Minimums reportable for Thai Taxes? for non ex-pat ?

[chubby]

sawasdee, I seem to have made a whopping 100-300 baht on my bangkok bank account (I am not sure what type it is ,  "savings" per the website)   , out of curiousity  is Thailand like the USA  , where even if it's < $10  it is still supposed to be reported, maybe there are minimums , also like the USA below which one is not required to file Thai Tax?  if so, what IS that amount please?

[simoh1490]

Tax is deducted at source from savings accounts at Thai banks, typically at a flat rate of 15%. You can file a tax return at any level of income to reclaim the tax paid but first you'll need to get a Tax Identification Number from the Thai Revenue Dept. - note: TIN's are only issued to people who spend more than 180 days per year in Thailand, as proven by their passport. You'll need a statement from your bank showing details of the tax paid and this needs to be signed and stamped by them, easy enough to obtain since they're used to people asking for them.

 

The Thai tax regulations are here and are fairly straightforward: http://www.rd.go.th/publish/6045.0.html The first 150K of income is tax free, the next 150K is taxable at 5%. The Revenue dept. are very easy and cooperative people to deal with.

[JimGant]

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sawasdee, I seem to have made a whopping 100-300 baht on my bangkok bank account (I am not sure what type it is ,  "savings" per the website)   , out of curiousity  is Thailand like the USA  , where even if it's < $10  it is still supposed to be reported, maybe there are minimums , also like the USA below which one is not required to file Thai Tax?  if so, what IS that amount please?

If indeed a savings account (the most usual), then there will be no withholding tax on your 300 baht interest (only if exceeding 20k). Withholding occurs with interest on fixed accounts.

 

And you don't need to file a Thai tax return, unless you're single and have a gross income of over 180,000 baht (150k taxable income, plus 30k personal allowance).

 

[Mattd]

On 3/13/2018 at 3:38 PM, JimGant said:

And you don't need to file a Thai tax return, unless you're single and have a gross income of over 180,000 baht (150k taxable income, plus 30k personal allowance).

This is not quite correct, if you have an accessible income of 60,000THB or more in a tax year, then you should file a tax return, less than that and there is no legal need to file.

Unless the income is derived within Thailand, then so far the RD do not expect a filing from Expat's, even though technically they should.

http://www.rd.go.th/publish/fileadmin/download/english_form/Guide90_260261.pdf

[JimGant]

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This is not quite correct, if you have an accessible income of 60,000THB or more in a tax year, then you should file a tax return, less than that and there is no legal need to file.

I stand corrected. Your link points this out quite clearly. (And it also points out that the personal allowance (exemption) is now 60K for singles, not the 2016 rate of 30k.)

 

I guess the quirky reason is somehow related to the guidance about "gross income not related to employment, exceeding 120k, is subject to a one-half percent tax."  Why, then, isn't 120k, not 60k, the trip wire for having to file a tax return......

 

........and wouldn't all the folks, earning 300baht/day, 93,600baht/year, be surprised to know they're supposed to file a tax return (even tho' not even faintly close to owing any tax).

 

Quirky, indeed.