As one of the founding parties of VAT Refund Center (Thailand) Co., Ltd, Siam Piwat Co., Ltd. is the official partner and the representative to assist tourists with VAT refund processes in 5 locations
According to the announcement by the Thai government’s Revenue Department regarding ‘Downtown VAT Refund for Tourist’, the campaign has kickstarted an initiative to set up counters in numerous locations across central Bangkok to help tourists proceed with VAT refund upon shopping at permitted VAT refundable retailers. VAT refund will be returned to tourists in the form of cash in Thai Baht, encouraging them to continue shopping in Thailand with ease and convenience. Apart from helping tourists, the campaign is initiated to promote growth and balanced income distribution to small businesses.
As one of the founding parties of VAT Refund Center (Thailand) Co., Ltd, Siam Piwat Co., Ltd. is the official partner and the representative to assist tourists with VAT refund processes in these 5 locations across Central Bangkok; Siam Paragon, CentralWorld, Central Chidlom, Robinson Sukhumvit, and The Emporium. As one of the partnering department stores, Siam Paragon has completed all preparations to help and service incoming tourists at the highest capacity.
Senior Executive Vice President for Siam Piwat Co., Ltd. retail business development division Charnchai Cherdchoowongtha-nakorn said, “Siam Paragon is delighted to fully support the government’s policies and work with the Revenue Department. ‘Downtown VAT Refund for Tourist’ is set up to be a key area on G Floor where tourists can find conveniently, as it is located by one of our entrances connected to BTS Skytrain and taxi stops. Additionally, adept, knowledgeable and service-minded staff have been assigned to accommodate tourists with paperwork and essential procedures in order to fully and successfully comply with policies from the Revenue Department.”
“Not only will shopping tourists of Siam Paragon, Siam Center, and Siam Discovery find it convenient to proceed with VAT refund at Siam Paragon, all tourists who have purchased goods, in accordance with all policies by the Revenue Department are welcomed to complete all necessary procedures at our department stores. The convenience of VAT refund at Siam Paragon is extremely helpful for those who have purchased in the popular shopping destination Siam as hundreds of SME businesses, small retailers and corporations are located in the area, covering a vast space of 2,000,000 sqm, with over 20 hotels to accommodate international tourists in more than 3,000 rooms available – with extra support from Bangkok’s BTS Skytrain system, connecting Ratchathevi and National Stadium to Siam station.”
“According to statistics, out of 400,000 – 500,000 shopping tourists per day at One Siam, an average of 938 VAT Refund Form ( P.P. 10) have been filled each day from shops and retail spaces in Siam Paragon, totalling to a signification amount of 342,494 applicants.”
“Based on Siam’s all-around advantages, we are confident that our VAT refund counter on G Floor of Siam Paragon will be the key point of service for all international tourist groups. Not only will these counters help tourists in making better decisions about visiting Thailand, but the amount of amount refuned back to them will also potentially be spent on additional purchases in Thailand. Consequently, it would help boost our economy. I can see this initiative having a positive influence on the number of Thailand-bound tourists – more by volume and frequency,” Charnchai stated.
The initiative of establishing VAT refund counters directly impacts the tourism industry on multiple levels:
- Amount of retained money which tourists have spent after receiving VAT refund helps small retailers and businesses, which, in turn, strengthens Thailand’s economy;
- The growth in sales volume and sales value is proportional to the rate of economic growth and revenue from tourist spending;
- A significant decline in VAT refund at Suvarnabhumi and Don Muang Airport reflects positively a sign of service improvement;
- VAT refund for tourists promotes better opportunities for local retail shops to generate more sales.