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Thursday July 5, 2007 3:06 pm

South Korea to Tax Virtual Money

Posted by Sheila Franklin Categories: Internet, Video Games

Second LifeThe 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.

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