Find Our Latest Video Reviews on YouTube!
If you want to stay on top of all of our video reviews of the latest tech, be sure to check out and subscribe to the Gear Live YouTube channel, hosted by Andru Edwards! It’s free!
Thursday July 5, 2007 1:06 pm
South Korea to Tax Virtual Money
The South Korean Government has decided to tax virtual money with real taxes on such sites as Second Life. Their National Tax Service will charge VATs (Value Added Tax) into RMTs (real money transactions.) Sellers who make between 6 and 12 million Won (~$6,500.00 to $13,000.00) bi-annually will be charged automatically, while those who make more than 12 million will need a business license and must file for themselves. This is not exactly a new concept, since moneys earned from online gambling is already taxed, but we suspect it won’t be long before other governments follow suit to eke tax money out of any source they can.
Read More 
| The Raw Feed
Latest Gear Live Videos
Advertisement
Advertisement
Advertisement
© Gear Live Inc. {year} – User-posted content, unless source is quoted, is licensed under a Creative Commons Public Domain License. Gear Live graphics, logos, designs, page headers, button icons, videos, articles, blogs, forums, scripts and other service names are the trademarks of Gear Live Inc.