Highlights: South Korea intends to give bigger tax refunds to foreign visitors
- Finance Minister Choo Kyung-Ho said the government wanted to significantly increase tax refunds.
- Currently, tax refunds are available up to 2.5 million won and a maximum local purchase amount of 500,000 (US$370).
- The strategy aims to help South Korean small businesses as the number of foreign tourists increases.
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South Korea plans bigger tax refunds
- To increase consumer spending linked to the tourism boom, South Korea intends to increase the maximum tax refunds that can be given to international visitors who shop in the country.
- As Finance Minister Choo Kyung-Ho said, the government plans to massively raise taxes starting next year. However, the exact amount will only be known after further discussions.
Currently the following fee is available
- The current tax filing limit is 2.5 million won, with a maximum local purchase of 500,000 won (US$370).
- With foreign tourist arrivals increasing, the strategy aims to help South Korean small businesses.
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Web History: “South Korea is considering offering larger tax refunds to foreign tourists,” Finance Minister Choo Kyung-Ho said.