South Korea Now Officially Taxing Virtual Worlds

Next Generation is reporting that the South Korean government's goal to get their cut of the real money transfer industry is now in the works. Folks who sell over $6,500 worth of virtual goods or currency in a given year will have an automatic Value Added Tax (VAT) withdrawn by the service they contract through. That is, the middleman service will remove taxes automatically for these repeat customers. If a South Korean sells over $13,000 worth of goods or currency in a given year, the government considers them a small business. As such, individuals in that position are required to obtain a business license and take care of taxes themselves. "An NTS official claims the organization will be able to monitor all transactions as RTM mediators have agreed to share clients' transaction details with the authorities. 'NTS would be able to track all transactions for taxation of virtual items,' Mr. Choi said. 'This is not about defining RMT legal/illegal; we don't see any contradictory facts to Amendment for Game Industry Promoting Law - we are not about to judge if RMT is legal or not,' he added."

Re:Wow if South Korea is gonna do that....

[Demon-Xanth]

North Korea has it's own virtual economy. Actually, it's the only economy they have.

*uses super power* *waves and ignores*

Adding Accountancy Skill to My Mage

[Hoi Polloi]

HR&R Block will be starting up a server in WoW every March. All characters will be required to finish the "Form 1040" quest.