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WinMX World :: Forum  |  Discussion  |  WinMx World News  |  US Looking To Tax Online Game Trading Revenues
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Author Topic: US Looking To Tax Online Game Trading Revenues  (Read 673 times)

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Offline GhostShip

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US Looking To Tax Online Game Trading Revenues
« on: October 21, 2006, 07:34:03 am »
Its seems the US is worried about losing a source of taxable revenue and is planning to check out the situation by visiting the online gaming worlds.

http://news.bbc.co.uk/1/hi/technology/6065534.stm

Quote
US politicians could soon be rubbing shoulders with orcs and night elves in World of Warcraft.
The Joint Economic Committee (JEC) of the US Congress has announced it is investigating the amount of commerce taking place in virtual game worlds.
The investigation is unlikely to mean that in-game trading will start to be taxed.
Many popular virtual worlds such as Eve Online and Second Life revolve around trade of one sort or another.

"There is a concern that the IRS (Internal Revenue Service) might step forward with regulations that start taxing transactions that occur within virtual economies," said Mr Saxton. "This, I believe, would be a mistake."
Instead, he said, the investigation wanted to get a better understanding of where the line falls between taxable and non-taxable trade. Studies of game activity suggest the time and effort put into these online worlds has an economic impact equivalent to the GDP of Namibia.


I say if folks find strangers in their online worlds they should put them to the sword  :lol: :wink:



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