Price Change - Korea
According to the K4E (Korea4expats) online presence, Korea includes VAT (tax) in the price of goods purchased. The Avalara VATLive website confirmed this and stated the standard VAT rate in Korea is 10%. We had further confirmation from a Korean till receipt in a store. On the receipt, we see VAT is inclusive in the price and not charged separately. We were only able to identify one Korean toothpaste advertisement with a price displayed. No separate VAT figures were visible on the advert. As VAT is inclusive, we could not find a brick and mortar shop displaying toothpaste prices with VAT. We found further evidence of the inclusive pricing of VAT on a Korean online shop. On the shop’s web presence, they stated the prices included VAT. For the hospitality industry in Korea, we identified that VAT was inclusive. A conference advertising available hotels online, displayed a separate column stating that VAT and service charges was included in the price. The InterContinental Hotels website displayed their Seoul COEX hotel room prices with no VAT visible. The required information is entered on the attached spreadsheet, row 2.
As stated above, Korea includes tax (VAT) in the price of the goods sold. Through an advertised online conference in 2018, we see that VAT and service pricing was included in the hotel prices. This was further borne out by the hotel InterContinental Hotels Seoul COEX online sales site. The hotel only advertised the price of the room with no further reference to VAT or service fees.
As stated above, Korea includes tax (VAT) in the price of the goods sold. As a result, we found no brick and mortar shop advertising toothpaste prices with VAT. An advertisement for toothpaste with no VAT displayed was identified. This lent support to the fact that VAT is inclusive in the price. We moreover found a sales receipt rom a brick and mortar f with the VAT displayed, but not as an additional cost to the customer. This meant it was included in the price of the goods sold. An online Korean sale site also clearly stating their prices included VAT (ss6). Please note, this site needs to be translated to be read in English.