Thailand: Waivers on yachts extended

• Mar 19, 2021

The Customs Department has approved the extension of tax waivers, including value-added tax on the value of vessels for all yachts arriving for another 2.5 years to support the country’s marine industry.

According to Customs Department spokesman Chaiyut Kumkun, the approval issued on Feb 19 this year applies to both visiting yachts and temporarily imported ones.

The previous practices allowed the importation of yachts to Thailand without any import duties for up to six months and with the ability to extend this for up to one year after the date of importation.

The extension is in line with the requests of yacht operators who have asked for a tax incentive time period similar to those offered by other Asean countries, he said.

The extension is likely to help promote domestic tourism as yacht operators are well-heeled and have relatively high spending power, said Mr Chaiyut.

Between Oct 1, 2020 and March 8, 2021, a total of 33 international yachts had docked in Thai waters.

Mr Chaiyut said the government is allowing the Customs Department to establish a working panel to consider and decide on customs tariffs in an effort to deal with tariff disputes between customs officials who discharge goods and importers.

Previously all disputes pertaining to tariffs were resolved by the Customs Tariff Bureau.

Source: https://www.bangkokpost.com/business/2086067/waivers-on-yachts-extended