According to local reports, the inbound duty free allowance for travellers to South Korea will be raised from $400 to $600 on September 5.

 

This follows a statement issued by the Ministry of Strategy and Finance yesterday, along with new rules which will reduce the financial penalties on those who openly tell customs officers that they are either the allowance limit, or believe they might be.

 

However, individuals who do not declare goods and who are subsequently found to be over the new limit will face increasingly severe financial penalty fines. By contrast, those who volunteer that they are over the limit, or suspect they might be, are expected to be offered a 30% savings incentive on the excess duty that is deemed payable.

 

The new inbound allowance for individuals has been granted following criticism that the old allowance has been too low for too long (since 1996) and needed revising.

 

According to The Korea Herald and other media, the government will now gain the final approvals necessary for the change at the National Assembly in September.