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BANGKOK 17 July 2019 21:20

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I recall on the other thread that i can't find that this account pays gross? Anyway, they've deducted tax, any way i can stop the tax being deducted?

 

Someone mentioned if interest is under circ 20k a year its paid gross?

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See page 12 regarding MTD details....give interest rate (currently 1.3% for the balance you probably have), account details, etc.  No, you can not stop the tax withholding once gross interest exceeds Bt20K per year.  
https://www.krungsri.com/bank/getmedia/18e0cf3a-3024-429a-a7ad-6705802f3b9d/Deposit-Rates-22012019.aspx
I've only just opened the account but they have deducted tax on the interest already, why would they do that?

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20 minutes ago, scubascuba3 said:
1 hour ago, Pib said:
 
See page 12 regarding MTD details....give interest rate (currently 1.3% for the balance you probably have), account details, etc.  No, you can not stop the tax withholding once gross interest exceeds Bt20K per year.  
https://www.krungsri.com/bank/getmedia/18e0cf3a-3024-429a-a7ad-6705802f3b9d/Deposit-Rates-22012019.aspx

I've only just opened the account but they have deducted tax on the interest already, why would they do that?

If you haven't earned any interest (you are paid interest monthly)I can't see how they could deduct tax unless maybe you have some other Krungsri accounts because interest withheld is based on the aggregate of all like accounts...exceed Bt20K interest earned and tax can start hitting all like accounts. 

 

You sure you are reading your ibanking/passbook correct?   I say that because just about a week ago a TV member made a post asking why he was only getting back approx Bt4K in tax refund when Bt50K tax had been withheld...but then he said "nevermind" as it was Bt50K interest he had earned and 4K tax had been withheld.   Basically he had misread his passbook...got it backwards.  

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If you haven't earned any interest (you are paid interest monthly)I can't see how they could deduct tax unless maybe you have some other Krungsri accounts because interest withheld is based on the aggregate of all like accounts...exceed Bt20K interest earned and tax can start hitting all like accounts. 
 
You sure you are reading your ibanking/passbook correct?   I say that because just about a week ago a TV member made a post asking why he was only getting back approx Bt4K in tax refund when Bt50K tax had been withheld...but then he said "nevermind" as it was Bt50K interest he had earned and 4K tax had been withheld.   Basically he had misread his passbook...got it backwards.  
Although I've only had the account around 1 week, i guess the monthly interest cycle just finished. What do you think?Screenshot_20190304-201957.jpeg

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I think you need to go visit your branch as ask.  I get around Bt1,400 interest each month....no interest deduction.  Bt1400 x 12 months is Bt16,800 which does not exceed Bt20K per year so no tax withholding.

 

And I just gotta ask, you sure you have a MTD account or some other account like fixed account paying interest monthly.

 

 

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I think you need to go visit your branch as ask.  I get around Bt1,400 interest each month....no interest deduction.  Bt1400 x 12 months is Bt16,800 which does not exceed Bt20K per year so no tax withholding.
 
And I just gotta ask, you sure you have a MTD account or some other account like fixed account paying interest monthly.
 
 
Yes its meant to be the MTD, he had the info sheet on the desk when he opened the account. I'll check they haven't made an error somewhere

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I think you need to go visit your branch as ask.  I get around Bt1,400 interest each month....no interest deduction.  Bt1400 x 12 months is Bt16,800 which does not exceed Bt20K per year so no tax withholding.
 
And I just gotta ask, you sure you have a MTD account or some other account like fixed account paying interest monthly.
 
 
i checked with two branches, its definitely a MTD account. New policy that they deduct 15% tax. Apparently rolling out to existing accounts. Said i can claim back from tax office and they will provide paperwork.
I can't say i fancy another Immigration/Transport type experience trying to get a refund

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I checked my end of month statement (feb) and had no tax deducted so this is very strange

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I checked my end of month statement (feb) and had no tax deducted so this is very strange
It makes sense its a change in policy, the staff didn't know about it and phoned customer service.

He did say it will be applied to existing accounts slowly. But i wouldn't be surprised if its just new accounts TiT

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Good heads up on this, thanks for posting. 

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Well 3 nearly months ago when this was posted I thought mistake but I have been watching my account and today for the 1st time well below the 20k limit they have stated to take tax at 15%, this is very bad news as now the 800.400k earning even less and I have to learn how to recliam tax.

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Well 3 nearly months ago when this was posted I thought mistake but I have been watching my account and today for the 1st time well below the 20k limit they have stated to take tax at 15%, this is very bad news as now the 800.400k earning even less and I have to learn how to recliam tax.
Krungsi print the tax paid forms out for you easy enough. When you work out the process for reclaiming maybe let us know

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Well 3 nearly months ago when this was posted I thought mistake but I have been watching my account and today for the 1st time well below the 20k limit they have stated to take tax at 15%, this is very bad news as now the 800.400k earning even less and I have to learn how to recliam tax.
Me too...the acct is around 5 years old...well below 20K interest earned per year....tax withheld for the first time today.

Guess I'll make a visit to my Krungsri branch at the Chaeng Wattana/Bangkok immigration building and see if there is any way to prevent tax from being withheld.

While getting a refund is not a hard process with your local tax revenue office as I use to do it for fixed accounts I use to have I still prefer not to have to do it....going to the branch to get the annual tax withholding doc and then filing for a refund at the tax office.

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