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.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Subscribe to the UoH Weekly Snippets

    The essential weekly round-up for news, analysis, and breaking news alerts in Korea.
    Receive news, offers and invites from UoH Our newsletters may include 3rd-party advertising, by subscribing you agree to the Terms and Conditions & Privacy Policy.
    UoH
    Connecting people from around the world to South Korea. We believe that every country and culture matters.
    Our Products
    Contents
    Store
    UoH ©2023 On Curiosities Co. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement