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According to Yonhap News,
Ulsan-si (City) plans to increase the number of tax-free shops in a bid to entice foreign shoppers. Foreigners who purchase goods worth more than 30,000 won at a tax-free shop get a return on value added tax and individual consumption tax paid for the goods later at the airport.
Currently, 20 shops are registered as tax-free shops in Ulsan - nine at Lotte Department Store, six at Hyundai Department Store, two at Electro Land, one at Home Plus, one at E-Mart and one at Lotte Mart.
The city will increase the number of tax-free shops to 40 this year to mark the Year of Visit Busan, Ulsan and Gyeongsangnam-do (Province).
The rise in the number of tax-free shops will result in not only generating more profits for individual businesses but also providing satisfaction for foreign shoppers, Ulsan expects.