"[Duty-Free Limits for International Travel] Pro Tips for Customs Declarations Upon Re-entry... Av..." #Hoyatag

The vacation season has officially begun. Many of you are likely traveling abroad, aren't you? Since today is Friday, I imagine many of you are heading off. When traveling overseas, you probably spend a lot of time thinking about what to buy at duty-free shops and what to bring back. However, it is said that bringing items back to Korea without careful consideration can lead to serious trouble. When you are focused on your trip, you may fail to properly understand the duty-free limits, which can result in items being confiscated by foreign customs or fines being imposed. We have prepared this information to help prevent such situations. We will discuss in detail with an expert what items are allowed to bring back, including duty-free limits. Q. Customs Broker, since overseas travel comes with duty-free privileges, people look forward to it a lot before they travel. However, it is said that if you buy too many things just because it is a duty-free shop, you could end up facing a tax bomb. What exactly are the purchase limits and duty-free amounts for overseas travel? The duty-free limit upon entry after traveling abroad is US$600. Without exception, if you bring items purchased at duty-free shops back into the country, you must, of course, pay customs duties and value-added tax on any amount exceeding US$600. Starting in April, if you purchase goods worth $600 or more using a credit card or withdraw cash overseas, the details will be reported to customs in real-time. However, service fees such as accommodation, dining, and airfare paid by credit card overseas are excluded. ◇ Issue & (Mon-Fri 8:00 AM - 10:00 AM, Anchors: Son Seok-woo, Lee Jeong-min) ◇ Guest: Cho Seok-min, Representative Customs Broker at Dain Joint Customs Brokerage Office For more details: Go to the Issue & page <a href="https://goo.gl/Qgmu4h" title="https://goo.gl/Qgmu4h" target='_blank'>https://goo.gl/Qgmu4h</a>

[Duty-Free Limits for International Travel] Pro Tips for Customs Declarations Upon Re-entry... Av...

Video date 2018/08/03 10:56

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[Duty-Free Limits for International Travel] Pro Tips for Customs Declarations Upon Re-entry... Av...

The vacation season has officially begun. Many of you are likely traveling abroad, aren't you? Since today is Friday, I imagine many of you are heading off. When traveling overseas, you probably spend a lot of time thinking about what to buy at duty-free shops and what to bring back. However, it is said that bringing items back to Korea without careful consideration can lead to serious trouble. When you are focused on your trip, you may fail to properly understand the duty-free limits, which can result in items being confiscated by foreign customs or fines being imposed. We have prepared this information to help prevent such situations. We will discuss in detail with an expert what items are allowed to bring back, including duty-free limits.

Q. Customs Broker, since overseas travel comes with duty-free privileges, people look forward to it a lot before they travel. However, it is said that if you buy too many things just because it is a duty-free shop, you could end up facing a tax bomb. What exactly are the purchase limits and duty-free amounts for overseas travel?

The duty-free limit upon entry after traveling abroad is US$600. Without exception, if you bring items purchased at duty-free shops back into the country, you must, of course, pay customs duties and value-added tax on any amount exceeding US$600. Starting in April, if you purchase goods worth $600 or more using a credit card or withdraw cash overseas, the details will be reported to customs in real-time. However, service fees such as accommodation, dining, and airfare paid by credit card overseas are excluded.

◇ Issue & (Mon-Fri 8:00 AM - 10:00 AM, Anchors: Son Seok-woo, Lee Jeong-min)

◇ Guest: Cho Seok-min, Representative Customs Broker at Dain Joint Customs Brokerage Office

For more details: Go to the Issue & page https://goo.gl/Qgmu4h