ULSAN < invest Korea

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.

Source Text

Source: Yonhap News (Jan. 31, 2013)

** This is the translation of a Korean article.