South Korea doubles tax refund limit for foreign tourists

SEOUL – South Korea plans to double tax refunds for foreign tourists in 2024, aiming to attract more international tourists and boost the local tourism industry, as announced by the finance ministry on Monday.

The Ministry of Economy and Finance announced that from January 1^st next year, the maximum on-the-spot tax refund for a single purchase at specific duty-free stores will increase from the current 500,000 South Korean Won (380 U.S. dollars) to 1 million South Korean Won (760 dollars).

Moreover, from next year, the maximum instant tax refund for the entire purchase will go up to 5 million South Korean Won ($3,820) from the current 2.5 million South Korean Won ($1, 910).

The measures are part of efforts to encourage foreign visitors to spend more in the country and eventually support the travel and tourism industry. The statistics seem promising in this regard as South Korea saw an average of 740,000 international visitors per month, surpassing the figures recorded in 2022.

South Korea, located in East Asia on the Korean Peninsula, is a fascinating place known for its interesting history, lively culture, and modern attractions. The capital Seoul mixes old places with tall buildings, showing the country’s two sides. Visitors can explore Gyeonbokgung Palace, the busy markets of Myeongdong, and the high-tech Dongdaemun Design Plaza.

Outside of Seoul, South Korea has different types of landscapes, like calm beaches in Busan and the green nature of Jeju Island. People who love nature can walk on the beautiful trails in Seoraksan National Park or unwind in the hot springs of Jinhae.

South Korea attracts people to tourism through its rich cultural heritage, modern attractions, and diverse landscapes and many people visit South Korea because they love K-pop, K-dramas, and delicious Korean food.