Central bank probes alleged malpractice by some commercial banks

[webfact]

Central bank probes alleged malpractice by some commercial banks

By Thai PBS

 

The Bank of Thailand is investigating to find out whether some commercial banks or their staff are engaged in a malpractice of advising their customers with big cash deposits to avoid paying income tax on bank interests which exceed 40,000 baht.

 

Mr Ronnadol Noomnont, the central bank’s deputy governor supervising financial institutions, said Monday (Sept 25) that the central bank was told about the alleged malpractice by the Finance Ministry and has been investigating the issue.

 

He said that the central bank was trying to find out whether the alleged malpractice was widespread or limited within some commercial banks or among some bank staffers who wanted to take special care of their VIP customers.

 

Full story: http://englishnews.thaipbs.or.th/central-bank-probes-alleged-malpractice-commercial-banks/

 

-- © Copyright Thai PBS 2017-09-26

[marginline]

 

For sure this is happening, as it has been proven in many, MANY occidental banks; Barclays, RBS, Deutsche banks immediately come to mind. IMHO I guess it all now depends on how far and how willing the Central bank is - to pull back the green curtain.

[mania]

Central bank probes alleged malpractice Customer Service by some commercial banks

 

Ok fixed it for you

 

You know we have had such service & that is what it is.

If the Central Bank does not like it then change the laws.

The way the law there is/were written is based on existing account making more than xxxx interest per year.

Not "cumulative" interest earned of all accounts in Thailand

 

I always thought it was very helpful of some banks there ( I will not name them as I appreciated the service)

But they would watch my accounts & alert me that I needed to open a new account on X month to avoid going over the interest earned per year limits

which would then need the interest to be taxed

 

They ALSO knew as a foreigner even if I was taxed I could claim it all back after years ends...which I did my first year when I did not have a great

bank giving me the simple alert/tip to transfer to a new account in the very same bank.

 

So yes probe if you like but call it what it is...A Thai business actually extending (even to foreigners) a helpful tip.

 

Edited September 26, 2017 by mania

[RichardColeman]

Get a Thai wife, don't have the interest problem. No money.