{"id":777011486,"date":"2023-11-28T09:45:40","date_gmt":"2023-11-28T12:45:40","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777011486"},"modified":"2026-04-22T15:12:56","modified_gmt":"2026-04-22T18:12:56","slug":"south-korea-to-double-tax-refunds-for-foreign-tourists","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-korea-to-double-tax-refunds-for-foreign-tourists","title":{"rendered":"South Korea to double tax refunds for foreign tourists"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The move will start in January 2024.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">South Korea.- Finance minister<strong>\u00a0Choo Kyung-ho<\/strong>\u00a0has said that South Korea will double tax refunds for foreign tourists from January 1, 2024, in order to boost its tourism industry.\u00a0The maximum limit for on-the-spot tax refunds will increase to one million won for a single local purchase, with a total cap of five million.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, some stores can offer on-site tax refunds for a single purchase of 500,000 won or more. The maximum limit is KRW2.5m. There are no restrictions on purchasing goods eligible for tax refunds in airport departure halls.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In September,\u00a0<strong>NH Investment &amp; Securities Co<\/strong>\u00a0predicted that the return of Chinese group tours to South Korea would boost\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/south-korea-casino-industry-recovery-to-continue-analysts-say\" target=\"_blank\" rel=\"noreferrer noopener\">the casino industry<\/a>, particularly the mass-market segment. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In early August, China allowed group travel for Chinese citizens to more destinations, including South Korea and Japan as part of an easing of post-Covid-19 travel restrictions. South Korean authorities have waivef processing fees for group visitors, previously KRW18,000 (US$13.60), until the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move will start in January 2024.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Korea will implement a policy to double tax refunds for foreign tourists and increase purchase limits starting January 1, 2024, as a measure to bolster its tourism industry. This initiative, combined with China's recent re-authorization of group tours to South Korea, is anticipated by NH Investment & Securities Co. to significantly boost the nation's casino industry, particularly within the mass-market segment.","focusai_entities":"Choo Kyung-ho, NH Investment & Securities Co","focusai_location":"South Korea, China, Japan","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.95), marketing_crm (0.7), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Projected GGR Uplift?","query":"What is the projected GGR uplift for South Korean casinos, specifically within the mass-market segment, attributable to these combined policy changes and market re-openings?"},{"label":"Operator Strategy Adjustments?","query":"How are South Korean casino operators strategically adjusting their marketing, product, and operational frameworks to maximize engagement with the returning Chinese group tour demographic?"}],"footnotes":""},"categories":[157,16338],"tags":[],"class_list":["post-777011486","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777011486"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011486\/revisions"}],"predecessor-version":[{"id":777011489,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011486\/revisions\/777011489"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}