General Discussion

Hey Everyone,

I read this at Massively this morning.

http://www.massively.com/2008/11/03/china-legislates-20-tax-rate-on-virtual-currency-profits/

Do you guys suppose this will hurt Gold Farmers and reduce the amount of gold sellers in MMO's? That is the first thing I thought about when I read this.

Feel free to give your opinion................

They, and any govt that wants to tax virtual currency, can go to hell. Oppressive politician bastards.

This is the best thing China has done in years.  I'm going to go out and hug random Asian people who may or may not be of Chinese descent.  I'm that happy about this.

I actually think it's fine to tax virtual currency, but it seems such a small issue to worry about compared to the other problems China has to deal with. 

Originally posted by Tecknic

This is the best thing China has done in years.  I'm going to go out and hug random Asian people who may or may not be of Chinese descent.  I'm that happy about this.

I second that statement! Let today be know as, "Hugs for asians who may or may not be of chinese decent day"

Gamers brought this on themselves...

By assigning value to virtual property, and then buying and selling this for real money.

Anyone who thinks that a multi million/billion industry can live on without taxing on the product they sell... Well, they need a grasp of reality.

This makes gold farming in China basically a 100% legitimate business and therefore the beneficiary of all the advantages that this status has to offer. 

Originally posted by Blodpls

This makes gold farming in China basically a 100% legitimate business and therefore the beneficiary of all the advantages that this status has to offer. 

Better re-read that.  They are taxing it and therefore making a crime to not pay the taxes.  It still is illegal to trade in virtual property in china, now they have an easier way to arrest you.  Just like the USA did to Al Capone, they nailed him on tax evasion not on organized crimes he did.

I LOVE the Idea.. i hate the Item selling sites..

OoOOoo Any newb can become a God without working for it..

Originally posted by wjrasmussen

Originally posted by Blodpls

This makes gold farming in China basically a 100% legitimate business and therefore the beneficiary of all the advantages that this status has to offer. 

 

Better re-read that.  They are taxing it and therefore making a crime to not pay the taxes.  It still is illegal to trade in virtual property in china, now they have an easier way to arrest you.  Just like the USA did to Al Capone, they nailed him on tax evasion not on organized crimes he did.

It doesn't say anywhere that's it's illegal to trade in virtual items in that article, it says there are restrictions.

Regarding Al Capone, modern taxed beverage companies make vastly larger sums of money and produce much greater quantities of alcohol than Al Capone ever did.  They can get bank loans to set up business, their employees have the relevent rights like other legitimate companies, they can be made public companies and their stocks traded. 

There are large amounts of money that can be made through virtual items, this is bringing it into the fold of regular, legitmate business it is not a measure to stop it.