Friday, January 2, 2009

Gold farmers will be taxed?

It is interesting how the world of gold farming has evolved. Sometime back in August 2008, there was a report of an academic analysis of gold farming and I must say the report gave a pretty decent coverage of the entire gold farming industry, from the historical development to the breakdown of the different industry elements.

Subsequently in October 2008, there were some journalists in Singapore who decided to give the whole gold farm / transaction a try (i.e. purchase gold), and they provided a good account of the whole incident.

In a short span of a few months, i.e. 17 December 2008, an article (Straits Times) about gold farming taxes appeared in the news. Lolz. The article reported that the Korean National Tax Service had declared that gold farmers who earn more than 12 million won in 6 months would have to register as a business, declare their earnings and pay income tax. Apparently there are also gold farmers in Singapore, who earn income of about S$2,000 a month.

Wow! I wonder what next? A global conference for gold farmers? Legal debates about the legalities with gold farmers defending themselves in public against the anit-farmers? Would paying tax legalise and legitimise gold farming? Hmm interesting development of a semi-legitimate sub-industry.

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