~snip
If a person doesn't pay "that much' tax in most cases is because of tax evasion and not low taxes.
According to the laws, it seems that income in crypto is taxed the same way as normal income, so assuming you have made 1
BTC in profits and you cash that out you're going to end in the near last threshold and pay around the equivalent of $11k in tax.
Comparing that to Germany where you just have to hold the crypto for one year and you're tax-exempt,
legally!!!!Not really my guy, if you live here then you know that the legislation or bills passed will only be implemented strictly for about 3 months and then the people are going to forget about it, that's why I was confident that you can avoid taxes here with your crypto, the only time that you're going to pay taxes is if it's in fiat. Also with the advent of Axie Infinity in the country, how come those that have made money in the early pump didn't get any visit from the tax bureau?
Simply because they didn't file there tax report to BIR. This tax report should be file voluntarily since they are self employed and earning fiat since they will surely convert there SLP in to fiat if they want to use that money. Philipines don't have a direct law obligating crypto user to file there taxes but that doesn't mean they should not pay taxes for the money are earnings. This is the typical loopholes on the 3rd world country law which lawmaker doesn't gave much attention. If you will remember, The BIR make announcement before about charging taxes for user since that's indicated in the law the only problem was there's no clear guideline on the implementation of this since this is new and lawmaker is busy doing there personal business on the congress.