- South Korea will double the tax refund limit for foreign tourists from January 2024
- The limit will be raised to 1 million won for a local purchase and 5 million won in total
- Currently, the limit is 500,000 won for a local purchase and 2.5 million won in total
Source: asia.nikkei.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "South Korea"
- South Korea Extends VAT Refund for Cosmetic Surgery Tourists to 2026
- Korea Imposes 10% VAT on Free Appliances for Construction Members in Redevelopment Projects
- Individuals Selling Used Cars Must Register for Tax and Pay Business Tax
- Korea Enhances Tourist Shopping Experience with Instant VAT Refunds at CU Stores
- Korea Ends VAT Refund for Foreign Cosmetic Surgery, Faces Medical Tourism Industry Backlash