Philippine Ministry of Finance: AxieInfinity game income is taxable on income

On August 23, the Philippine Treasury announced that the revenue would be taxed on sports revenue such as Axie Infinity. Tionko, head of the finance ministry's revenue team, said the finance ministry and the National Tax Service are investigating the online adventure game Axie Infinity developed by Vietnamese company Sky Mavis. The Philippines is said to be the biggest market for sports. Tionko said the Philippine Securities and Exchange Commission and the central bank have yet to decide whether Axie is profitable or safe. However, everything will be taxed on income. Skymavis pointed out that even though it is a non-resident foreign company, all income in the Philippines is subject to local taxes. Tionko says: Not registered in the Philippines. In the future, after establishing a non-resident registration, we will focus on these businesses. But now anyone who can make any money has to warn him. Any income that has impacted the digital space in the past few months will be taxed on the income, he said. (Manila newspaper)