Starting from January 1, 2016, foreign tourists are eligible for immediate tax refunds when purchasing goods at non-duty free shops. Previously, tourists were required to pay the full price with tax included and then keep the receipts to file a tax refund at the airport before departure. With the new system in place, tourists can save time and effort receiving tax refunds on purchases at participating “Tax Free” stores.
The immediate tax refund applies for purchases of less than 200,000 won, and is limited to a total value of 1,000,000 won per visit. The much-requested prompt tax refund system aims to reduce the waiting time to receive a tax refund, making tourists’ trips more pleasant and convenient.
For more information visit Ministry of Strategy and Finance at http://english.mosf.go.kr