Jul 6

Two Certainties in Second Life?

Category: Taxes by Stone Culdesac

We all know the old saying that in life there are two certainties, death and taxes, but what about Second Life? Well, South Korea is taking care of one, they are going to start tacking on a value add tax, or VAT, to all real money transactions in virtual worlds beginning July 1.

Sellers who do between 6 and 12 million won [~$6,500 - $13,000]/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 Source: South Korea to Tax Virtual Assets

But, who will be responsible, really? Most game terms of service stat that in game items and currency belong to them, in SL, users retain the rights to their avatars and digital content, so, I guess all you South Korean Linden millionaires are going to loose some more to taxes starting this month. It will be interesting as more and more money changes hands in virtual worlds to see what governments will do to get their hands on it.

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