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South Korea to tighten penalties for price gouging for tourists
The South Korean government plans to tighten penalties for unjustified price gouging in the hotel, restaurant, and tourism sectors starting August 4, Yonhap News Agency reported, citing the Ministry of Finance and Economy.
Amendments to the Tourism Promotion Act provide for stricter penalties for owners of hanoks—traditional Korean guesthouses—who fail to post prices and violate pricing regulations. For a first violation, their operations will be suspended for five days instead of the previous warning. For repeat violations, the suspension period will be increased to 10 and 20 days.
The new requirements will also apply to owners of accommodations that accommodate foreign tourists in urban areas. Previously, no such penalties were envisaged for this category of operators.
The changes will also affect the taxi industry. Drivers who inflate fares will have their licenses suspended for 30 days for the first offense. For a second offense, the suspension period will be increased to 60 days, and for a third offense, their license will be revoked.
In addition, the authorities intend to introduce fines for tour operators and other market participants for unilaterally canceling bookings without valid reasons.
