The South Korean Ministry of Finance announced a new policy on November 27 to attract foreign tourists and boost domestic tourism.
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| A notice board providing details on tax refunds in central Seoul, South Korea. Photo: Yonhap News |
Specifically, from next year, South Korea will double the maximum tax refund amount for each foreign tourist to 5 million won (equivalent to 3,831 USD).
According to Yonhap news agency, South Korea currently offers on-site tax refunds at selected stores. An individual can get a maximum tax refund of 500,000 won per transaction, with the total tax refund capped at 2.5 million won.
“Starting from January 1, 2024, the maximum tax refund amount per payment will be increased to 1 million won and the total tax refund amount (per individual) will be increased to 5 million won. This move is aimed at promoting foreign tourists’ shopping and boosting domestic tourism,” Finance Minister Choo Kyung-ho said at a meeting of South Korean ministers on the country’s emergency economic policy.
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