• Written by: Michael Mislos
• Wed, 25 May 2022
•   Philippines

The incoming Marcos administration must first clarify the tax treatment of cryptocurrency transactions. The post Dept. of Finance Proposes Crypto Tax by 2024 in the Philippines appeared first on BitPinas.

Dept. of Finance Proposes Crypto Tax by 2024 in the Philippines

The Philiippines’ Department of Finance has submitted a proposal to the incoming administration of President-elect Ferdinand “Bongbong” Marcos Jr. and his economic team that includes taxation on cryptocurrency by 2024.

While there is no clear taxation rules regarding cryptocurrency in the Philippines, it is treated as taxable when sold with gain (capital gains tax). (Read More: Taxation of Crypto in the Philippines)

In the proposal from the Department of Finance, it has noted that the incoming Marcos administration must first clarify the tax treatment of cryptocurrency transactions. The department has not stated the economic revenue impact of such measure.

This is a developing story.

This article is published on BitPinas: Dept. of Finance Proposes Crypto Tax by 2024 in the Philippines

The post Dept. of Finance Proposes Crypto Tax by 2024 in the Philippines appeared first on BitPinas.