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

Highlights: South Korea initiates surge in tax refund for foreign tourists

• South Korean Finance Minister Choo Kyung-ho has announced a big tax refund for foreign tourists.
• $370 is the current tax refund limit set for domestic purchases for foreign tourists. 
• Currently, 2.5 million is the total tax refund applicable for foreign visitors while leaving the country.
• The initiative is taken in efforts to boost small businesses in South Korea amidst the rise of tourist inflows to the country. 

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Changes in South Korea’s Tax Refund limit

South Korea's Finance Minister announced an increase in the tax refund limit for foreign tourists. The decision was taken to promote small businesses, considering the on-going growth of tourist inflow. The tax refund for local purchases is set to $370, and 2.5 million is the tax refund applicable when foreign tourists leave the country. This initiative is not only for Tourist growth but will also benefit the local South Korean small business. The changes in the increment of tax return limits are expected to be implemented next year.

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