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South Korea Begins Taxing Virtual Worlds


Android mechanics now have
another reason to overcharge

As of July 1, South Korea has begun adding value-added tax to "real-money transactions" in virtual worlds, reports Next-Gen (via IM69).Those who sell between $6,500 and $13,000 will have taxes added automatically as part of financial transactions. Those who sell beyond that amount will need a business license and must pay the tax by themselves.

This is a new law that will need some clarification since many online games' terms of services stipulate that in-game items and currency traded for real money belong to developers, not gamers.

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Asia/Pacific
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