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If you've ever flown into Korea from a foreign country,... you're probably no stranger to
the nation's duty free shops. But you may not be aware of the limits on
the amount of goods you can buy tax-free.
Currently, a Korean traveler can buy up to 400 U.S. dollars in goods without paying taxes.
But, if you exceed that amount,... you are taxed 20 percent,... and for goods categorized
as "luxury" items - these include expensive watches and jewelry... you are subject to
a 50 percent tax rate. That obviously doesn't sit well with consumers,
but for the first time in 18 years, the Korean government is considering raising tax allowances
for goods Korean citizens buy overseas. This is, in a bigger picture, part of the
Park adminsitration's deregulation drive. For a closer look at the issue, let's bring
in Dr. Kim Byoung-joo, the head of KL&P Consulting and our regular commentator on this program.
How does the duty free
limit for Korean overseas travelers
compare
to those placed on citizens in other countries?
-- [ #1 : Duty Free Limits for
Overseas Travellers]
And, the violations are continuously on the rise?
-- [ #2: Duty Free Limit Violations]
So, do we see the a majority of the public supporting the increase?
-- , ,
What
are those on
the other side of
the debate saying? What
is
the outlook?