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NTS Seeks to Impose Tax on Cash Transactions of Game Items 2006/07/11 By Lee Jin-ho The National Tax Service is now mulling over slapping taxes on cash transactions of game items, which are estimated to be worth some 1 trillion won annually. A senior official at NTS met with a manager of a leading online game firm, and conducted in-depth investigation into cash transactions of game items. "The investigation was not formal, but it was intended to collect data," said the official. "We plan to consult with experts before making a final decision on the issue." Related government organizations such as the Ministry of Culture and Tourism are also in favor of a plan to slap taxes, as they strive to curb prevalence of cash transactions. Given that most of transactions are made under ground avoiding criminal investigation, imposition of taxes is expected to become an effective tool to curb such illegal transactions. "NTS has been long mulling over slapping taxes on cash transactions for some time, and a decision is seen as imminent in line with the crackdown campaign of the prosecutors` office," said an expert on taxation. "The move will most likely gain momentum since it serves public good as well as increase tax income for the government." Game firms are also welcoming the move, since they have been stigmatized as a main culprit despite its opposition to such transactions, which can hurt their bottom lines. They expect imposition of taxes to curb transactions led by organized rings as well as individual users, and further prevent such related crime as homicides and frauds.