Thursday, November 21st, 2013
SEOUL, KOREA - Starting next year, Korean nationals visiting the island of Jeju will be able to purchase duty-free items worth up to US$800 from current $400.
But the amount for which tax exemption is applied will be kept at the current $400 level. The government said on November 19 that it held a minister-level meeting on the 14th with Prime Minister Jung Hong-won presiding and decided on the matter.
The Ministry of Land, Infrastructure, and Transportation has advocated the increase while the Ministry of Strategy and Finance was in opposition. This time around, the Prime Minister's Office took the matter and mediated the difference, which is unusual.
According to the announcement, the purchase limit by the visitors will be adjusted upward to $800 from $400 at duty-free shops in Jesu Island run by the Jeju Free International City Development Center. Still, they will have to pay customs duties for additional amounts in excess of the $400 limit. The annual limit of up to six times of visit will also be kept as before. The duty-free shops which will be affected by the latest decision include those at Jeju Airport, Jeju Port, and Jeju International Convention Center.