal and still need further studies.

As for Axie users, I believe there are many that are opposing as this means lesser income. Let’s see how things will go later. Is it a threat for Axie users or threat for the Axie corporation which in a non- resident foreign corporation in the Philippines? If the government pursue with taxing, will the Axie corporation comply with the Philippine Government or choose to cancel? Will they take it as chance for Axie corporation to utilize its potential in crypto currency in the Philippines? This gives me a bundle of nerves! Wheww~~!!