On the spot tax free shopping coming to South Korea
In another new initiative to revitalise South Korea’s tourism industry, foreigners will be able to get on-the-spot tax rebates when shopping at more than 8,000 stores.
The Ministry of Culture, Sports and Tourism said it is in response to the sluggish tourism recovery following the MERS outbreak in the summer and is aimed primarily at high spending Chinese travellers who often visit in large tour groups specifically to shop.
The new rule will begin from January 1, 2016, meaning an end to long queues at customs tax rebate offices at airports.
For purchases of KRW30,000 or more 10% VAT and from 5-20% consumption tax will be waived at point of sale at eligible stores.
During the outbreak the number of tourists from China alone dropped by 700,000 in just two months.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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