The government will allow foreign tourists to get a tax refund at local duty free shops across the country starting next year.
Under the change, duty free shops across the country will immediately return the value added tax on products purchased by foreign tourists costing less than 200-thousand won per item. The tax refund limit has been set at one million won per person.
The Finance Ministry said that it set the standard because 39 percent of foreigners purchased goods worth under 200-thousand won, which accounts for 79 percent of total tax refunds.
The government will issue an advance notice of the revision until December 7 and put the new regulations into force starting January 1.