Tax on savings

In the 'every little bit helps' category, this news from the tax folks:

Tax exemption on savings
Writer: BangkokPost.com
Published: 22/07/2009 at 02:31 PM


The Revenue Department has announced an exemption from withholding tax on bank savings accounts which earn no more than 20,000 baht interest a year, Finance Minister Korn Chatikavanij said on Wednesday afternoon.

Altogether 62 million savings accounts would benefit from the tax exemption, which was aimed at increasing depositors' incomes, Mr Korn said.

Savings account owners who earn more than 20,000 baht a year interest could make an agreement with their respective financial institutions on whether to allow an immediate deduction of due tax or pay the tax themselves at revenue offices.

Thanks for spotting and posting that Parrot, though it won't affect me just yet.

I didn't know what the criteria were over here, so that is useful to know.

Wouldn't it be great if G Brown esq. and his side kick A.Darling esq. were to follow Thailand's example when it comes to interest on savings accounts, particularly pensioners who depend a lot on such interest to boost their meagre pensions thanks to the above mentioned tyrants. Perhaps Dickens's Scrooge comes to mind.

Gordon.....take heed!!

But look at the ripoff iSA's have become. Interest rates are often lower, even after basic rate tax is taken off, than taxed accounts.