Customers line up outside a Louis Vitton store at a department store in Seoul on Monday. Sales of luxury goods, from bags to watches and jewelry, have surged in the last year. Based on data provided by the National Tax Service and the Korea Custom Service, the individual consumption tax imposed on high-end imported bags alone amounted to 25.6 billion won ($22 million) in 2020, which is a 38.1 percent increase year-on-year. Based on estimates of the individual consumption tax on bags, sales of such luxury bags are believed to have amounted to roughly 174.1 billion won. [YONHAP]
with the Korea JoongAng Daily
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