South Korea lifts $5,000 purchase limit on duty-free items for outbound Korean travelers from FridayNews
South Korean travelers leaving the country will no longer be subject to duty-free purchase limits.
Currently, Korean nationals traveling overseas can spend up to US$5,000 at duty-free stores, but starting tomorrow, this will be removed.
This means that outbound Korean travelers can make unlimited purchases at duty-free shops, just like foreigners.
The Ministry of Economy and Finance said it was to boost consumer spending and help the beleaguered travel industry.
FILE: December 17, 2021
“This will benefit travelers and help revitalize the duty-free industry.”
Duty-free shops have suffered heavy losses due to travel restrictions amid the pandemic and therefore the ministry hopes this revised rule will help duty-free operators.
This should also benefit Korean travelers, as they can now buy high-priced luxury goods without limits, which could eventually increase domestic consumption.
But, Korean travelers leaving the country still have to pay duty on goods valued over $600 when they return to the country.
They must also pay duty on liquor bottles over one liter or over $400 in value, perfume bottles over 60 milliliters, and cartons over 200 cigarettes.
This is the first time the tax-free purchase limit has been lifted since its launch in 1979.
Min Suk-hyen, Arirang News.