KOREAN NET

This banner promotes a service for giving immediate tax refunds to foreign visitors to the country to improve their shopping convenience. (Korea Tourism Organization)

By Yoo Yeon Gyeong

The Korea Tourism Organization (KTO) on July 24 said it signed an agreement with BGF Retail and Lordsystem to improve the shopping convenience of foreign tourists through a promotional event running through the end of the year to allow immediate refunds of value-added tax (VAT).

The program exempts an international tourist from paying VAT at the time of purchase. Since no application process is needed, this will shorten the waiting time of travelers at the airport when leaving the country.

Under the agreement, a discount promotion from July 24 through year's end targets visitors from abroad who use the instant VAT refund service through a mobile passport (TripPass) at the convenience store chain CU.

The number of CU branches offering the service will rise from 500 to 700.

More information on the service like which CU branches offer it is available on the KTO's website (www.visitkorea.or.kr).

Kim Dongil, executive vice president of the KTO in charge of its Tourism Industry Division, said, "In collaboration with a variety of private companies, the KTO will raise the shopping satisfaction of foreign tourists and strive to further boost their consumption."

dusrud21@korea.kr