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<blockquote data-quote="gamer" data-source="post: 5247"><a href="http://kotaku.com/assets/resources/2007/06/KRW_10000.jpg" target="_blank"><img src="http://kotaku.com/assets/resources/2007/06/KRW_10000-thumb.jpg" alt="" class="fr-fic fr-dii fr-draggable " data-size="" style="" /></a> The Korean National Tax Service has announced they will be tacking on value added tax (VAT) to real-money transactions (RMT) in virtual worlds beginning 1 July.&nbsp; It seems like a business that would be fairly easy to take under the radar to avoid paying taxes, but I&#039;m not a tax professional.&nbsp; A summarized policy:Sellers who do between 6 and 12 million won [~$6,500 - $13,000]/half year in business will have VAT auto applied by transaction&#039;s middle-manSellers who do more than 12 million won/half year in business will need a business license and will pay the tax by themselvesThe entry at <a href="http://im69.com/" target="_blank">im69</a> points out that according to the TOS of many games, in-game items and currency traded for real money still belong to the developers - so who exactly is responsible for the tax and how is the industry going to respond?&nbsp; Korean game publishers have been silent on the issue, but the increasing interest real-world governments have in regulating virtual transactions is getting more and more interesting.<a href="http://im69.com/entry/ENG-RMT-Taxation-starts-in-Korea-from-1-July-2007" target="_blank">RMT Taxation starts in Korea from 1 July 2007</a> [im69 via PlayNoEvil]<a href="http://feeds.gawker.com/~a/kotaku/full?a=iFZoMQ" target="_blank"><img src="http://feeds.gawker.com/~a/kotaku/full?i=iFZoMQ" alt="" class="fr-fic fr-dii fr-draggable " data-size="" style="" />&lt;/img&gt;</a><a href="http://kotaku.com/gaming/one-of-the-only-certainties-in-life/south-korea-to-tax-virtual-assets-273957.php" target="_blank">More...</a></blockquote>

[QUOTE="gamer, post: 5247"] [URL="http://kotaku.com/assets/resources/2007/06/KRW_10000.jpg"][IMG]http://kotaku.com/assets/resources/2007/06/KRW_10000-thumb.jpg[/IMG][/URL] The Korean National Tax Service has announced they will be tacking on value added tax (VAT) to real-money transactions (RMT) in virtual worlds beginning 1 July. It seems like a business that would be fairly easy to take under the radar to avoid paying taxes, but I'm not a tax professional. A summarized policy: [INDENT]Sellers who do between 6 and 12 million won [~$6,500 - $13,000]/half year in business will have VAT auto applied by transaction's middle-manSellers who do more than 12 million won/half year in business will need a business license and will pay the tax by themselves[/INDENT] The entry at [URL="http://im69.com/"]im69[/URL] points out that according to the TOS of many games, in-game items and currency traded for real money still belong to the developers - so who exactly is responsible for the tax and how is the industry going to respond? Korean game publishers have been silent on the issue, but the increasing interest real-world governments have in regulating virtual transactions is getting more and more interesting. [URL="http://im69.com/entry/ENG-RMT-Taxation-starts-in-Korea-from-1-July-2007"]RMT Taxation starts in Korea from 1 July 2007[/URL] [im69 via PlayNoEvil] [URL="http://feeds.gawker.com/~a/kotaku/full?a=iFZoMQ"][IMG]http://feeds.gawker.com/~a/kotaku/full?i=iFZoMQ[/IMG]</img>[/URL] [url=http://kotaku.com/gaming/one-of-the-only-certainties-in-life/south-korea-to-tax-virtual-assets-273957.php]More...[/url] [/QUOTE]

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