S. Korea to Offer Foreign Tourists On-Spot Tax Refund Benefits Starting in Jan.

SEJONG, Nov. 30 (Korea Bizwire) – South Korea will offer on-spot tax refunds to foreign tourists who buy products at local duty-free shops starting Jan. 1, the government said Sunday. The Finance Ministry said it is moving to revise existing exemption guidelines governing foreign tourists so they need not pay value-added and excise taxes when they shop in the country. Under the proposed changes, an item costing less than 200,000 won (US$173) [...]