South Korea is looking into raising purchasing limit for duty-free alcohol as a way to boost tourism, the country’s Korea Customs Service (KCS) has revealed.
Currently, the country caps purcahse of duty-free liquors at 2 bottles and 2 liters valued at US$400 or less. The agency will review options to raise the limit as part of its ‘2024 Major Business Plan’ announced on Febraury 13.
In 2022, the government doubled the limit from 1 liter, while the value cap remained unchanged at $400. This marked the first adjustment in nearly 30 years.
Additionally, the agency plans to introduce a system for easy payment, such as through KakaoPay, for items with tariffs of less than 2 million won brought into the country through overseas direct purchases or travel. They will also offer a service for issuing a ‘customs tax payment certificate’ through government 24 and private applications (apps) to confirm the absence of customs arrears.
South Korea counts as a major country for duty free market. In 2022, Korea’s duty-free market reached KRW 17.67 trillion (US$13.62 billion), led by Lotte Duty Free, Shinsegae Duty Free, and Hyundai Department Store Duty Free.
In 2023, the country welcomed over 10 million foreign tourists, with the majority coming from Japan, China, the US, Taiwan, and Singapore.
Discover more from Vino Joy News
Subscribe to get the latest posts sent to your email.
