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BANGKOK 21 July 2019 02:45
how241

Something new - I earned 20 baht in interest and they took out 3 baht TAX

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Posted (edited)

This is the first time they have taken tax out  for small amounts.  It always used to be that you needed to earn 20,000 in interest before they withheld the 15% tax.  No more.  Krungsri told me it started last month and will be the same at all banks.  Kasikorn also took out 2 baht Tax. Check your bank books when you update after July 1 and see if the same is happening to you. 

Edited by how241
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  I get paid interest monthly at Krungsri and I first noticed it in May.  When I questioned them about it the staff said it is part of the new govt.  and you will see it on all bank accounts starting with the mid-year interest posting.  I am not sure if they do this to Thai people as Kasikorn posted my mid-year interest and tax already BUT did Not post the interest to my Thai lady acct. yet.  I will keep a eye on that,  not that it really matters.  The tax will cost somewhere around 1800 yearly.  I will try to reclaim it back in Jan .  I thought I was done going to the tax office and dealing with their b/s.  I guess not. 

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27 minutes ago, how241 said:

I will try to reclaim it back in Jan .

Yeah well just do that and stop moaning, when in Rome as saying goes.

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Thanks, smo...I never knew about that thread. I will give it a good read.  Thanks

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58 minutes ago, smo said:

I myself had no idea what that was all about, until I updated my bankbook this week and got a mini-shock. Went to the bank yesterday afternoon to have the staff told me that yes, it's happening, and it's the doing of the (Thai) IRS.

Yes,  I had the same 'mini-shock' as you as I have had this acct.   for 7 years and they Never took any tax out.  I have been to the Jomtien tax office and did get a refund check mailed to me for a few passed years.  I thought I had everything set up so that would not be necessary again.  One year my refund check didn't come and after several trips back to the tax office I got a replacement check sent which I did receive.  I asked the tax office about sending the refund to 'Prompt Pay' but I think she was trying to tell me that is for Thai people only.  Her English was very limited. Oh Well,  back to the tax office in January.

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20 minutes ago, how241 said:

I have been to the Jomtien tax office

Where is the Jomtien tax office ???

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Posted (edited)
36 minutes ago, how241 said:

Thanks for this info.  I have many banks and they all started taking tax.  I never told them NOT to send in my tax info.  It seems like the banks are doing the opposite of what the letter says. I may be wrong. Many of my bank accts.  only have small money in them so I don't really care.

Do you mind mentioning some of your many banks and types of accounts?  

 

And if your other accounts are "fixed type" savings account the 15% tax withholding has always been a requirement for any amount of interest earned....even providing a tax ID will not stop that withholding. 

 

And you may be right about some banks doing the opposite of what the letter says "at least for farangs."  I say for at least farangs because in the Krungsri MTD thread you see where the bank rep said the withholding applied if you were a "farang and resident" (must meet both criteria) but not if you are a "Thai and resident."   If a farang and resident then they need your Thai tax ID to prevent the automatic withholding on Bt20K or less interest earned per year.   

 

Now in that same Krungsri MTD thread you see where my discussions with Bangkok Bank regarding my "regular savings" accounts that their answer was inline with the Thai Revenue Dept article....no withholding tax if earning Bt20K or less per year unless you told them not to send any info to the Thai Revenue Dept....then they must withhold the tax.  Didn't make a difference whether farang or Thai.  But if that Bangkok Bank rep (this rep seemed like a senior rep) was wrong then I should see a tax withholding occurring soon on my Bangkok Bank regular savings accounts since the mid year interest payment will be made by end of this month/June.  Then I will visit Bangkok Bank again and ask them why they told me a fib.

 

I'm still waiting for monthly Krungsri MTD interest payment (occurs last day or so of the month) to see if providing my tax ID did indeed stop the withholding....and also waiting for the Bangkok Bank interest payments on my regular savings accounts which occur twice a year in June and December.    Past years that Bangkok Bank interest payment occurred "mid" month...but mid month has come and gone with no interest payment yet...maybe this year it will change to the last day or so of June and December due to new tax withholding rule. 

 

Edited by Pib
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46 minutes ago, Pib said:

Do you mind mentioning some of your many banks and types of accounts?  

Excellent post, Pib. My other account are Kasikorn, SCB, LH but are just regular savings accounts that I keep very little money in.  Some have atm cards attached to them. I made these accts.  many years ago.

Yes,  you are correct in that those higher interest fixed accounts will always take out the 15% tax. I am going to talk with Krungsri and see if I can show them my tax card and a copy of the revenue dept. letter and ask them to stop taking tax money out.  The other accts.  I may not bother as it is only a few baht each year. 

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1 hour ago, johng said:

Where is the Jomtien tax office ???

It's right off of 2nd road in Jomtien.  Very close to Immigration. It's the first left turn as you pass the traffic light that goes to Jomtien beach. You won't see it from the main road as it is set back a little. Sorry I can't give better directions. If you get to the KISS restaurant and big market,  you have passed it. 

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1 hour ago, Pib said:

Below news/doc from the  Thai Revenue Dept webpage.   And be sure to also read the separate TV thread titled Krungsri -Mee Tai Dai Savings.

http://www.rd.go.th/publish/fileadmin/user_upload/news/englishnews36_2562.pdf
image.png.c90203b5c3f0507ca3d802bc9b85b189.png.

 

 

I put this on a memory stick to show the bank.  I  'think'  I might have found the same in thai but not 100% sure.  I will show the bank.  Does anyone have the Thai version of this letter ?  The bank is definitely doing the opposite of what the letter says.  

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