Post
Topic
Board Legal
Re: The best countries tax wise for Bitcoin
by
cheezcarls
on 18/02/2022, 12:06:01 UTC
I think Philippines would be a great one too, I have a friend who makes a lot of money already and I don't think that he pays that much tax. I too don't even though I make an amount that's already taxable in a regular setting. I don't recommend going to the country though, cost of living is low but the quality of life isn't good.

It is because Philippines hasn’t introduced crypto taxes yet. For now, we are paying a normal tax rate base on our income range whether monthly, quarterly or annually. If our income is below 250,000 Philippine peso annually, we’re exempted from getting taxed.

However, if it’s above, of course we are required to report that to the Bureau of Internal Revenue. As self-employed, we are only taxed for realized income (for instance crypto to fiat to bank) and not on capital gains or unrealized income.