Customs service tightens rules on frequent overseas shoppers
Anyone who spends more than $5,000 overseas, including buying items from retailers outside of the country via the Internet every quarter, will be reported to the customs office.According to the Korea Customs Service yesterday, regulations on overseas spending have been tightened. Previously, only credit card purchases that exceeded $10,000 annually were reported to the customs agency.
But starting this year, cash withdrawals that exceed $5,000 every three months will be reported to the agency. The customs office plans to survey purchases that have exceeded the limit since January. It will receive the information from related institutions by the end of next month for purchases made in the first quarter.
with the Korea JoongAng Daily
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