British International School, Phuket
Carnival Magic 333 at the beach Pro Property Partners British International School, Phuket
The Phuket News Novosti Phuket Khao Phuket

Login | Create Account | Search


Thailand lifts VAT on visiting superyacht charters

Thailand lifts VAT on visiting superyacht charters

PHUKET: The Royal Thai Government has removed valued-added tax (VAT) from being levied on all visiting superyacht charters to help support the country’s marine industry.

marinetourismeconomics
By The Phuket News

Thursday 25 February 2021, 04:17PM


The decision came at a meeting in Bangkok late Tuesday (Feb 23) chaired by the new Minister of Finance, Arkhom Termpittayapaisith, and attended by officials from both the Customs and Revenue departments.

At the meeting it was finally confirmed that foreign-flagged visiting superyachts will from now on be welcome to spend the winter seasons in Thai waters and offer their yachts for charter without having to pay VAT on the value of the vessel.

The meeting marked the culmination of a six-year campaign to bring this all-important change in the local regulations, and thus finally enable a new ‘third destination’ for the global fleet and a new ‘Superyacht Tourism’ industry to boost Thailand’s pandemic-challenged tourism economy.

Meeting with Finance Minister Mr Arkhom were Chairperson of K-Bank and Committee of National Reform on Economics, Kobkarn Wattanavrangkul; Andy Treadwell, CEO of Verventia and Thailand Yacht Show; Matthew Na Nagara, Chairman of the Thailand Yacht Business Association (TYBA); and Peerawich Thoviriyavej, Verventia & TYBA Board Member.

The campaign started in earnest in 2015 when the then Minister of Transport was tasked by the Prime Minister with launching Thailand’s own Yacht Show. The show was conceived as a platform to promote the Kingdom as the Marina Hub of Asia and develop an important new yachting industry bringing in significant foreign investment for the benefit of all Thai people, noted a release from Thailand Yacht Show organiser Verventia.

“Ms Kobkarn, then Minister of Tourism and Sport, became a real champion for the cause, and her unflagging belief in this opportunity remains to this day, despite her having left politics two years ago,” said the release.

“Minister Arkhom was the incumbent Minister of Transport who in 2016 signed the government decree authorising the so-called ‘superyacht charter license’, the first three of which were presented to foreign superyacht owners at a ceremony announcing the launch of the new Thailand Yacht Show.

“It has taken until today to finally agree on the official tax regulations surrounding this initiative, but it could not have come at a better time when Thailand desperately needs a new wave of high quality, high-spending tourists to arrive when we finally see the end of the pandemic – hopefully in time for next season,” the release said.

Mr Treadwell also noted, “The whole of the Thai yachting industry has worked together to finally arrive at this point, and TYBA Chairman Matthew Na Nagara and his team have been instrumental in ensuring that enough information and political persuasion has been given to all government departments and administrative organisations to push the initiative to a conclusion.

“The Thailand Yacht Show itself will now become the centrepiece of a much wider Festival of Luxury Tourism, encompassing a showcase of private aviation at the new Phuket Private Jet Terminal, an international classic car Concours d’Elegance; a Wellness & Anti-Ageing Expo; a Collectible Art Show and many other luxury sectors that will attract increasing numbers of UHNW [Ultra high Net Worth] visitors to the beautiful island of Phuket over the next 10 post-COVID years.

“Whilst the headline news is a huge boost for the superyacht industry, bringing as it will new business for all parts of the Asean region right through to Australia and New Zealand, there will also be a massive ‘trickle-down’ effect into every corner of the leisure boating industry and on-water lifestyle industries throughout the whole of Asia,”Mr Treadwell said.

Comment on this story

* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.

* (Not Hotmail/Outlook)
CAPTCHA

Be the first to comment.

 

Have a news tip-off? Click here

 

Phuket community
Phuket air quality takes a hit

Singapore has spatial planning, wide one way direction roads, MRT, busses, taxis you can flag down a...(Read More)


Phuket air quality takes a hit

Enormous PM2.5 pollution Chalong Circle area is not surprising seen all tourist busses, vans, trucks...(Read More)


Phuket air quality takes a hit

Kurt,it's a haze ! Maybe you want to write the articles for the PN next in your position as a ch...(Read More)


Phuket tour guide chief denounces report of B1mn drug extortion by police

So what if it happened years ago, it is only a few weeks since the RTP crooks extorted almost $1,000...(Read More)


PM warns bad cops ‘must go’

Meat and drink to our resident, ageing vigilantes. They havent invented as much since Alexander Flem...(Read More)


Phuket air quality takes a hit

@Kurt. I hear that southern Chile is relatively haze or 'smog' free. Why not consider re-loc...(Read More)


Corruption questions raised over failed Phuket construction projects

Oh dear, the usual, creaking, elderly suspects are very vocal on this. I see the exit door to Thaila...(Read More)


The need for saving lives

Thank you Mr Modell for your selfless actions and dedication to helping fellow expats. ...(Read More)


Phuket air quality takes a hit

PN, please, call it smog, not haze. Well, Phuket is over crowded. No wonder. And why public should d...(Read More)