OBS_VALUE: A de minimis regime is not in place in the VAT Act although there is an article about expemtion of VAT depending on the types of goods/services (Source 1). For an official English translation of the Value-Added Tax Act, entered into force on 1 January 2015, last modified on 23 December 2014, please see: http://www.law.go.kr/lsInfoP.do?lsiSeq=165309&chrClsCd=010203&urlMode=engLsInfoR&viewCls=engLsInfoR#0000     A de minimis regime is applied in the Individual Consumption Tax Act, which is  5000000 KRW or 2000000 KRW depending on the types of goods/services (Source 2, Article 4 of Source 3). For an official English translation of Individual Consumption Tax Act, entered into force on 1 January 2015, last modified on 23 December 2014, please see: http://www.law.go.kr/lsInfoP.do?lsiSeq=165303&chrClsCd=010203&urlMode=engLsInfoR&viewCls=engLsInfoR#0000