In a counter-intuitive move to close the gap on the budget deficit, the Philippine government is spending money for an advertising campaign featuring boxer turned national hero, Manny Pacquiao. The ad features the boxer talking about tax payer solidarity amidst the economic crisis and singing “this fight is for you” (translated) in the background. The hope is that the anticipation for the upcoming Manny Pacquiao-Ricky Hatton fight will translate into more upfront citizen payments and consumer loyalty (like most developing countries, the Philippines has a large grey market for goods and services which tends to grow as times get more [...]
Read more...March 26, 2009
January 20, 2009
IRS Looking to Tax Virtual Goods
National taxpayer advocate Nina Olsen delivered her 2008 Annual Report to Congress last week, and the lack of laws regarding the transactions of virtual goods was brought up as a prime area of concern. The US government is now stepping up research into ways to tax and regulate the virtual economy of online worlds such as Second Life and World of Warcraft which are estimated to contain yearly transactions totaling over $1 billion. The US is not alone in trying to get a piece of this digital income, Sweden is currently working on similar tax laws, and Korea has been [...]
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