Here’s a new shame that may put every gold buyers face into a frown for the end of this years holidays, China is imposing a tax law for gold farmers. To us that would create a huge impact as we all know roughly 70% of the gold acquired are from China. This would create a huge price leap for currencies of almost all games. As always, we will do our best to keep that down to a minimal or we’ll have to find new sources to supply you the gold at the price you deserve.

Successful online video game players and Internet surfers in China have found ways to make real money from virtual assets. Now China’s taxman wants a piece of the action. The State Administration of Taxation said on its Web site Wednesday that China will impose a personal income tax of 20% on profit from virtual money. The announcement, which was distributed to local tax bureaus, specifically takes aim at those who buy virtual currency from gamers and surfers and sell it to others at a mark-up. Taxation officials are granted the right to determine the original price of online virtual currency if the individual fails to provide proof of an original price, it says.

For the original post see http://blogs.wsj.com/chinajournal/2008/10/31/real-taxes-for-real-money-made-by-online-game-players/

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