Local exhibitors taking part in the Bangkok Gems and Jewelry Fair in September will be able to sell their wares at even lower prices owing to a temporary tax break granted specifically for the event.
The 52nd Bangkok Gems and Jewelry Fair is set to take place from September 6-to-10 and will be held at Impact Arena.
The tax break granted for the event will waive the 20% tax on imported jewelry while also allowing foreign exhibitors to sell their products duty-free. Officials noted that with the tax break, exhibitors will only have to pay a 7% VAT charge.
The exemption will run for a total of 30 days – 15 days before and after the Bangkok Gem and Jewelry Fair. However, the tax break will only be given to exhibitors endorsed by the Thai Gem and Jewelry Traders Association (TGJTA).
Bangkok Gems and Jewelry Fair organizing committee CEO Suttipong Damrongsakul welcomed the move and said this will help Thailand become an even bigger player in the gems and jewelry industry, the Bangkok Post reported.
