Korea May Allow Tax Free Internet Purchases

D-Bo , Aug. 13, 2014, 11:07 p.m.

Korean consumers will be able to buy small amounts of products like perfume and cologne tax-free on the Internet from overseas next year.  The Finance Ministry says it plans to submit a tax revision bill to parliament for products that are imported for self-use.

The new measure will exempt goods valued below W150,000 from being taxed (US$1=W1,029).  Currently, a 10 percent consumption tax and two other surcharges are imposed on overseas purchases of products like perfumes or royal jelly.

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