The maximum limit of the on-the-spot tax refund per payment for an individual purchase at designated duty-free stores will be lifted from the current 500,000 won (380 U.S. dollars) to 1 million won (760 dollars) beginning Jan. 1 next year, according to the Ministry of Economy and Finance.
The ceiling of the immediate tax refund on the total payment will be expanded from 2.5 million won (1,910 dollars) to 5 million won (3,820 dollars) next year.
It was part of efforts to encourage foreign tourists to spend more here and prop up the tourism industry.
The monthly average number of foreign visitors to South Korea stood at 740,000 in the first half of this year, higher than 270,000 for the whole year of 2022.
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