The limit for immediate tax refunds on purchases by foreign tourists will double next year to five million won, or around three-thousand-800 U.S. dollars next year, in a bid to attract overseas visitors and revitalize the tourism industry.

At an emergency meeting of economy ministers on Monday, finance minister Choo Kyung-ho said the policy will take effect on January 1, 2024.

Currently, the country provides on-the-spot tax refunds for an individual purchase of up to 500-thousand won at designated stores, with a total cap set at two-point-five million won, both of which will double to one million won and the total to five million won, respectively.

The move is part of Seoul’s ambition to attract 20 million foreign visitors by the end of next year as announced by culture minister Yu In-chon earlier this month.