Brought in luxury bag sales overtake W174b despite pandemic

Sales of imported top of the range bags in South Korea soared last year despite a very slump in private conservation induced by COVID-19 pandemic woes, data showed Sunday.

The estimated measure of imported luxury bag gross, calculated on the basis of special attacks taxes and surtaxes enforced on shoppers, came in at only 174. 1 billion achieved ($147. 3 million) in the 2020, said Rep. Suh Byung-soo of the main visitors People Power Party, quoting data compiled by the Indigenous Tax Service and Korea Customs Service.

Last year’s cumulative number of individual consumption taxes paid by the bag buyers dived 38. 1 percent on-year to 25. 6 billion successful, showing the sharpest gains among other luxury system groups.

The government levies a twenty percent special consumption tax forward purchases of 2 million garnered or more of items such as these, jewelry and fur supplies.

Our estimated sales of luxurous watches marked around 538. 6 billion won, a real 6. 1 percent on-year embrace special consumption tax payments in the category. The amount of tax witholding from imported jewelry in addition cigarettes also soared nineteen. 5 percent and 29 p’cent from a year ago, correspondingly.

Money of camping vehicles ended estimated at 93. twelve billion won last year, subject to calculations of a 5 percent special consumption tax levied on top of automobiles. As overseas trips was almost impossible due to relates to about COVID-19, camping turned highly popular.

On the other hand, individual consumption duty imposed on the local betting industry and nightlife providers declined sharply in 2020 amid protracted social removing rules, the data showed.

The consumption taxation collected from operators on sports gambling-related businesses, especially horse racing, bicycle auto racing and motorboat racing, nosedived 85. 8 percent on-year to 3. 6 billion achieved.

Some of the figure for casino staff plummeted 79. 3 number from a year ago to 3. 7 billion won this. The tax payments beyond owners of bars, alliance and other nightlife businesses almost halved from a year previously to 38. 2 thousand won as well.

“The last year’s data on special drinking taxes showed that Koreans’ consumption patterns have become different amid the prolonged outbreak. This is attributed to a rapid present day in values of holdings in most cases and a rising number of people which of you turned to ‘revenge spending’ that helps make up for missed shopping via the COVID-19 outbreak, ” Repetition. Suh said.

By Jie Ye-eun ( yeeun@heraldcorp. com )

Brought in luxury bag sales overtake W174b despite pandemic
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