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  1. #1
    Thailand Expat misskit's Avatar
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    Savers earning over 20,000 baht interest a year to face 15 percent tax

    Bank depositors in Thailand who earn more than 20,000 baht interest a year from their bank deposits will now be taxed 15% on the interest they earn, according to Finance Minister Apisak Tantiworawong.


    The minister said today the new tax measure, proposed by the Revenue Department, is intended to prevent bank depositors, who have more than four million baht in a bank account, avoiding tax on interest received each year.


    He noted that in the past some commercial banks helped their customers with large deposits to avoid tax on interest earned by closing the accounts when the amount of interest approached 20,000 baht and then open new accounts for their customers.


    Mr. Apisak assured that the new tax measure will only affect people with large bank balances and will enable the Revenue Department to double revenue from bank interest tax from one billion baht a year now to about two billion baht.


    Revenue Department spokesperson Sai Suraswadi said banks and other financial institutes that accept deposits from customers would be required to report details of the bank interest earned by their customers twice a year, in May and November, so the department can demand tax the payment.


    She warned that big depositors, who refuse to provide information about their bank interest to the department, would face 15% income tax on the interest they received even if the amount is less than 20,000 baht per annum.


    https://www.thaipbsworld.com/savers-...5-percent-tax/

  2. #2
    Thailand Expat jabir's Avatar
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    I think they should cut the bullshite and set up mugging posts, much like police tea stops to rifle through pockets that seem to hold more than the unconnected user is perceived to need. This would be great for the economy, cops get their cut, and no real victim since those carrying surplus funds probably nicked it anyway and should rightfully contribute to the greater cause.

  3. #3
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    Tax brackets should be on total income over all sources of income. Spread your deposits over a hundred accounts, it shouldn't matter.
    Furthermore, what the minister is saying won't change a thing.

  4. #4
    ความรู้ลึกลับ HuangLao's Avatar
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    Immoral tax revenue appropriated for what purposes?

  5. #5
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    A complex life with more stuff?

  6. #6
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    myself and wife have paid 15% tax on interest the past 10yrs.it doesnt matter how much tax you pay over the year.if you dont have any earned income you are allowed to claim back interest withheld by the bank from the tax office in your area,as long as your personel income earned IN THAILAND dont exceed 150,000bht.
    the uk.has a double tax agreement with the uk.so the only tax you pay in thailand IS income earned over 150k.so for me and mrs.HH. its 300k.over that amount its as per.scale.not sure but you can find details on,www.rd.go.th
    but to claim back any tax that is witheld you need to register with the revenue,you will recieve a TAX ID.KNOWN AS A T.I.N.NO.then claim in january for the previous yr.it used to be you can claim back 3yrs.and pay a small fine.these past 3yrs.we have recieved our refunds through PROMT PAY.

  7. #7
    Thailand Expat Pragmatic's Avatar
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    How, if at all, would this affect the likes of myself who uses a Credit Union to save in? Immigration do not accept money in a Credit Union as being in a bank. So will the government look on it the same way?

  8. #8
    Thailand Expat jabir's Avatar
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    Quote Originally Posted by Maanaam View Post
    Tax brackets should be on total income over all sources of income. Spread your deposits over a hundred accounts, it shouldn't matter.
    Furthermore, what the minister is saying won't change a thing.
    Reckon glorious minister would have thought of that?

  9. #9
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    only one concern i have is,we all know how professional and incompetant our bank staff are is this,nearly all our fixed accs.interest is paid monthly which is transferred into a savings acc.we know this as a current acc.which we use weekly for expenses,at the end of the yr.we have to take care that we are not taxed on the interest earned from the fixed accs.as they have already had tax deducted each month.
    on a savings acc.pass book interest earned from fixed accs.show as,
    TR.
    interest from a current/savings deposit shows every 6months,30th.june and 31st.dec.as,
    IN.that is what they want to tax them that earn more than 20,000bht.
    that will fk.up all them that have interest paid monthly into a savings deposit pass book.if they add up all the interst together.
    IN.

  10. #10
    Thailand Expat misskit's Avatar
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    Regulations for savings accounts revised

    BANGKOK, 24 April 2019 (NNT) - The Revenue Department will revise the regulations for savings accounts next week so that owners of savings accounts will not need to sign an agreement for the disclosure of their savings accounts to the department and only those savings accounts which earn more than 20,000 baht in interest per annum will be subject to tax.


    Revenue Department spokesman Pinsai Surasawadee said the department’s regulations for savings accounts has been revised to the extent that no savings account owners will be obliged to sign an agreement for the disclosure of their savings account details unless the savings account earns more than 20,000 baht in interest per annum, which will be subject to income tax.


    Those who do not agree to have their bank provide the data on their savings accounts to the Revenue Department may notify the bank of such dissent on an individual basis. The revised regulations for savings accounts are to be announced to the public so that taxation on savings interest can be collected from May 15.


    Thai Bankers Association Secretary General Kobsak Duangdee advised that bank customers need not panic over the savings interest tax if they have less than four million baht in savings accounts.


    However, the association’s working group and the Revenue Department are holding another meeting, which officials of the Bank of Thailand are invited to join, on Thursday to acknowledge the revised regulations.


    There are currently some 80 million savings accounts at banks throughout the country, about three million of which incur more than 20,000 baht in interest per annum, and are subject to the 15% income tax.



    National News Bureau Of Thailand

  11. #11
    Thailand Expat misskit's Avatar
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    Banks to automatically submit savings accounts interest data to RD; interest less than 20,000 baht exempted from tax

    BANGKOK, 5 May 2019(NNT) - On discussions regarding savings account interest tax deductions, the Revenue Department (RD) has reached a conclusion requiring all banks to submit savings account interest payment data to the RD, with all interest payments less than 20,000 baht exempted from tax. Account owners wishing that their information not be sent automatically to the RD must inform their bank, whereupon they will be subjected to taxation.


    The Revenue Department Director General Ekniti Nitithanprapas has revealed the department’s discussions with the Thai Bankers’ Association, the Association of International Banks, and Bank of Thailand on 25th April regarding savings account interest tax deductions, saying that banks will submit interest payment data to the RD, and the RD will screen it for individuals who have received interest payments exceeding 20,000 baht, and inform the bank to make a tax collection.


    Persons who have received less than 20,000 baht interest payment will be exempted from taxation. Account owners can also request the banks not to send their account information to the RD by informing their banks, who will however apply a 15% tax deduction from interest payments to these accounts.


    The Thai Bankers’ Association President, Predee Daochai said yesterday that persons who wish not to have their account information submitted to the Revenue Department must fill out a request form at the bank where they have their accounts between 7-14 May 2019, and the tax deduction will be made from all interest payment from June onwards.

    National News Bureau Of Thailand

  12. #12
    Thailand Expat
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    Quote Originally Posted by misskit View Post
    Regulations for savings accounts revised

    BANGKOK, 24 April 2019 (NNT) - The Revenue Department will revise the regulations for savings accounts next week so that owners of savings accounts will not need to sign an agreement for the disclosure of their savings accounts to the department and only those savings accounts which earn more than 20,000 baht in interest per annum will be subject to tax.


    Revenue Department spokesman Pinsai Surasawadee said the department’s regulations for savings accounts has been revised to the extent that no savings account owners will be obliged to sign an agreement for the disclosure of their savings account details unless the savings account earns more than 20,000 baht in interest per annum, which will be subject to income tax.


    Those who do not agree to have their bank provide the data on their savings accounts to the Revenue Department may notify the bank of such dissent on an individual basis. The revised regulations for savings accounts are to be announced to the public so that taxation on savings interest can be collected from May 15.


    Thai Bankers Association Secretary General Kobsak Duangdee advised that bank customers need not panic over the savings interest tax if they have less than four million baht in savings accounts.


    However, the association’s working group and the Revenue Department are holding another meeting, which officials of the Bank of Thailand are invited to join, on Thursday to acknowledge the revised regulations.


    There are currently some 80 million savings accounts at banks throughout the country, about three million of which incur more than 20,000 baht in interest per annum, and are subject to the 15% income tax.



    National News Bureau Of Thailand
    Does that mean the rich can spread their money over many bank accounts and receive tax free savings? That is you have a hundred bank accounts earning 19,900 Baht a year in each, then it is all tax free?

    This is plain dumb. Everyone should declare their full earnings, including total savings and have the total subject to personal tax.

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