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BANGKOK 21 May 2019 22:54
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Savers must allow banks to send information to tax officials: Finance Minister

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Savers must allow banks to send information to tax officials: Finance Minister

By Wichit Chaitrong 
The Nation 

 

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Bank customers are required to consent to banks forwarding their savings-account information to the Revenue Department, as the Finance Ministry tries to eliminate tax evasion, Finance Minister Apisak Tantivorawong said on Friday.

 

A new tax regulation enforced since April 4, requires bank passbook holders to allow banks to send information about the interest they have earned on their accounts to the Revenue Department. The tax exemption for interest income up to Bt20,000 annually still remains, said Apisak. Those who get interest rate return on their savings above Bt20,000 will be subject to a 15-per-cent tax rate.

 

Savings-account holders must register with banks their intention to give up information to the Revenue Department.

 

The Revenue Department explained that people with savings of about Bt4 million would get interest returns of more than Bt20,000, while the remaining 99 per cent of bank accounts have on average less than Bt1 million in savings.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30367988

 

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-- © Copyright The Nation 2019-04-19

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7 hours ago, Frankri said:

https://www.khaosod.co.th/economics/news_2431650

 

The news in Thai is a little different...

 

What's happening ?

Khaosod news is not right !!!

this is for only 1% thai people who have more than 4 million baht in passbook bank for one year !!!! 

99% people have less than 1 million and Not related!!! 

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So , some of reporters and news writers Not professional and Not have any knowledge for their work and write something not right and mistake explaining!!!! 

True news is above and some another thai reporters false explain 

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Savers earning over 20,000 baht interest a year to face 15 percent tax

 

Apisak-Tantiworawong.jpg

 

Bank depositors in Thailand who earn more than 20,000 baht interest a year from their bank deposits will now be taxed 15% on the interest they earn, according to Finance Minister Apisak Tantiworawong.

 

The minister said today the new tax measure, proposed by the Revenue Department, is intended to prevent bank depositors, who have more than four million baht in a bank account, avoiding tax on interest received each year.

 

He noted that in the past some commercial banks helped their customers with large deposits to avoid tax on interest earned by closing the accounts when the amount of interest approached 20,000 baht and then open new accounts for their customers.

 

Full story: https://www.thaipbsworld.com/savers-earning-over-20000-baht-interest-a-year-to-face-15-percent-tax/

 

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-- © Copyright Thai PBS 2019-04-20

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bank are stealing 15 percent since the first baht of interest, anyone ever got the paid tax back ?

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13 hours ago, snoop1130 said:

Savings-account holders must register with banks their intention to give up

says it all

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Bloody <deleted>, the interest is already getting taxed.. 🤬

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40 minutes ago, justin case said:

bank are stealing 15 percent since the first baht of interest, anyone ever got the paid tax back ?

Actually it's the government(s), 25% back home, 27.5 on dividends & coupons ...

Yes, you´ll get it back here if you claim it.

 

Question: can you file for older taxes too, like more than the previous year? If so, how long back? Thanks.

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2 hours ago, mehrdad said:

Khaosod news is not right !!!

this is for only 1% thai people who have more than 4 million baht in passbook bank for one year !!!! 

99% people have less than 1 million and Not related!!! 

If you do a quick calculation based upon 1.5% interest p/a, the deposit for 20,000 interest is around 1,300,000.  Given that many farangs need to park 800,000 makes this an issue.

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1 hour ago, Frankri said:

In Jomtien you cannot claim Interest Tax over Savings account 

Doesn't the law apply to the whole country?

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2 hours ago, rooster59 said:

Bank depositors in Thailand who earn more than 20,000 baht interest a year from their bank deposits will now be taxed 15% on the interest they earn, according to Finance Minister Apisak Tantiworawong.

Work hard, save money and then get sc*ewed.  Hope there are better places for Thais to put their money: Cambodia, Malaysia?  That is just awful. 

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