WHAT IS THE PROCESS OF IMPORTING WHOLESALE SILVER JEWELLERY FROM THAILAND?
Do you know Thailand is one of the biggest producers of silver jewellery in the entire world? Not only the best silver jewellery factories exist here but you will be amazed to know that these factories have special verified certification. This makes them reliable and trusted companies. Many vendors and shop owners from all over the world come to Thailand every year to buy silver jewellery. They mostly purchase high-quality silver from wholesale companies in Thailand. Some of the best wholesale shops and/or companies in Thailand are:
|Charoen Kung Road||It has a lot of wholesale silver jewellery shops and more|
|Palladium World Shopping Mall||Silver jeweler and other items|
|Ta Phra Chan Market and Chatuchak Market||Buddhist pendants and amulets|
Now, we will tell you how you can import wholesale silver jewellery from Thailand. Keep reading this article in order to get the most out of it. Every step explained below is of great significance. So, we recommend you to read it thoroughly!
Legal Requirement Stages
Following are the stages that meet the legal requirements:
- Use e-customs systems
- Review of the controlled goods
- Submission and verification
- Inspection and release of goods
- General custom duty is 20%
- Special Tarif is 0%
- Average VAT rate applicable in Thailand is 0.07
- Excise tax
- Interior tax
Goods involving Thailand’s import have been centralized into an online E-customs system. The importer (individual or business firm) must already have a digital certificate in order to register for the system.
Two separate and specific checks need to be made before importing. The first check is made to identify if goods require an import permit, secondly, to make sure the goods are not falling into “red line” condition.
An import declaration is submitted to e-customs systems with the arrival report of the carrying goods in the vessel once all the documents are in order.
After vessel reaches the customs duty, variety of taxes are applicable now.
The final step is a simple screening; where the goods are inspected.
Taxes on silver in Thailand
If you want to know about the “Import Duty” or “Customs Duty” on various goods, for instance, silver jewelry, rings, bangles, and gemstones, we recommend you to read the “CDF” Category, which specifically categorizes the jewelry and watches. The customs duty or import duty on certain goods such as for silver jewellery, bangles, and rings, gemstones are classified under the jewellery and watches category. Customs duty or import duty is a tax charge on the specific good that enters the country from another country. Taxes will apply to those goods which are brought by an individual or a commercial entity. All the goods regarding import in Thailand must report to the customs department.
71-13-19-90-90 is HS CODE is applicable for the silver jewellery, bangles, and rings. Customs taxes on import are:
The other taxes which are applicable are:
Excise taxes and customs taxes on import:
In terms of silver jewelry, the concept of excise is the same as it for other goods. It is important to know that it is a special form of consumption tax, which is imposed by the government on a wide variety of good that is imported or manufactured locally.
The taxes are applied locally on those goods which leave the factory after they are manufactured and internationally shipped after the imported cargo arrives.
Goods that are subjected to excise taxes and subjected to the interior taxes, it is calculated at the 10% of excise.
Import documentation and legal requirements
It is important to avail the “Import License” before you start importing goods. Likewise, it is likewise noteworthy that you comply with the rules and regulations of the concerned companies and/or agencies. In some cases, you need to acquire the certificate of origin as well.
Products must go through import control.
When you opt to import specific materials such as tin ore, jewelry, tungsten oxide and/or other metallic tins, and if the quantity of the material exceeds two kilograms, then make sure to get permission from the Department of Mineral Resources. Not getting the permission certificate may create hurdles in the process of importation. So, for a smooth and reliable importation process, compliance with the rules and regulation is important.
General traditions clearing systems for the two imports and fares in Thailand require the accommodation of a Customs’ fare passage frame or import section shape.
The frame ought to be joined by standard transportation archives, which include: business receipt, pressing rundown, bill of filling/aviation route bill, and letter of credit. A few items may require an import/send out permit or potentially approval from applicable offices.
Buying silver wholesale from Bangkok
Silver jewelry, today, is relished for its high-quality aesthetic value. There are many sophisticated markets in the world that offer high-quality silver jewelry. However, it is worth noting that the market in Thailand is well-known and famous for its highly competitive prices and quality products.
Particularly, the capital of Thailand “Bangkok” holds a very significant value since markets here are famous throughout South East Asia and the world for their discounts on wholesale silver jewelry. As mentioned above, people will many silver jewelry markets in different regions of the world and can purchase in these markets some of the best-known brands. Nonetheless, what makes Thailand stands out is the main question of concern here.
So, let us tell you that shops in Thailand are famous worldwide for their vintage art, inexpensive prices, and discounts. While buying jewelry from any wholesale shop in Thailand, you will find that the owner of the shop has a government-issued certificate hanging on the wall. This significantly increases the reliability of the shop.
If you are a dealer or shop owner, then consider buying silver wholesale from Bangkok.