⭐ Merited by Renampun (1)
But what I'm particularly amazed at is how updated the IRS is on what's happening around. In my country, the Bureau of Internal Revenue is clueless and is still operating on archaic policies.
Isn't that a good news for us? We can still have a tax-free interaction with NFTs. I hope our BIR will stay clueless and stuck operating on archaic policies.
After all, I don't believe that 100% of the tax collected by this bureau goes to the government treasury.Honestly I do not mind the government taxing NFT holders after all tax is taken on the successful trade that brings profit to the holder. It is that 28% is a bit high IMO.
As far as I know, it would be impossible for government to put taxes on decentralized market. Here in my country, NFT games were popular especially in the times of pandemic. A lot of investor tried this kind of investment where it reach to the point that it has been acknowledged by the media and news. They interviewed people who profit and asked them questions such as what they did to their money. Some bought houses, motorcycle and build businesses.
Due to its popularity, government take initiative to how people can earn that much without paying taxes. They announced it to the public that taxes will be included when playing NFT games. Of course they can't do that in the end its still decentralized. Maybe in the next decades some games every transactions will include taxes fee. It just need some proper documentation and legalisation.
Due to its popularity, government take initiative to how people can earn that much without paying taxes. They announced it to the public that taxes will be included when playing NFT games. Of course they can't do that in the end its still decentralized. Maybe in the next decades some games every transactions will include taxes fee. It just need some proper documentation and legalisation.
They are not taxed because there isn't a law yet that is implemented on the subject matter. They had only announced that NFT will be included and yet there is no bill or regulatory implementation made yet. It is different if the law is already made and the announcement is the implementation itself not just an announcement to include.