CyberCoin

Here’s the key takeaway from the webinar: if you convert your crypto into fiat or exchange it for something that has monetary value, then those earnings are taxable.

Keep that in mind and you’re good with crypto taxes… for now.

https://www.taxumo.com/blog/cryptocurrency-taxation-philippines-guide/

Guide to Crypto Taxes in the Philippines 2021 | Axie Infinity Tax, BIR, Bitcoin, Crypto Taxes An In-Depth Guide to Cryptocurrency Taxes in the Philippines: https://www.taxumo.com/blog/cryptocurrency-taxation-philippines-guide/How do you declare your e...

If unsure, "Do not exchange or in anyway convert your Crypto assets into Fiat currencies" as they will then become subject into taxation [in the Philippines].

Crypto trades can be broken down into two different categories here. The first is a crypto to crypto trade. Since one asset is directly exchanged for another in this and no fiat profit is realised, this means that no taxable event takes place and therefore, none is payable.

On the other hand, if you swap your cryptos for fiat, you have sold off your assets and therefore are liable to pay taxes. The calculation is simple, with you noting down what you paid for the assets and what you gained when you liquidated these. The difference in overall value is your profit and this is what is to be taxed.

Tax Threshold
Like many other countries, the Philippines has defined thresholds and brackets that have different tax amounts. Once you have calculated your overall taxable income, you have to find which bracket you fall within and use the given formula. The Bureau of Internal Revenue has six income tax brackets:

There is no tax applicable to incomes less than PHP 250,000, though you will still need to file a zero taxable income return.

If you have an income between PHP 250,000 and 400,000, you only need to pay 20% of what you make over the PHP 250,000 threshold.

If you have an income between PHP 400,000 and 800,000, you have to pay a base tax of PHP 30,000, plus 25% of what you make over the PHP 400,000 threshold.

If you have an income between PHP 800,000 and 2,000,000, you have to pay a base tax of PHP 130,000, plus 30% of what you make over the PHP 800,000 threshold.

If you have an income between PHP 2,000,000 and 8,000,000, you have to pay a base tax of PHP 490,000, plus 32% of what you make over the PHP 2,000,000 threshold.

If you have an income over PHP 8,000,000, you have to pay a base tax of PHP 2,410,000, plus 35% of what you make over the PHP 8,000,000 threshold.

One thing to note is that income taxes are payable every financial quarter, not annually.

https://cointext .com/cryptocurrency-tax-map/philippines/

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