South Korea To Tax Virtual Assets

Starting today South Korea is taxing assets in online games. This is similar to proposals currently before the U.S. Congress.

Sellers who do between 6 and 12 million won/half year in business will have VAT auto applied by transaction's middle-man

Sellers who do more than 12 million won/half year in business will need a business license and will pay the tax by themselves

An official from NTS, Mr Choi said, "NTS would be able to track all transactions for taxation of virtual items – RMT." Also, he added, "This is not about defining RMT legal/illegal; we don't see any contradictory facts to Amendment for Game Industry Promoting Law -we are not about to judge if RMT is legal or not"

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