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TerraplaneGuy

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Everything posted by TerraplaneGuy

  1. Maybe I’m missing something but how could you be late filing if you owed no tax? Surely filing merely to get a refund is not an obligation and not something the failure to do would make one liable for a fine. Was this just a shake-down for “tea money”?
  2. On what basis did they fine you? What reason did they give for saying you should have filed a return if in fact you had no taxable income? Also please tell us what tax district you are in.
  3. That I have and can show them (I call it a Tax ID card). But that's different from a tax return receipt. So Krungsri didn't ask you for the latter?
  4. According to what Krungsri told me recently and the explanation by Sherrings in the link I posted above, the new rule is that tax is withheld on ALL interest, not just if it exceeds B20K. The reason being that some people were splitting their money into multiple accounts to avoid the appearance of exceeding the B20K threshhold. If in fact your total across all accounts is less than B20K, you can get back the withheld tax by filing a return (for refund). OR you can stop the withholding in the first place by giving the bank your Tax ID which they report to Revenue. My question (posted above) is whether you also have to give the bank a tax return receipt, as some report, in which case those of us who have not filed returns have a problem.
  5. I looked at that related thread and saw some people said that to stop the withholding tax you need to give Krungsri not only your Tax ID but also a tax return filing receipt, apparently as confirmation that the ID was valid. Did they insist on that with you? I have a Tax ID but never filed a return (nothing to declare or refund) so have no receipts. But I want them to stop withholding tax on my interest.
  6. The Tax Notification 346 of May 3, 2019 states that banks are now required to withhold 15% tax on interest unless the account holder submits his Tax ID to the bank. This is a new development and I am not making it up. My bank (Krungsri) told me this. I was surprised to see they had started withholding tax on my interest and after inquiring they said it was because of the new law but if I give them my Tax ID they will stop withholding tax. This new rule is explained on this site: https://sherrings.com/interest-income-personal-tax-thailand.html As OP I would appreciate it if posters would please stick to the original question and make sure they are aware of this year's changes to the law before answering.
  7. This year the government started ordering banks to withhold 15% tax on interest paid to individual account holders (including expats). But we can stop that if we give our bank a copy of our Tax ID card (assuming we've got one - I do.) My understanding is that the tax exemption for our first B20,000 of interest remains in effect. In past years, I have not filed a Thai tax return because my only local income is bank interest and it is below that B20,000 threshhold. Question: Does anyone know whether, if I give my bank my Tax ID so they stop withholding tax on my interest, I will be required to file a tax return even if my total income remains below the taxable threshhold? I would assume not but I'm wary of this new requirement.
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