VAT on the value of superyachts will no longer be applied to foreign-flagged vessels when chartering in Thai waters. This is set to have a significant impact on the country's burgeoning superyacht tourism sector.
It is also poised to considerably boost Thailand’s economy, which has been affected by the pandemic. The country has been impacted by a lack of tourists in the past year, and important events such as the Thailand Yacht Show, being postponed for the foreseeable future.
The announcement comes after a six-year campaign by the Thai yachting industry
The announcement, given during a meeting chaired by Thailand’s new Minister of Finance, Arkhom Termpittayapaisith, comes after a six-year-long campaign by the Thai yachting industry to amend existing regulations for yacht charters.
It was also revealed that the Thailand Yacht Show (when it returns) will become the centerpiece of a new wider Festival of Tourism, to help attract more UHNW visitors to Phuket.
Interested in finding out more about the fleet available in this destination? Please consult our yacht charters in Thailand page for up-to-date information.