July 08, 2014 12:32
The government is considering raising a cap on how much Koreans can spend on duty-free goods from US$400 to $600 per person.
The limit was set at W100,000 in 1979 and raised to $400 in 1988, where it has been stuck ever since. That is less than half the allowance in most advanced countries.
An official at the Ministry of Strategy and Finance said Monday, "We're reviewing the cap based on a proposal submitted by the Korea Institute for Industrial Economics and Trade on raising the limit."
KIET proposed raising the limit to either $600 or $800, but the ministry apparently prefers $600.
The official said, "We need to gather public opinion before moving ahead with the plan."
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