'South Korea plans to offer bigger tax refunds to foreign tourists,' Finance Minister By Choo Kyung-ho

Highlights: South Korea announces increase in tax refund limit for foreign visitors

• South Korean Finance Minister Choo Kyung-ho announced plans to increase the tax refund limit for foreign tourists.
• Foreign tourists are likely to get significant tax refunds on domestic shopping.
• The changes in the tax refund limits are expected to be implemented by a huge margin next year.
• The current return limit for international tourists on local purchases is $370.

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Bigger tax refunds for International tourists, says Choo Kyung-ho!

The Finance Minister of South Korea recently announced an increase in its tax refund limit for foreign visitors. Foreigners visiting the country will now get major tax refunds on domestic shopping. The current limit for international tourists is $370 for local purchases. As of today, Visitors can get 2.5 million worth of tax refunds before exiting the country.

The changes in tax refunds are taken as an initiative to promote small businesses in South Korea while considering the increase in foreign tourist inflow to the country.

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