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Mon Macutay (GM Tristan), Marketing Manager for Level Up Philippines, on online games, MMORPGs, Gamer Babes, Level Up and Infotech. News, reviews and more!

Author: gmtristan

South Korea to tax RMT

Posted by gmtristan Sunday July 8 2007 at 12:52AM
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Last June 26, 2007, the South Korean government office called the Korean National Tax Service (which equivalent to the US IRS ) has announced that they are imposing a Value Added Tax (VAT) to RMT (Real Money Trading) in online games.

The new rule is summarized as below:

“Sellers who do between 6 and 12 million won/half year in business (USD 13,000 or PHP 637,000) 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”