Shopping till you drop is a must-do when visiting Korea, but many tourists give up on getting their tax refunds due to the complicated procedures – this writer included!
Photo by daxxx
To make shopping more convenient for visitors, the Korean government has finally introduced a new “on-the-spot tax refund system.” Starting from January 2016, foreign customers shopping at department stores or shops can enjoy an immediate tax exemption if their single purchase is over 30,000 KRW but less than 200,000 KRW, and the total does not exceed 1,000,000 KRW. The 10% VAT will be deducted on the spot. If the amount exceeds 1,000,000 KRW, you’ll still need to claim your refund at the airport.
Currently participating merchants include popular shopping spots loved by Hong Kong people such as Lotte Department Store, large supermarkets, Olive Young, and more. Even though the refunded amount isn’t huge (the maximum is 100,000 KRW), it’s still great for treating yourself to a nice meal or buying a few more items!
Implementation date: Starting from January 1, 2016
Note: You need to show your passport to enjoy the on-the-spot tax refund benefit
Merchants already offering on-the-spot tax refunds: http://www.koreagrandsale.co.kr/en/board/551
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