There's no stopping the Philippine government from pressing players of the hit NFT-based online game 'Axie Infinity'.

'AXIE EARNINGS ARE TAXABLE'

The Bureau of Internal Revenue reminds 'Axie' players to pay their taxes.

In a media briefing, a bureau official said that gamers who earn from playing online have tax responsibilities.

The official warned them of imprisonment and fines if they fail to fulfill their tax duties.

However, it is unclear how the government will compute and collect the tax since the Philippines has not fully adapted cryptocurrencies.

WHY 'AXIE' IS A BIG DEAL IN PH

'Axie Infinity' became a big hit in the country during the pandemic when many Filipinos are staying at home for months.

In some viral social media posts, a number of players were able to buy their own houses, cars, and new devices from their income in 'Axie'.

Players of the game earn cryptocurrencies by trading their characters and winning battles. These earnings can be converted to Philippine peso hence buying real-world items.

Due to its popularity, 'Axie' also caught the attention of the mainstream media. It was featured on several news websites and in the most-watched magazine program in the Philippines, 'Kapuso Mo, Jessica Soho'.

NOT ONLY THE TAX BUREAU

Yesterday, the Philippine Department of Finance also called on 'Axie' players to pay their taxes or face consequences.

The agency also insisted earnings from online games are taxable.

The Bureau of Internal Revenue is an attached agency of the Department of Finance.

AND VLOGGERS, TOO

But the Philippine government isn't only going after 'Axie' players - it is also keeping an eye on social media influencers.

Last week, the tax bureau reiterated its policy on taxing vloggers and online personalities.

What can you say about this story? Do you think 'Axie' earnings are taxable?

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