Tax Break Encourages Travelers to Declare Overseas Purchases
David Song, July 24, 2018, 8:33 a.m.
More travelers are making voluntary declarations at customs when returning from overseas trips. The Korea Customs Service said on Monday there were some 99,000 cases in which travelers declared purchases worth more than US$600 in the second half of this year, up 54 percent from last year.
Currently, travelers can bring in goods worth up to $600 tax free, along with a 1-liter bottle of liquor, 200 cigarettes and 60 ml of perfume. Those who voluntarily declare their purchases receive a 30 percent tax break. Those who do not and get caught have to pay a 40 percent penalty on top of the original tax.