Originally Posted by
Von!-x
yes, even the share in some loot.
but again, our tax people will not know about it unless you declare or someone else announces it. this is what happened sa mga professional athletes and actors/actresses. Those who hired them declared to BIR their income payments to these professionals. Let's say XMG Productions declared they paid P5M to a sexy actress in 2007. So, the taxmen will also expect that the sexy lady will declare that P5M in her ITR.
If you'll be a big time poker player someday, and some poker sites list your winnings, and then a taxman happens to see the list and verifies your tax payments, there could be a problem.
as for now, Im really sure akong winnings are still considered very negligible in the poker world.
if ever mo abot ko sa time nga mo post na ang poker sites sa winnings(if ever) Im sure naa nakoy CPA ana hehehe
so I guess it all comes down to if I declare it or not.
Originally Posted by
tOrTfeaSoR
The National Internal Revenue Code of the Phils. under Sec 32 provides that if you are a Resident Citizen of the Philippines you are tax for income received within and without the Philippines. However, since you have made mention that your source of income would be online poker, the above mentioned provision does not apply because such provision applies only to income received from business, trade, service, or profession. Exception to exception is if you consider yourself a professional online poker player.
By the way, would you mind sharing what poker website are you trying to make money out of with. I'm interested. I find ladbrokes.com very interesting, it is also a poker website from australia. Though, I have not made any real deposit yet.
If my income will come purely from my winnings, wont BIR automatically consider me as a professional poker player?
OT: As for poker sites there are a lot out there. Ladbrokes is a medium size site, if you want big ones play in party poker, pokerstars, and full tilt. Im already making slight amounts of money, but it took me almost two years of study, practice and patience to reach where I am(Im working). I still have a long way to go
Unless your willing to lose that money in gambling, its trivial or easy money, and your willing to start at very low limits to learn the game, dont bother playing or just play in play money games to practice. Swings in luck or loss in discipline will cost you your bankroll in just a few hands. My 1st $25 didnt last a month, but now its starting to make me money.
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