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South Korea to Impose VAT on Real Money Transactions Starting July 1

  • While the US report is due in a little over a month, South Korea has decided to impose a Value Added Tax (VAT) on real money trading in virtual worlds starting in less than a week. Specifically, those who earn between 6 and 12 million won (about $6,500 US to $13,000 US) every half year will have the VAT applied by the middle man, and those earning over 12 million won every half year must apply for a business license and apply the tax themselves.

Just Askin': EU residents - are you going lodge a complaint? - Second Life Insider

- It's obvious that the EC regulations in this are placing you at a competitive disadvantage. Are you planning to lodge a complaint with the European Commission about this requirement of the VAT-on-E-Commerce directive?

www.secondlifeinsider.com/...re-you-going-lodge-a-complaint - Preview

Taxation International

  • - It's obvious that the EC regulations in this are placing you at a competitive disadvantage. Are you planning to lodge a complaint with the European Commission about this requirement of the VAT-on-E-Commerce directive?

Income Earned In Virtual Worlds: Taxation Issues. Industry & Business Article - Research, News, Information, Contacts, Divisions, Subsidiaries, Busine

Author: Nuttall, Graeme Article Excerpt Originally published in e-Finance & Payments Law & Policy, Volume 1, Issue 7, April 2007 The explosion in virtual worlds has raised some interesting questions about when taxation should apply. Does tax apply to a vi

goliath.ecnext.com/...-Earned-In-Virtual-Worlds.html - Preview

Taxation

  • Author: Nuttall, Graeme

    Article Excerpt
    Originally published in e-Finance & Payments Law & Policy, Volume 1, Issue 7, April 2007

    The explosion in virtual worlds has raised some interesting questions about when taxation should apply. Does tax apply to a virtual transaction that takes place in a virtual currency, or does it apply when that income is converted into 'real world' currency? Graeme Nuttall, a partner with Field Fisher Waterhouse LLP, examines these issues and the view of taxation authorities from around the world.

Tax Day: Should You Pay Taxes on MMO Loot? from 1UP.com

Originally published in Games For Windows, #5 April 2007 by Scott Sharkey, 04.16.2007 t's the same scene every year: panic, rioting in the streets of the Undercity, women pulling their baby Murlocs in off the sidewalks. Some rabble-rouser rides across the

www.1up.com/...feature - Preview

Taxation

  • Originally published in Games For Windows, #5 April 2007
    by Scott Sharkey, 04.16.2007

    t's the same scene every year: panic, rioting in the streets of the Undercity, women pulling their baby Murlocs in off the sidewalks. Some rabble-rouser rides across the Internet like Paul Revere, shouting, "The taxmen are coming!" and we commence flipping our lids. All right, so it's really more of a collective slight nervousness than a full-on paranoid bedlam, but taxation's an easy topic to get touchy about whenever April rolls around. We can only stomach so many news stories describing MMO X as having a gross domestic product greater than Third-World-country Y before we start wondering when the powers that be will smell the money.
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