Bank Account TAX?

General Udon Thani topics only!
Post Reply
RLTrader
udonmap.com
Posts: 1994
Joined: June 3, 2007, 8:49 am

Bank Account TAX?

Post by RLTrader » July 4, 2019, 1:31 pm

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฿
:shock: :cry:



User avatar
Lone Star
udonmap.com
Posts: 5698
Joined: June 26, 2014, 11:52 pm

Re: Bank Account TAX?

Post by Lone Star » July 4, 2019, 1:43 pm

Well over 800,000.

Tax isn't even half of 1% . . . 0.0034%
AMERICA: One of the Greatest Stories Ever Told.

User avatar
joepai
udonmap.com
Posts: 803
Joined: February 25, 2012, 1:21 pm

Re: Bank Account TAX?

Post by joepai » July 4, 2019, 2:31 pm

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

RLTrader
udonmap.com
Posts: 1994
Joined: June 3, 2007, 8:49 am

Re: Bank Account TAX?

Post by RLTrader » July 4, 2019, 4:30 pm

joepai wrote:
July 4, 2019, 2:31 pm
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.
:lol:

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!

RLTrader
udonmap.com
Posts: 1994
Joined: June 3, 2007, 8:49 am

Re: Bank Account TAX?

Post by RLTrader » July 4, 2019, 4:35 pm

joepai wrote:
July 4, 2019, 2:31 pm
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.
:lol:

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!

User avatar
sometimewoodworker
udonmap.com
Posts: 3386
Joined: October 7, 2008, 11:19 am

Re: Bank Account TAX?

Post by sometimewoodworker » July 4, 2019, 4:55 pm

RLTrader wrote:
July 4, 2019, 1:31 pm
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฿
:shock: :cry:
You are taxed on every interest payment at about 15%.

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.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
sometimewoodworker
udonmap.com
Posts: 3386
Joined: October 7, 2008, 11:19 am

Re: Bank Account TAX?

Post by sometimewoodworker » July 4, 2019, 4:56 pm

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

tomboy
udonmap.com
Posts: 63
Joined: December 12, 2009, 11:58 pm

Re: Bank Account TAX?

Post by tomboy » July 5, 2019, 10:46 am

I have 800k deposited at Krungsri bank which pays 1.30% interest and TAX FREE.

newtovillagelife
udonmap.com
Posts: 1624
Joined: December 3, 2011, 10:14 am

Re: Bank Account TAX?

Post by newtovillagelife » July 5, 2019, 11:21 am

Lone Star wrote:
July 4, 2019, 1:43 pm
Well over 800,000.

Tax isn't even half of 1% . . . 0.0034%
Trust LS to brag about having "well over" 800,000, and the withholding tax on interest paid is 15%.

newtovillagelife
udonmap.com
Posts: 1624
Joined: December 3, 2011, 10:14 am

Re: Bank Account TAX?

Post by newtovillagelife » July 5, 2019, 11:23 am

tomboy wrote:
July 5, 2019, 10:46 am
I have 800k deposited at Krungsri bank which pays 1.30% interest and TAX FREE.
Really aren't you special, you must be the only one. I would check again the next time you receive interest, I heard Krungsri Bank was late to the party.

User avatar
sometimewoodworker
udonmap.com
Posts: 3386
Joined: October 7, 2008, 11:19 am

Re: Bank Account TAX?

Post by sometimewoodworker » July 5, 2019, 11:32 am

tomboy wrote:
July 5, 2019, 10:46 am
I have 800k deposited at Krungsri bank which pays 1.30% interest and TAX FREE.
That is supposed to be for Thai citizens only. Have you checked as your interest is paid monthly.
Here is mine from Krungsri bank.
Attachments
IMG_7707-2.jpeg
Jerome and Nui's new househttp://bit.ly/NJnewHouse

newtovillagelife
udonmap.com
Posts: 1624
Joined: December 3, 2011, 10:14 am

Re: Bank Account TAX?

Post by newtovillagelife » July 5, 2019, 11:41 am

joepai wrote:
July 4, 2019, 2:31 pm
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.
If she is educated, and not from the village...otherwise your're on your own.

newtovillagelife
udonmap.com
Posts: 1624
Joined: December 3, 2011, 10:14 am

Re: Bank Account TAX?

Post by newtovillagelife » July 5, 2019, 11:42 am

sometimewoodworker wrote:
July 5, 2019, 11:32 am
tomboy wrote:
July 5, 2019, 10:46 am
I have 800k deposited at Krungsri bank which pays 1.30% interest and TAX FREE.
That is supposed to be for Thai citizens only. Have you checked as your interest is paid monthly.
Here is mine from Krungsri bank.
I rest my case.

User avatar
JimboPSM
udonmap.com
Posts: 3581
Joined: July 4, 2005, 3:23 pm
Location: Isle of Man / Bangkok / Udon Thani

Re: Bank Account TAX?

Post by JimboPSM » July 5, 2019, 1:54 pm

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.

.
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.

RLTrader
udonmap.com
Posts: 1994
Joined: June 3, 2007, 8:49 am

Re: Bank Account TAX?

Post by RLTrader » July 5, 2019, 2:36 pm

JimboPSM wrote:
July 5, 2019, 1:54 pm
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.

.
RLTrader wrote:
July 4, 2019, 4:35 pm

More trouble & cost than I think it is worth, and bet the Gov. is banking on it!

User avatar
Lone Star
udonmap.com
Posts: 5698
Joined: June 26, 2014, 11:52 pm

Re: Bank Account TAX?

Post by Lone Star » July 5, 2019, 4:02 pm

RLTrader wrote:
July 5, 2019, 2:36 pm
More trouble & cost than I think it is worth, and bet the Gov. is banking on it!
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.

User avatar
sometimewoodworker
udonmap.com
Posts: 3386
Joined: October 7, 2008, 11:19 am

Re: Bank Account TAX?

Post by sometimewoodworker » July 5, 2019, 5:33 pm

JimboPSM wrote:
July 5, 2019, 1:54 pm
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.
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.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

Post Reply

Return to “General Udon Thani Forum”