In the jewelry industry, various types of gemstones need to be imported from other countries to be used as materials for crafting jewelry pieces. Some of these gemstones are not naturally found in Thailand or may not be available in sufficient quantities locally. Therefore, let’s take a look at what types of gemstones are eligible for value-added tax (VAT) exemption by the Customs Department and what important conditions need to be met.
Types of gemstones
- Diamonds, rubies, sapphires, emeralds, topaz, garnets, opals, neelam, peridot, spinel, jade, pearls, and gemstones with similar characteristics, specifically those that have not yet been set into jewelry or decorative items for use in the production of jewelry/accessories.
- Imitation materials as mentioned above or newly created ones, specifically those that have not yet been set into jewelry or decorative items for use in the production of jewelry/accessories.
- White gold, yellow gold, silver, and palladium, specifically those that have not yet been set into jewelry or decorative items.
Key Insights to Be Aware Of
- During the process of submitting a customs declaration to clear customs, business operators must present documentation related to the importation to customs officials. In the import declaration, the following items must be specified
- Name and address of the tax-exempt importer.
- Type, category, quantity, weight per unit, and value per unit of the imported goods.
- A report for imported goods and raw materials must be prepared, including both goods that are exempt from value-added tax and those that are not exempt from value-added tax. These should be combined into a single report for goods and raw materials
Read more: www.rd.go.th/15761.html
Source : The Revenue Department (rd.go.th)
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