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My first time claiming Tax back – Have I got this correct ?

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I have looked through other ‘’ claim tax ‘’ threads but as this will be my first time that I will be attempting to claim back the amount of withholding tax that has been taken from my Thai savings account I thought before I started the actual claiming back procedure I would ask here just to see if I’m on the right track.

 

So ..

 

I am retired and permanently living in Thailand

 

I have a savings account with the Bank of Ayudhya ( Krungsri )

 

In that savings account there is approximately 4 million Thai Baht

 

That saving account has been active for over 3 years ( but never made a tax back claim in the past )

 

I now have a Thai Tax ID card

 

I have a bank account with the Krung Thai Bank ( with online access and ATM card )

 

My next move …

 

So I will go to my Krungsri bank branch and ask for the completed form showing how much tax has been already taken from my savings account ( I can already see the individual amounts of tax that has been taken by looking at my bank passbook)

 

I will take the Krungsri banks completed form to my local Thai revenue department

 

I think what will happen when I present the completed Krungsri bank form along with my Tax ID card at the Thai revenue department is that I will be told that I will receive in the post at my home a document that I should then take along to my branch of Krung Thai Bank and the amount shown on the document will then be deposited into my bank account.

 

 

A few points I’m not sure on

 

1. in another claim back tax thread this was posted …….

 

Note: if you show the bank that you have a Thai tax ID you can request they not withhold tax.

 

I am not sure exactly that statement means ?

 

2. I am not sure what is earliest date is that I can take my tax claim form to the local tax department office?

 

3. In another claim back tax thread the OP mentioned that it was possible to apply to the Thai revenue department ‘’ online ‘’ . I cannot seem to find how I could do my tax claim online ?

 

So have I got the above correct or have I missed some thing out , also if any one could help me with my questions 1-2-3 , I would be most grateful.

 

 

 

 

 

 

 

 

 

 

 

 

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1. You can take your yellow tax card to Krungsri bank and ask them not to deduct tax on interest going forward. Only the first 20,000 baht interest is tax free. With 4 million you will probably go over this limit anyway.  If they don't have a tax ID number on file, the default is to deduct tax from all interest.

2. You can file between 1 Jan - 31 March.

3. https://www.rd.go.th/publish/index.html

You can do it here but it's all in Thai and pretty messy design.  If you go to the tax office and ask them to do it, they will most likely just login to the same site and do it while you wait.

 

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10 hours ago, YT3k72Em said:

1. You can take your yellow tax card to Krungsri bank and ask them not to deduct tax on interest going forward. Only the first 20,000 baht interest is tax free. With 4 million you will probably go over this limit anyway.  If they don't have a tax ID number on file, the default is to deduct tax from all interest.

2. You can file between 1 Jan - 31 March.

3. https://www.rd.go.th/publish/index.html

You can do it here but it's all in Thai and pretty messy design.  If you go to the tax office and ask them to do it, they will most likely just login to the same site and do it while you wait.

 

Many thanks for your advice and answers to my questions it really helps 👍

 

MB 

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19 hours ago, YT3k72Em said:

If you go to the tax office and ask them to do it, they will most likely just login to the same site and do it while you wait.

At the Jomtien office I have to complete a one page form of very simple details of the claim - not the full tax return. Initially they did this.

20 hours ago, Monkie Business said:

but never made a tax back claim in the past

I think you can claim for at least 2 back years but you pay 100 or 200 baht for late filing. 

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19 hours ago, YT3k72Em said:

1. You can take your yellow tax card to Krungsri bank and ask them not to deduct tax on interest going forward. Only the first 20,000 baht interest is tax free. With 4 million you will probably go over this limit anyway.  If they don't have a tax ID number on file, the default is to deduct tax from all interest.

My annual interest is below the 20k baht level (most interest earned via the 800k maintained in a fixed account to support the annual retirement extension) and I went to my bank (Siam Commercial Bank) a couple months ago, showed them my tax ID card, and asked them to stop withholding interest.  The bank employee didn't seem to know what I was talking about so called over one of the managers....but, after a clear explanation, the manager told me that they couldn't stop withholding and my only method was to file a tax return to obtain a refund.

Presuming this new rule (stopping withholding for amounts under 20k upon presentation of a Thai tax ID card) is based on some legislation or Treasury order.  By any chance do you know where one can find the new law/order dealing with this issue? I'd try it again at my bank if I can show them some basis as to why I can stop the withholding.  Thanks.

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You are on the right tracks. At the tax office make sure that they complete the tax return and that any income is declared also (only income that qualifies for tax i.e. earned income this tax year brought into Thailand).

 

If you go down the route of asking the Bank to not take the tax then there is no need for you to do a tax return if you have no qualifying income. There is a downside to that. If you can reclaim Witholding Tax from abroad you need to have that Tax Return for the next steps (see my earlier posts). Also if you physically have a copy tax return in your mits, that can never be a bad thing when showing that you do everything by the book.

 

You will get refunded via a K Bank ATM Card - all will be explained by them.

 

Should be a piece of cake!

 

RtS

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58 minutes ago, CMBob said:

My annual interest is below the 20k baht level (most interest earned via the 800k maintained in a fixed account to support the annual retirement extension) and I went to my bank (Siam Commercial Bank) a couple months ago, showed them my tax ID card, and asked them to stop withholding interest.  The bank employee didn't seem to know what I was talking about so called over one of the managers....but, after a clear explanation, the manager told me that they couldn't stop withholding and my only method was to file a tax return to obtain a refund.

Presuming this new rule (stopping withholding for amounts under 20k upon presentation of a Thai tax ID card) is based on some legislation or Treasury order.  By any chance do you know where one can find the new law/order dealing with this issue? I'd try it again at my bank if I can show them some basis as to why I can stop the withholding.  Thanks.

It depend on what type of account you have. Before last year, the banks were only required to withhold tax on saving accounts if the total interest was over 20k Baht. That changed last year, so now the bank has to withhold tax on all interest unless they have your tax ID on file.

 

For fixed deposit type accounts nothing has changed, and the bank still has to withhold tax whether or not they have your tax ID on file.

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21 hours ago, YT3k72Em said:

1. You can take your yellow tax card to Krungsri bank and ask them not to deduct tax on interest going forward. Only the first 20,000 baht interest is tax free. With 4 million you will probably go over this limit anyway.  If they don't have a tax ID number on file, the default is to deduct tax from all interest.

2. You can file between 1 Jan - 31 March.

3. https://www.rd.go.th/publish/index.html

You can do it here but it's all in Thai and pretty messy design.  If you go to the tax office and ask them to do it, they will most likely just login to the same site and do it while you wait.

 

Re 2.: For this year the Revenue department has extended the deadline for filing tax return until the end of June. It's meant as a stimulus measure to help counteract the effect of the Corona virus on the Thai economy.

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You say you have a Thai Tax ID. How did you get it?

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I have a supplementary question to this. I have my US pension pain into Bangkok bank here in Thailand. I read recently, that when you bring money over here it becomes taxable, but that Thailand is too lazy to collect it. This sounds as though it cannot be true, but if I had a foreign pension paid into a foreign bank, the US would tax it....so it is reciprocal. 

Can anyone clarify this, please?

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4 hours ago, Sophon said:

For fixed deposit type accounts nothing has changed, and the bank still has to withhold tax whether or not they have your tax ID on file.

Ok, thanks for that info.  I will just file the return every couple of years and retrieve the withholding from my fixed deposit account.

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On 2/18/2020 at 12:18 PM, MosMing said:

You say you have a Thai Tax ID. How did you get it?

All you have to do is go to your local tax office, mine is in the Ampur, you may well need a Thai speaker to go with you. You probably need proof of your address. You will get your number that day or within a couple of days. It will be on a smallish yellow paper, don’t loose it as if the bank is going to accept your registration they will need the original, a copy or picture is not accepted.

 

 

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On 2/18/2020 at 12:55 PM, Pedrogaz said:

I have a supplementary question to this. I have my US pension pain into Bangkok bank here in Thailand. I read recently, that when you bring money over here it becomes taxable, but that Thailand is too lazy to collect it. This sounds as though it cannot be true, but if I had a foreign pension paid into a foreign bank, the US would tax it....so it is reciprocal. 

Can anyone clarify this, please?

See the below US-Thailand Double Tax Agreement (DTA), specifically articles 20 and 21.  Below website is the Thailand Revenue Department website.

 

http://download.rd.go.th/fileadmin/download/nation/america_e.pdf

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On 2/18/2020 at 8:16 AM, CMBob said:

My annual interest is below the 20k baht level (most interest earned via the 800k maintained in a fixed account to support the annual retirement extension) and I went to my bank (Siam Commercial Bank) a couple months ago, showed them my tax ID card, and asked them to stop withholding interest.  The bank employee didn't seem to know what I was talking about so called over one of the managers....but, after a clear explanation, the manager told me that they couldn't stop withholding and my only method was to file a tax return to obtain a refund.

Presuming this new rule (stopping withholding for amounts under 20k upon presentation of a Thai tax ID card) is based on some legislation or Treasury order.  By any chance do you know where one can find the new law/order dealing with this issue? I'd try it again at my bank if I can show them some basis as to why I can stop the withholding.  Thanks.

Since you say it's a "fixed" acct even if providing your Thai tax ID card they will still withheld 15% tax on interest earned for a Thai or farang.  Tax regulations are different for fixed and regular savings accts.

 

Now if you provide your Thai tax ID for a "regular" savings acct they will stop any tax withholding on interest earned per year amounts of Bt20K or less.  But once going over Bt20K they start withholding tax.  You are basically treated just like a Thai.  

 

Now if you do not have your Thai tax ID on file for a "regular" savings acct and if you are a farang they will withhold tax on any amount of interest earned.  But if a Thai it will not start until exceeding Bt20K interest earned.

 

For a regular joint savings acct where one spouse is farang and one is Thai, then tax will be withheld on any amount of interest earned unless having your Thai tax ID on file; then the tax withholding does not start until exceeding Bt20K interest earned.

 

In mid 2019 I got hit with tax withholding on my regular savings accts with Krungsri Bank and Bangkok Bank on some accts in my name only and some accts joint owned with the Thai wife.  Once I provided my Thai tax ID the withholding stopped since interest earned per year on the accts does not exceed Bt20K. 

 

 

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On 2/18/2020 at 8:13 AM, topt said:

 

I think you can claim for at least 2 back years but you pay 100 or 200 baht for late filing. 

I wanted to do this but Krungsri told me that they can give me the documentation only for the past year and not further back. Does anyone have a different experience with his bank? 

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