South Korea planned to double tax refund for foreign tourists next year as part of efforts to attract foreign travelers and bolster the local tourism industry, the finance ministry said Monday.
The maximum limit of the on-the-spot tax refund per payment for an individual purchase at designated duty-free stores will be lifted from the current 500,000 won (380 U.S. dollars) to 1 million won (760 dollars) beginning Jan. 1 next year, according to the Ministry of Economy and Finance.
The ceiling of the immediate tax refund on the total payment will be expanded from 2.5 million won (1,910 dollars) to 5 million won (3,820 dollars) next year.—Xinhua
