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South Korea Extends Duty-Free Shop Licenses

by Mary Swire, Tax-News.com, Hong Kong

01 April 2016


The South Korean Government has announced that it will extend the term of licenses granted for the operation of local duty-free shops to 10 years, rather than the current five years.

The Ministry of Strategy and Finance stated that the extension is being granted in order to provide a "stable and predictable business environment" for the rapidly growing duty-free businesses in the country. It also confirmed that a license will be automatically renewed at its expiry, unless the operator has violated any rules or regulations.

From the beginning of this year, foreign tourists have been able to obtain immediate value-added tax and individual consumption tax refunds at local duty-free shops in South Korea, rather than solely at Customs on their departure. A tourist needs to show his or her passport to the local shop, which then submits the passport information and purchase details to Customs in real time.

TAGS: tax | business | value added tax (VAT) | sales tax | travel and tourism | ministry of finance | licensing | Korea, South | tax breaks

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