S.Korea to double duty-free store licence term to 10 years

Hanatour Service

31/03/2016 07:00

SEOUL, March 31 (Reuters) - South Korea will double the 
duration of licences to operate duty-free stores in the country 
to 10 years from five years currently, the finance ministry said 
on Thursday.  
    The change will take effect during the second quarter of 
2016, the ministry said, without disclosing an exact date. 
    Existing duty-free licences may also be renewed, the 
ministry said in a statement, a move to reduce uncertainty for 
operators of stores in the world's largest duty-free market with 
about $8 billion in sales last year.  urn:newsml:reuters.com:*:nL3N16W1II 
    The changes come ahead of a closely watched decision by the 
country's customs agency, due in late April, on downtown Seoul 
duty-free licences.  
    The agency is expected to decide whether to allow Lotte Duty 
Free, the world's third-largest duty-free operator, and SK 
Networks  001740.KS  to continue operating two existing stores 
whose licences are due to expire by this summer.  
     
 
 (Reporting by Joyce Lee; Editing by Kenneth Maxwell) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA DUTYFREE/