CU, a convenience store, to Start an Immediate VAT Refund Service
VAT (Value Added Tax) is a tax added to products and services. The standard rate of VAT in Korea is 10%. Foreign tourists who have stayed in Korea for less than 6 months are eligible to claim for a VAT refund. You can get a tax refund on products/services worth between 30,000 to 5,000,000 KRW, purchased within 3 months of departure at tax-free stores. A VAT refund is received at the airport.
CU, one of the Korean convenience stores, is starting an immediate VAT refund service so that foreign tourists can immediately get a VAT refund when purchasing products (price between 30,000 to 500,000 KRW) at a store.
You can purchase products from CU with a VAT-deducted price if a cashier scans your passport with a POS scanner.
CU plans to begin the service with 50 stores that include major tourist areas with a high demand for VAT refunds. It will be expanding the service to 1,000 stores nationwide by the end of next year.
