yugatech x infinix

Axie Infinity, play-to-earn games earnings subject to income tax, says DOF

The Department of Finance (DOF) has disclosed that online pay-to-earn games, such as Axie Infinity, are subject to income tax.

In a report by Manila Bulletin, Finance Undersecretary Antonette C. Tionko said that earnings from gaming platforms such as Axie Infinity that allow players to generate profits are subject to income tax.

Tionko also disclosed that the DOF and the Internal Revenue (BIR) are looking into Axie Infinity. Although the company behind the game, Sky Mavis, is based in Vietnam, she pointed out the company’s income derived from sources within the Philippines should be covered by local taxes.

Tionko also said that Axie is yet to be characterized as a currency or security by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP), but pointed out that it is subject to income tax regardless of how it is characterized.

Axie Infinity is developed by Sky Mavis, a technology-focused game studio founded in early 2018. The whole Axie ordeal is inspired by Pokemon and Tamagotchi games. Axie Infinity is classified as an NFT game that allows individuals to earn currency from playing the game as they breed, raise, battle, and trade Axie creatures in the marketplace.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    cherry aqua series x yugatech
    honor x yugatech

    Latest Review

    NetDuma R3 Gaming Router Review
    Watch: Samsung Galaxy S25 Ultra Review
    ASUS Expertbook P5 (P5405) Review
    OPPO Reno13 Pro 5G Review
    PICCOLO G-Series1 Handheld Gaming PC Review

    Latest Guide

    BEV, Hybrid, PHEV: An Explainer for the Common Filipino Driver
    2025 Postpaid Fiber Plans in the Philippines: PLDT, Globe, Converge, Sky
    Top Apple products to kickstart the New Year through Home Credit
    The Best Flagship Phones of 2024
    Best Sub-Flagship & Premium Mid-range Phones of 2024 | (₱26,000 – ₱40,000)

    YugaAuto

    Loading feed...

    YugaMoto

    Loading feed...

    YugaGaming

    Loading feed...

    AskYuga

    Loading feed...
    Axie Infinity, play-to-earn games earnings subject to income tax, says DOF » YugaTech | Philippines Tech News & Reviews

    Yearly Device Database

    Smartphone pricelist Philippines 2024

    Smartphone pricelist Philippines 2023

    Smartphone pricelist Philippines 2022

    Smartphone pricelist Philippines 2021

    Smartphone pricelist Philippines 2020

    Popular Topics

    What We Do

    YugaTech | Philippines Tech News & Reviews
    © 2024. All Rights Reserved.