My thoughts about imposing taxes on Play2Earn
I came about the most hilarious news in crypto today, the Local Department of Finance in Philippines wants to tax Axie infinity players in Philippines by taking a cut out of every profit earned from playing and from other play to earn games, claiming that every profit generated is subject to income tax!
Amid the enormous success of crypto-powered game Axie Infinity in the Philippines, the local Department of Finance has made clear that it wants a cut of profits generated by playing Axie and other play-to-earn games. Source
How did it become a normalcy for governments to reap where they did not sow, such entitlement! Such audacity! Provide jobs for people, no! Assist with benefits especially during a pandemic? No! Then people plug into other sources and create means to survive for themselves, then governments poke their noses and say they want a cut out of it, the Philippine govt also want a cut from the profit Sky Mavis is making because most of the players are from Philippines! Crazy isnāt it?
So we are at that point where Play2Earn is the news of the day, every news media outlet is talking about it and Axie Infinity is heralding them all, what I find interesting is how all of them make it seem like Axie is the only Play2Earn game out there. Are we to say they donāt know the others? Not even a mention of Splinterlands with all the number of daily user sign ups? I thought these media outlets are supposed to have the best and latest information out there....
Because according to Dappradar, Splinterlands has been ranking higher than Axie infinity in terms of users for the past week or two, or maybe itās just about the money, you know, for some reason the profit generated seems to be more attractive to the media and most people, money makes the world go round right? Perhaps that was why this media outlet made this ranking table without a mention of Splinterlands.
Hmmn, itās only a matter of time anyway, thereās no use in raking in sales with little number of users and thereās no way user count will keep climbing and sales will remain stagnant, so eventually it will be Splinterlands all up in these media outlets when all the numbers match and we will be here for it.
I do not get the concept of paying taxes, in Nigeria we are taxed on everything we buy so thereās almost no possible way to avoid it. But for the Nigerian govt to now start saying Splinterlands players have to pay some sort of special taxes because the game is generating profit for Nigerians will be highly preposterous, well, isnāt that what some states in the U.S do too? So maybe the idea is only strange to me. I would love that someone from the Philippines sheds more light on this issue for me.
Is it okay that any government should demand cuts from profits generated from Play2Earn? Or maybe Iām the one just over thinking it.
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