Bank Account TAX?
Bank Account TAX?
Hmm, updated my bank books today and noticed on 6/28 I received interest and a Tax Charge.
Wife says something new she saw on TV, but really knows nothing more than that.
Any One know more? Monthly? Yearly? % on Balance?
Sure glad I don't have 800K, bet the tax is around 4,000฿
Wife says something new she saw on TV, but really knows nothing more than that.
Any One know more? Monthly? Yearly? % on Balance?
Sure glad I don't have 800K, bet the tax is around 4,000฿
Re: Bank Account TAX?
Well over 800,000.
Tax isn't even half of 1% . . . 0.0034%
Tax isn't even half of 1% . . . 0.0034%
AMERICA: One of the Greatest Stories Ever Told.
Re: Bank Account TAX?
Just the tax deducted on the interest earned - if you are not working claim it back from the Revenue Office - your wife can explain what to do.
I was born with nothing and still have most of it left
Re: Bank Account TAX?
So it is a tax on interest earned? So twice a year?
More trouble & cost than I think it is worth, and bet the Gov. is banking on it!
Re: Bank Account TAX?
So it is a tax on interest earned? So twice a year?
So, if on interest earned looks more like 1.5%
More trouble & cost than I think it is worth, and bet the Gov. is banking on it!
- sometimewoodworker
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Re: Bank Account TAX?
You are taxed on every interest payment at about 15%.RLTrader wrote: ↑July 4, 2019, 1:31 pmHmm, updated my bank books today and noticed on 6/28 I received interest and a Tax Charge.
Wife says something new she saw on TV, but really knows nothing more than that.
Any One know more? Monthly? Yearly? % on Balance?
Sure glad I don't have 800K, bet the tax is around 4,000฿
Thai people are only taxed on interest if they exceed ฿20,000 in interest in a tax year.
I get interest payments monthly and so tax is deducted monthly.
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In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.
In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.
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Re: Bank Account TAX?
Duplicate post
Last edited by sometimewoodworker on July 5, 2019, 1:09 pm, edited 1 time in total.
Jerome and Nui's new househttp://bit.ly/NJnewHouse
In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.
In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.
Re: Bank Account TAX?
I have 800k deposited at Krungsri bank which pays 1.30% interest and TAX FREE.
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Re: Bank Account TAX?
That is supposed to be for Thai citizens only. Have you checked as your interest is paid monthly.
Here is mine from Krungsri bank.
Jerome and Nui's new househttp://bit.ly/NJnewHouse
In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.
In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.
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Re: Bank Account TAX?
I rest my case.sometimewoodworker wrote: ↑July 5, 2019, 11:32 amThat is supposed to be for Thai citizens only. Have you checked as your interest is paid monthly.
Here is mine from Krungsri bank.
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Re: Bank Account TAX?
Withholding tax on gross bank interest is just one on the many measures that have been (and continue to be) adopted by countries across the world in their increasing fight against money laundering and the black economy.
These measures often cause collateral damage to ordinary expats (and local citizens) who have no involvement with money laundering and/or the black economy in those countries.
This is further exacerbated for many expats due to a lack of contact and/or confirmation with the tax authorities in those countries of their exact status regarding residence and domicile for tax purposes.
As the amounts involved are (in the current low interest environment) generally relatively small for ordinary expats, few will go to the trouble (and expense) of obtaining appropriate professional advice and registering themselves with the tax authorities to (potentially) reclaim the withholding tax.
While a case could be made for tax authorities to incorporate a “De Minimis” amount in their rules before withholding tax would be applied, it is not uncommon for tax authorities to choose not to do so as it becomes a source of easy additional tax revenue.
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These measures often cause collateral damage to ordinary expats (and local citizens) who have no involvement with money laundering and/or the black economy in those countries.
This is further exacerbated for many expats due to a lack of contact and/or confirmation with the tax authorities in those countries of their exact status regarding residence and domicile for tax purposes.
As the amounts involved are (in the current low interest environment) generally relatively small for ordinary expats, few will go to the trouble (and expense) of obtaining appropriate professional advice and registering themselves with the tax authorities to (potentially) reclaim the withholding tax.
While a case could be made for tax authorities to incorporate a “De Minimis” amount in their rules before withholding tax would be applied, it is not uncommon for tax authorities to choose not to do so as it becomes a source of easy additional tax revenue.
.
Ashamed to be English since 23rd June 2016 when England voted for racism & economic suicide.
Disgusted that the UK is “governed” by a squalid bunch of economically illiterate, self-serving, sleazy and corrupt neo-fascists.
Disgusted that the UK is “governed” by a squalid bunch of economically illiterate, self-serving, sleazy and corrupt neo-fascists.
Re: Bank Account TAX?
JimboPSM wrote: ↑July 5, 2019, 1:54 pmWithholding tax on gross bank interest is just one on the many measures that have been (and continue to be) adopted by countries across the world in their increasing fight against money laundering and the black economy.
These measures often cause collateral damage to ordinary expats (and local citizens) who have no involvement with money laundering and/or the black economy in those countries.
This is further exacerbated for many expats due to a lack of contact and/or confirmation with the tax authorities in those countries of their exact status regarding residence and domicile for tax purposes.
As the amounts involved are (in the current low interest environment) generally relatively small for ordinary expats, few will go to the trouble (and expense) of obtaining appropriate professional advice and registering themselves with the tax authorities to (potentially) reclaim the withholding tax.
While a case could be made for tax authorities to incorporate a “De Minimis” amount in their rules before withholding tax would be applied, it is not uncommon for tax authorities to choose not to do so as it becomes a source of easy additional tax revenue.
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Re: Bank Account TAX?
Where do you think taxes go if not to the government?
It's such a pittance. Hardly worth complaining about, but you're certainly within your rights to do so.
AMERICA: One of the Greatest Stories Ever Told.
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Re: Bank Account TAX?
There is no professional advice needed, I registered a few months ago, I have my Tax ID and will be able to make a return next year, as many others are doing to reclaim all the tax paid.JimboPSM wrote: ↑July 5, 2019, 1:54 pmAs the amounts involved are (in the current low interest environment) generally relatively small for ordinary expats, few will go to the trouble (and expense) of obtaining appropriate professional advice and registering themselves with the tax authorities to (potentially) reclaim the withholding tax.
Jerome and Nui's new househttp://bit.ly/NJnewHouse
In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.
In my posts all fees and requirements are the standard R&R but TIT and a brown envelope can make incredible changes YMMV.