Private sector asks govt to exempt VAT on imported raw materials

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BANGKOK, 9 August 2012 – Thai private sector is demanding that the government exempt import and value-added taxes on the imported raw materials in order to lower production costs. 

Director General Department of International Trade Promotion NuntawanSakuntanaga disclosed after the meeting on problems and obstacles in Thai export especially in gem and jewelry industry that the private sector has reported problems besetting it to the Department. Those problems are in regard to liquidity, raw materials, technology, and labor; however, the issue they want the government to immediately fix is the problem of tariff and VAT on imported raw materials such as silver accessory parts and crystals. In order to cut production costs, gem and jewelry entrepreneurs are urging the government to waive the tariff and VAT on those imported materials.

Additionally, the entrepreneurs have asked the government to draw up measures aimed at increasing liquidity in the industry through expport guarantee and gems bank. The Director added that the Department is holding a meeting to discuss rules and conditions of the Gems Bank,s loans to the Thai SMEs.