PH to adopt crypto asset reporting system – DOF
THE Philippines will adopt a global framework for crypto-asset reporting to fight cross-border tax evasion and illegal digital currency transactions, the Finance department said in a statement.
Finance Secretary Ralph Recto noted the urgency of implementing more robust mechanisms for tax transparency in the digital economy.
“This is a timely commitment as digital currency becomes one of the preferred means for transactions,” Recto said. “The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished.”
