The Ministry of Strategy & Finance said a revised ordinance on the customs law will increase the ceiling on inbound items brought into Korea by travelers by 50 percent. The last time the government adjusted the exemption limit upward was 27 years ago.
The new rule takes effect September 5 after the government adjusted revision procedures including a necessary evaluation by the Ministry of Government Legislation. The same rule will also apply to travelers returning from Jeju Island.
In addition, officials said that it will reduce the import duty by 30 percent (up to 150,000 won) for travelers who voluntarily report their purchased items upon arrival. For those who evade reporting and are caught doing so, will find themselves imposed with a surcharge of 40 percent from the current 30 percent.