Korea to give tourists instant in-store tax refunds

Visitors to South Korea will no longer have to queue at the airport to receive a tax refund on goods bought in the country.

Shopping arcade, Seoul, South Korea.

Shopping arcade, Seoul, South Korea. Image by Arthur Chapman / CC BY 2.0

Around 8,000 shops will introduce on-the-spot VAT and consumption tax (ten per cent and five-twenty per cent respectively) refunds starting on the first of January, 2016. The rebate will only apply to purchases of ₩30,000 (US$25) or more. It is hoped the measure will draw more tourists interested in shopping, especially as the country’s economy struggles to recover from a tourism drop due to the outbreak of Middle East Respiratory Syndrome this summer. Read more: english.chosun.com

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