Visitors Welcome Tax Cuts a Month Ahead of the 52Nd Bangkok Gems and Jewelry Fair
Buyers anticipate savings as Thai government lifts 20% import duty and fair is just 1 month away.
(PRWEB) August 06, 2013
Huge savings await buyers planning to visit the upcoming 52nd Bangkok Gems and Jewelry Fair (BGJF52) after the Thai government last month announced the lifting of 20% tax on imported gems and jewelry products to be sold at the Fair.
Foreign exhibitors are now allowed to bring in and sell gems and jewelry from their countries duty-free, while local exhibitors can reduce selling prices as they cut down on imported parts and products’ costs. Both local and foreign buyers can thus take advantage of 20% savings, granting them additional purchasing power at the much-awaited Fair.
Somchai Phornchindarak, President of the Thai Gem and Jewelry Traders Association (TGJTA) and Chairman of the Gems, Jewelry and Precious Metal Confederation of Thailand, said the government decision came at the heels of TGJTA’s strong advocacy for a concessional duty rate of 0%. “We are privileged to have the government working alongside us so directly,” he added.
The BGJF52, scheduled this September 6 to 10 at Bangkok’s IMPACT Muang Thong Thani Hall, is expected to draw tens of thousands of buyers from all around the world. Buyers at last February’s fair reached over 30,000, coming from more than 130 countries including Dubai, Russia, China, Bahrain, Brazil and Canada. The bi-annual event is hailed as the world’s fifth and Asia’s second largest trade show in the gems and jewelry industry. BGJF boasts of gross export revenues exceeding USD12.8 Billion.
Another tax-free incentive awaiting visitors at the Fair is the Zero VAT Pavilion, where buyers are exempted from paying the 7% value-added tax imposed on rough gems and raw materials imported into Thailand. It’s a government-backed policy that aims to strengthen the country’s position as the “World’s Gems and Jewelry Hub” and the largest manufacturing center for such products in the entire globe.
A new feature added to this year’s BGJF is a free three-day, two-night hotel accommodation for first-time visitors who avail of the highly acclaimed Business Matching Service, a system of pre-arrangement where foreign buyers are allowed to choose the suppliers whom they wish to transact with, many days before the start of the Fair. The hotel accommodation is also being offered to visitors who have not been able to attend BGJF for the past 3 years.
In addition, free shuttle service will be available to and from Bangkok’s leading hotels to give added comfort and convenience to the visitors.
Register now at http://www.bangkokgemsfair.org/bgjf52/visitor_pre_regis_form.php to avail of these exceptional offers.
For the original version on PRWeb visit: http://www.prweb.com/releases/2013/8/prweb10982781.htm