Slashdot Mirror
China To Begin Taxing Profits From Virtual Currencies
The Wall Street Journal reports that the Chinese government will collect a 20% personal income tax on any profits obtained through the redistribution of virtual currency. The legislation is intended to curtail speculation in virtual markets, which can be quite profitable. Quoting:
"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. The policy would cover China's legions of online gamers, who can use online virtual currency to buy better equipment and new powers for their online warriors. But it also affects millions of others who use virtual currencies on instant-messaging services and Web portals."
Someone has to pay the farmers to sit around and do mindless repetitive tasks.
Ever play World of Warcraft?
Mindless, repetitive tasks is pretty much what people *pay* Blizzard for the priviledge of doing every day.
If it isn't the 'dailies' its 'rep grinding' or 'mat farming' or, for that matter, 'raiding' or 'pvp' which are intensely repetitive and mind numbing when you get down to it.
In the free world the media isn't government run; the government is media run.
Everybody knows that taxes are bad and unconstitutional and against human rights and like totally unfair, man!
So take your reason and logic elsewhere - they aren't welcome here.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."