'South Korea plans to offer bigger tax refunds to foreign tourists, ' Finance Minister Choo Kyung-Ho

Highlights: South Korea intends to provide larger tax refunds to foreign visitors

• Finance Minister Choo Kyung-Ho stated that the government wants to increase tax refunds considerably.
• Currently, tax refunds are available up to 2.5 million won and a maximum local purchase amount of 500,000 (US$370). 
• The strategy is intended to help South Korea's small companies regarding an increase in foreign tourists.

 

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South Korea plans on bigger tax refunds

• To increase consumer spending in rising tourism, South Korea intends to raise maximum tax refunds, which can be given to international visitors who shop domestically.
• As stated by Finance Minister Choo Kyung-Ho, the government plans to increase taxes by a massive number from next year. However, the exact amount will only be known after further discussions.

 

Currently the following tax is available

• The current limit on tax returns is 2.5 million won, with a maximum local purchase of 500,000 won (US$370).
• With the increase in foreign tourist arrivals, the strategy is intended to help South Korea's small enterprises.

 

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Web Story:  'South Korea plans to offer bigger tax refunds to foreign tourists,' Finance Minister Choo Kyung-Ho