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Duty-free Limit on Carry-on Items to be Raised to US$600 after Sept. 5
Duty Freer
Duty-free Limit on Carry-on Items to be Raised to US$600 after Sept. 5
  • By matthew
  • August 28, 2014, 07:30
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Duty-free shop at Gimhae International Airport.
Duty-free shop at Gimhae International Airport.

 

The duty-free limit of travelers entering Korea after Sept. 5 will be raised to US$600.

The Ministry of Strategy and Finance announced on August 27 that the advance legislation notice of the amendment on Customs Act Enforcement Regulations has been done to increase the duty-free limit from the current US$400 to US$600.

The government plans to quickly complete the amendment process of enforcement regulations, such as screening the Ministry of Government Legislation, and to relax the new duty-free limit of carry-on items of travelers entering Korea after Sept. 5.

On the other hand, the government will reduce the 30 percent tax (up to 150,000 won or US$147) for travelers who voluntarily report their carry-on items. However, an additional tax on inaccurate reports will be raised from the current 30 percent to 40 percent for those who do not accurately report the price of their goods.

The government is planning to submit the relevant amendment to the National Assembly.