Profits from the FrancSwiss scam are taxable
July 13, 2007
First, the funny side of all this FrancSwiss hullabaloo.
If you invested in FrancSwiss (and this goes for other online investment scams and HYIPs or High-Yield Investment Programs), all profits you earned are — surprise! — taxable.
Under Philippine tax laws, Filipino citizens are taxed for all income and profits earned, regardless of the source.
So whether they come from within or outside the Philippines, from legal or illegal sources — including jueteng, bribes, kidnapping ransom, or online investment frauds such as FrancSwiss, SMFund, and other HYIP scams — brace yourself because the BIR can go after you.
More details in the article Do I have to pay taxes on my online earnings?Â
Related forum discussion here: Tax on Online Earnings
How to declare earnings for tax purposes: Gross and taxable income from sources without the PhilippinesÂ
For tax disclosures applicable to Americans and US residents, check the Yes, income from HYIPs, autosurfs, and scams are taxable article.