South Korea taxing virtual assets, the dreams of children and rainbows
In an effort to make every one of William Gibson’s predictions come true,South Korea has instituted a taxon the sale of virtual goods. Companies like IGE have managed to promote virtual item and currency sales into a cottage industry with annual profits on par with many small countries, and many industry experts saw government sponspored taxation on such sales as an inevitability. The only question that remains now is how long it will be before the IRS creates its own Americanized version of this tax....