VAT cut to boost jewelry export

BANGKOK, 29 June 2009 (NNT) – Value added tax (VAT) cut from raw material imports of gems for the jewelry industry will boost jewelry export value to 300 billion baht this year, said Deputy Commerce Minister.

Deputy Commerce Minister Alongkorn Ponlaboot revealed that the governments policy would make Thailand more competitive, and cut production cost for entrepreneurs. He was confident that the jewelry export value would increase to 300 billion baht, which would result in less negative value of Thai overall export this year.

He believed that this measure would benefit many parties, because currently the global economy was improving, which was the main factor to push Thailand as a jewelry production center of the world. In the past VAT had affected Thai jewelry industry’s competitiveness when compared to other countries.