The Thai Yachting Business Association (TYBA) is pleased to confirm that The Royal Thai Government has announced a new custom regulation that will allow Superyachts with a Thai charter permit to operate in Thailand under clarified VAT and import arrangements. Alongside this announcement is an extension of the temporary import allowance, changed from 6 + 6 months to 2 years and 6 months.
The Thai Customs Depart announced this new regulation on 19″ February 2021. It was later confirmed during a meeting between the Minister of Finance, Mr. Arkhom Termpittayapaisith, also attended by a former Minister of Tourism and Sport, Mrs. Kobkarn Wattanavrangkul and representatives of the Thai Yachting Business Association (TYBA).
The Chairman of TYBA, Matthew Na Nagara who attended the meeting, commented; “After many years of close collaboration with the Thai Government, the Chamber of Commerce, and various other organizations, this new policy will be of benefit across the Thai yachting Industry as well as the local economy. In allowing Superyachts to charter in Thailand, this will attract more Superyachts into Thai Waters and influence them to remain here longer. These yachts require constant maintenance and service, providing an economic benefit across our industry. Local business will also gain since food and beverage provisioning accounts for about 25% of the total charter value and charter guests tend to spend lavishly on hospitality and tourism activities. Superyacht crew expenditure is also significant and will positively impact local and national businesses.
TYBA has completed a study to support this initiative, covering New Zealand, Australia, Fiji and the Maldives – all of which have opened up to superyacht charter in recent times. It is well known how the Caribbean and areas of Europe have long benefited economically from superyacht charter activity. So, this new announcement from the Thai Customs Department will initiate significant growth to the Thai yachting industry and the general economy. Superyachts will pay VAT on all income they generate in Thailand during their temporary stay in Thai waters.
The extension of temporary importation of foreign yachts for up to 2.5 years will also significantly benefit the industry and local economy. TYBA board member Peerawich Thoviriyavej concludes, “This brings Thailand in line with regulations in neighboring countries and elsewhere in the world. To come from Europe or Australia takes many weeks, so yachts can now make the most of all that ‘Amazing Thailand’ has to offer. We look forward to working further, with our APAC and ASEAN members, to grow this outstanding cruising region for charter and pleasure yachting.”
For more information this, please contact TYBA: www.thaiyachtingbusinessassociation.com
Footnote:
Contact Seal Superyachts Thailand for detailed information about cruising around Thailand, superyacht charter regulations and about how we can support your visit.
Principle agent Adam Frost is proud to have worked with many of the World’s largest Superyachts and has extensive knowledge of Thailand and the surrounding area.
Adam Frost
Phone: +66 81 979 6636
Email: thailand@seal-superyachts.com