Global Tax Free

What Global Tax Free does

Global Tax Free Co., Ltd. (KOSDAQ: 204620), founded in December 2005, is Korea's first and largest tax refund service provider for foreign tourists and the pioneer of the electronic tax refund system (eTRS) in Asia. The company processes VAT (10%) refunds for non-Korean visitors through four primary channels: immediate point-of-sale deduction at affiliated merchants (under KRW 1M per transaction), staffed downtown counters and self-service kiosks in major shopping districts (Myeongdong, Gangnam, Hongdae, Busan), 24-hour counters at all major Korean airports and ports, and mailbox/remote refund transfers via credit card or mobile payment. Its proprietary eTRS platform connects tax refund application, customs confirmation, and refund disbursement online, eliminating paper-based processes, and includes a High-Value Receipt Alert System that flags large transactions within one hour to prevent staff errors.

The company operates a B2B2C model with approximately 12,392 affiliated merchant stores in Korea, including tier-1 department stores (Lotte, Shinsegae, Hyundai), luxury brands, K-beauty retailers (Olive Young), medical institutions, and designated tourist hotels. Free terminal installation and zero-rate VAT reporting support merchant recruitment, while transaction fees on each refund (a take-rate on the spread between merchant settlement and tourist payout) constitute the core revenue stream, supplemented by cross-border payment processing fees from integrations with WeChat Pay, Alipay, PayPay, UnionPay, and 9+ Asian regional e-wallets. End-tourists are acquired through partnerships with CTRIP, Alipay, WeChat, and UnionPay, plus annual promotional campaigns.

Global Tax Free is headquartered in Seoul, operates regional offices in Busan, Singapore (since 2011), Tokyo (since 2012), and France (via 75%-owned Simply Tax Free SARL acquired in 2018 through a UK holding company). The company reported 2024 consolidated revenue of KRW 129.73 billion (up 58.8% YoY) and net profit of KRW 6.25 billion, recovering from a KRW 7.99 billion net loss in 2023. As of 2025, the company has processed approximately 109.5 million cumulative refund transactions totaling KRW 1.239 trillion. Major shareholders include GTF Holdings Co., Ltd., JSI Holdings, and the National Pension Service. Strategic investors include ARDIAN (2016) and Planet (2024, global #2 tax refund player).

Name

Global Tax Free

Legal name

GLOBALTAXFREE Co., Ltd.

Website

https://global-taxfree.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Global Tax Free (GTF) is Korea's largest tax refund service provider for foreign tourists, operating the eTRS electronic refund platform across 12,392 affiliated merchant stores in Korea with international operations in Singapore, Japan, and France (via Simply Tax Free).

Ownership category

akta.pro rank

Product category

Tax Refund Services

akta.pro primary industry

VAT/GST Tax Recovery & Receipt Compliance (THACADAF)

akta.pro secondary industries

Localization & Internationalization Services (Language/Currency/Pricing) (CRAFAJAI), Indirect Tax (VAT/GST/Sales & Use) Services (BPAHABAJ)

Keywords

• Tax refund services
• VAT refund processing
• Electronic tax refund
• Cross-border payments
• Merchant tax solutions

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Tax Refund Transaction Fees: The company charges merchants a transaction fee for processing tax refunds. Merchants use zero-rate VAT reporting when filing taxes, and the exempted tax amount is settled with GTF, allowing the company to earn revenue from the spread and transaction processing fees.
2. Cross-border Payment Processing: The company earns fees from processing cross-border payments through WeChat Pay, Alipay, PayPay, and other international payment methods for merchants in Korea.
3. Merchant Affiliation Fees: Revenue generated from affiliated merchants (approximately 12,392 stores) who pay for tax refund processing services and use GTF's infrastructure including terminals and systems.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Global Tax Free provides electronic VAT (Value Added Tax) refund services for foreign tourists shopping in Korea and other Asian markets. The company operates an Electronic Tax Refund System (eTRS) deployed across approximately 12,392 affiliated merchant stores, downtown refund counters, airport/port counters, and point-of-sale immediate refund channels. It also processes cross-border payments through partnerships with WeChat Pay, Alipay, PayPay, and other regional e-wallets.

Differentiator

Problem solved

Functional benefit

Products and services

• eTRS (Electronic Tax Refund System) Proprietary electronic tax refund system that connects tax refund operations online, providing real-time processing, automatic form printing, and prevention of transaction omissions for affiliated merchants.
• Tax Refund Service Core VAT refund service for foreign tourists purchasing goods in Korea, enabling them to receive refunds on value-added tax paid when departing with goods abroad.
• Cross-border Payment Service

Quantifiable outcome

• 109.5 million cumulative tax refund transactions processed
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Orange SquareminorGTM or Marketing Partner · 1 January 2024MOU signed in 2024 for partnership collaboration.
• TryUpminorGTM or Marketing Partner · 1 January 2024MOU signed in 2024 for partnership collaboration.
• PlanetcoreStrategic or Co-development Partner · 1 January 2024Partnership with Planet for Japan's tax refund market. Through this partnership, GTF Japan has strengthened its foundation for stable and sustainable growth through enhanced service quality, advanced systems, and expansion into new regions. Planet is the global no. 2 in tax refund industry.
• Simply Tax Free SARL (France)coreStrategic or Co-development Partner · 1 January 2018Acquisition of 75% stake in French tax refund company Simply Tax Free, enabling GTF's entry into the European market (tax refund's mainland). Simply Tax Free operates at Charles de Gaulle International Airport and serves major luxury brands.
• Premier Tax Free (Singapore)coreStrategic or Co-development Partner · 1 January 2018Acquisition of business rights from Singapore's second-largest tax refund company Premier Tax Free, strengthening GTF's position in Singapore market.
• CTRIP (C-Trip)coreGTM or Marketing Partner · 1 January 2016Partnership with China's largest online travel agency (CTRIP) for marketing collaboration to attract Chinese tourists to GTF-affiliated stores. CTRIP serves as a major channel for bringing Chinese tourists to Korea who use GTF's tax refund services.
• UnionPay InternationalcoreGTM or Marketing Partner · 1 January 2015Partnership for global card-based tax refund services. GTF was designated as UnionPay's Global Best Tax Refund Partner in 2017. MOU signed in 2024 for continued collaboration.
• Tencent (WeChat)coreTechnology or Integration · 1 January 2015Tax refund agency service agreement with Tencent for WeChat-based tax refund processing. Launched WeChat mobile refund service in 2025, first in Korea.
• Alipay (Ant Financial)coreGTM or Marketing Partner · 1 January 2013Partnership with China's largest third-party payment platform for tax refund services and marketing. Chinese tourists can receive refunds through Alipay accounts. Alipay is a key channel for Chinese tourist marketing.

Scale indicators8 records

Recent moves11 records

Expansion highlights7 records

Broad incumbents

• Wise: Cross-border money movement and multi-currency payment platform serving international travelers and merchants. Comparable in FX and multi-currency settlement for tourist transactions.
• Currencycloud: Cross-border payments and FX infrastructure provider (Visa-owned) that overlaps with GTF's growing cross-border payment service (WeChat, Alipay, multi-currency settlement).
• Travelex: Global currency exchange services provider operating in airports and tourist hubs. Comparable foreign-currency handling and airport footprint to GTF's airport counter and money exchange offerings.

Others

• FingerStory: KOSDAQ-listed majority-owned subsidiary of GTF. Adjacent digital content business; useful as a structural reference for GTF's corporate group rather than direct competition.

Emerging players

• EASY Tax Refund: Digital-first tax refund platform targeting international shoppers. Emerging niche competitor with app-based refund experience overlapping GTF's mobile passport offering.

Direct peers

• Premier Tax Free: Former Singapore #2 tax refund company whose franchise business rights were acquired by GTF in 2018. Direct historical competitor in the same geographies and product category.
• Planet (formerly Global Blue): The global #1/#2 in tax-free shopping services (Planet acquired Global Blue). Planet provided GTF Japan with a strategic investment in 2024, validating the competitive overlap in cross-border tax refund processing for tourists.
• Travel Tax Free (Daxium): Europe-based digital tax refund platform competing across tourist tax-free shopping. Comparable technology-first VAT refund service targeting international travelers.
• Innovax Tax Free: Korean electronic tax refund system (eTRS) provider and direct competitor to GTF's proprietary eTRS platform within the domestic market.
• Ktis Corporation: Korean tax refund competitor whose tax refund business division was acquired by GTF in 2019. Direct domestic competitor in Korean VAT refund services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/GlobalTaxFree
• Facebookfacebook.com/globaltaxfree
• LinkedInlinkedin.com/company/globaltaxfree

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Global Tax Free