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฿


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฿
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That is supposed to be for Thai citizens only. Have you checked as your interest is paid monthly.
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.
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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Where do you think taxes go if not to the government?
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.