Tax refund from my Thai savings account – Have I got this right ?

[Pattaya Pommie]

I have been to the tax office for the first time with my tax id number and papers that I was given from my bank that shows how much tax had been taken from my 3 individual savings accounts ( Account A1 + A2 + A3 )

 

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The tax office lady said that I would be getting my tax refund paid into my bank account in a few weeks.

 

I have 3 individual savings accounts at the same bank so I was given 3 separate papers by the bank .

 

The tax office lady wrote some thing on one of the banks papers ( Account A1 )

 

A – 50,141.94 Baht is the total amount that has been taken from my 3 individual savings accounts

 

B – 4,360.02 Baht is the total refund amount that I will be getting back from the total tax taken from my 3 individual savings accounts .

 

C - 13,725.33 Baht is the total tax amount taken from 1 account A1 ( amount added up in the column above )

 

D – 1,196.27 Baht is the total amount of refund from 1 account A1 ( amount added up in the column above )

 

So to me it looks like that

 

Total amount of tax taken from my 3 individual bank savings accounts is – 50,141,94 Baht

 

Total amount of tax to be refunded from the tax taken from my 3 individual bank savings accounts is – 4,360.02 Baht.

 

The total refund amount don’t seem much

 

Have I got this correct ?

 

[asiaexpat]

Only tax on interest up to 20,000 baht is refundable.

[Pattaya Pommie]

3 minutes ago, asiaexpat said:

Only tax on interest up to 20,000 baht is refundable.

Thanks , Would you know if there's any thing I could do to get back more tax ?  ( currently Krungsri  Mee Tae savings accounts ) .

[dabhand]

OP, giving the principle sums and related interest rates for each account would help.

 

But, on first glance and without having a translation for the schedule, it looks to me that column A/C is the interest you have earned on the accounts with column B/D being the 15% tax on the interest. Seems that not every month has had the tax deduction.

So total tax deducted appears to be correctly stated as Bt4,360.02(B) and due for refund. But, someone who can understand the Thai form should have a better idea. At a guess, I would say the tax office is giving you the correct answer. 

 

 

 

 

[Pattaya Pommie]

1 hour ago, dabhand said:

OP, giving the principle sums and related interest rates for each account would help.

 

But, on first glance and without having a translation for the schedule, it looks to me that column A/C is the interest you have earned on the accounts with column B/D being the 15% tax on the interest. Seems that not every month has had the tax deduction.

So total tax deducted appears to be correctly stated as Bt4,360.02(B) and due for refund. But, someone who can understand the Thai form should have a better idea. At a guess, I would say the tax office is giving you the correct answer. 

 

 

 

 

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Thank you

 

Seeing this really does not make my Krungsri Bank Mee Tae Dai saving account very attractive , but from the little I have read , it seems to be the best of the bunch ????

 

 

 

 

 

 

 

 

[topt]

6 hours ago, asiaexpat said:

Only tax on interest up to 20,000 baht is refundable.

Being polite I think you will find that is incorrect. 

 

[Pattaya Pommie]

22 minutes ago, topt said:

Being polite I think you will find that is incorrect. 

 

Now you have got me thinking , can you please explain a bit more

[topt]

35 minutes ago, Pattaya Pommie said:

Now you have got me thinking , can you please explain a bit more

A lot depends on how much interest you receive, what you get taxed (witheld) and how that relates to the Thai revenue rules/income banding and allowable deductions etc.

http://www.rd.go.th/publish/6045.0.html

 

 

 

[Pib]

OP,

   Isn't the amount in the middle column the amount of interest you earned...shows the interest you earned each month and it totaled up to X-amount...approx Bt50K interest earned.   Then the amount in the far right hand column is the tax withholding....totalling approx Bt4,360 which the tax office said is the amount to be refunded.  If, so then you are getting refunded every stang that was withheld.

 

[Pattaya Pommie]

12 hours ago, Pib said:

OP,

   Isn't the amount in the middle column the amount of interest you earned...shows the interest you earned each month and it totaled up to X-amount...approx Bt50K interest earned.   Then the amount in the far right hand column is the tax withholding....totalling approx Bt4,360 which the tax office said is the amount to be refunded.  If, so then you are getting refunded every stang that was withheld.

 

Thanks for taking the time to help 

 

Now ive checked over my bank books it looks like you are correct , I will post back when I get the refund , just to confirm how things went .