Duty-Free Shopping Limit to Be Raised to $800

  • By Hwang Ji-yoon

    July 18, 2022 12:33

    The government will raise the duty-free shopping limit per traveler from the current US$600 to $800.
    Finance Minister Choo Kyung-ho said Saturday the measure aims to support the tourism industry, which has suffered in the coronavirus pandemic.
    At present, Korean travelers can purchase up to $600 worth of duty-free goods plus one bottle of liquor, 60 ml of perfume and 200 cigarettes, but purchases above that are taxed.
    /News1
    The limit per traveler has gradually risen from W100,000 in 1979 and stood at $600 since 2014 (US$1=W1,326). The Ministry of Economy and Finance said the increase "reflects changes in national income and support for the tourism industry." Japan has a duty-free purchase limit of around $1,821 and China of $776.
    It is unclear how the tourism industry in general will benefit from the decision, but duty-free shops expect to see their sales grow.
    Meanwhile, the government will also seek to exempt investors in Korean sovereign bonds from taxes on interest and other profits in a bid to buffer the won against the dollar.
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