Attracting foreign visitors: Korean traditional markets to offer "instant tax refunds"

▲Korean traditional market. (Illustration / From the official Facebook page of the Korea Tourism Organization)

Travel Center / Comprehensive report

Tax refunds for shopping at traditional markets? To attract more tourists to explore traditional markets, South Korea will establish instant tax refund stores and set up Guest Houses in these markets. The trial is expected to begin in the first half of 2017 at the Nambu Market in Jeonju, North Jeolla Province, with Guest Houses starting this year.

Korean traditional markets not only sell daily necessities but also house many of the most authentic local street foods, making them must-visit spots when traveling in South Korea. According to Asia Economy, to draw more tourists to traditional markets, the South Korean government plans to set up mini duty-free shops within the markets. These shops will sell local specialties, cosmetics, food, clothing, and other goods, while also offering instant tax refund services. Tourists can pay the net amount (after deducting the 10% VAT) on the spot for purchases between 30,000 KRW and 200,000 KRW per transaction, with a maximum refund of 1 million KRW. South Korean authorities stated that the trial is expected to begin in the first half of 2017 at the Nambu Market in Jeonju, North Jeolla Province.

Additionally, to help foreign visitors gain a deeper understanding of authentic Korean life and culture, and to experience the uniquely styled traditional markets shaped by local customs, the authorities also plan to set up Guest Houses in traditional markets. These are scheduled to be established in tourist-heavy traditional markets by mid-year, with plans to expand to other markets based on accommodation demand.