Tax Exemptions for Gemstones Import and Sale
The Thai government has announced tax exemptions to encourage the import and sale of uncut gemstones.
Keywords: Tax, Jewellery, Thailand, VAT, Personal Income Tax, Revenue Department
In an attempt to promote Thailand as a centre for jewellery and accessories trading and manufacture, the Thai government has granted the following tax privileges:
- The import and sale of uncut gemstones is exempt from VAT. Note that this does not include imitation jewellery and applies only to an individual but not a group of persons or partnership.
- The sale of uncut gemstones is exempt from personal income tax. Again this does not include imitation jewellery and applies only to an individual.
The exemptions are effective from 18 February 2010 to 31 December 2011. It is also noted that certain conditions will apply but as yet these have not been announced by the Thai Revenue Department.