ImageThe NTS, Korea's national tax service, has begun to add on VAT automatically as part of financial transactions as of July 1, reports IM69. ellers who do between 6 and 12 million won (US$6,500 - US$13,000) per half year in business will have VAT auto applied by transaction's middle-man. ellers who do more than 12 million won per half year in business will need a business license and will pay the tax by themselves.
An NTS official claims the organization will be able to monitor all transactions as RTM mediators have agreed to share clientstransaction details with the authorities. TS would be able to track all transactions for taxation of virtual items,Mr. Choi said.
his is not about defining RMT legal and illegal; we don see any contradictory facts to Amendment for Game Industry Promoting Law - we are not about to judge if RMT is legal or not,he added.
Who exactly will be accountable for paying taxation is still in doubt however as, according to the report, the terms of services of many online games stipulate that in-game items and currency traded for real money belong to the developers and not gamers. The industry's stance on the issue is so far unclear.
