Win on a HYIP or Surf, Pay Taxes
Pinoy Money Talk has an article showing how surprising it is that you have to pay taxes on Gains through HYIP and AutoSurfs. His information is based on Philippino Law, but it shares the same characteristics as U.S. Law regarding gains and taxable income.
Now with U.S. Law if you lose money in one of these scams as well it can be considered a Tax deduction as a loss. This maybe true as well in the Philippines as well, please check with your tax expert.
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mbongwe said,
July 16, 2007 @ 7:52 am
Most people don’t make much with HYIPs and Autosurfs so they don’t have much to worry about taxes