Virtual Worlds News: Korea to Begin Taxing Real Money Trade of Virtual Goods

June 26, 2007

Korea to Begin Taxing Real Money Trade of Virtual Goods

We reported yesterday that the US Congress Joint Economic Committee was preparing to release a report on taxing virtual goods. As in most things virtual world-related, it looks like Korea is going to beat us to the punch. Beginning July 1, a value-added tax will be imposed on real-money trading, The Korea National Tax Service announced today. Sellers who do between 6 and 12 million won/half year in business will have the VAT auto applied by transaction's middle-man. Sellers who do more than 12 million/half year in business will need a business license and will pay the tax themselves. The Google translation of the Electronic Times article is a bit rough, but IM69.com has posted a good summary of the policy.

Joey Seiler
www.VirtualWorldsNews.com
joey (at) showinitiative.com
(512) 535-8650
skype: joey.seiler.vwnews

Posted at 02:18 PM in Government | Permalink

Technorati Tags: Korea, RMT, Tax, Virtual Worlds

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