Tax return on Bank Interest

[HampiK]

Yesterday Friday I was in the Tax Revenue Office of my district to claim back the 15% withholding Tax of my Interest.

 

I have prepared the Document from the bank before. The Bank needed 1 week to create the withholding tax document, which shows how much interest and how much withholding tax were on my accounts.

 

When I entered the Revenue Office I had to wait about 30 minutes till my queue number. There were actually 2 ladies helping to fill out the Form. When we started I asked her as well about if it is possible to fill out online as a foreigner. She answered yes and asked if I want try to do it online there. I agreed and then together with her we filled out all necessary information. Let's see if I am able to do it myself next year. The whole process took about 30 minutes with the help of this lady.

 

I have to add, that I already had an Tax-ID, which I asked in the same office last year. I am also an Owner of a pink ID card. The tax-ID is actually the same ID as my ID number. But this year was the first time that I claimed back the Interest in Thailand. Before I was doing the same in my home country. Now It seems I have to wait about 2 weeks and then I should be able to collect a cheque with the amount. Today I checked the status of the approval process, but it is still in the first stage.

 

As I never actually found a lot of recent Information about claiming back Tax without working in Thailand I have created this topic. And hopefully others are able as well to claim back that money.

[Pib]

Lot of info on getting a tax refund on the 15% withholding tax in below post started early 2013....last post in March 2018.

 

 

[topt]

4 hours ago, HampiK said:

Now It seems I have to wait about 2 weeks and then I should be able to collect a cheque with the amount.

If only 2 weeks you will be lucky and guess it depends on how busy the  specific office is.

The other point is that they appear to have stopped issueing cheques - see this thread -

and this one 

 

Edited March 9, 2019 by topt
spelling

[HampiK]

I will write back, what I become and if I can become the money….

The problem is, that foreigners can not have Promptpay… Only can use their mobile phone number and not register the ID.

[topt]

1 minute ago, HampiK said:

I will write back, what I become and if I can become the money….

The problem is, that foreigners can not have Promptpay… Only can use their mobile phone number and not register the ID.

Read the thread - not a problem as long as you have a Krung Thai bank who can generate one of the cards for you 

[Max69xl]

On 3/9/2019 at 9:12 PM, HampiK said:

I will write back, what I become and if I can become the money….

The problem is, that foreigners can not have Promptpay… Only can use their mobile phone number and not register the ID.

I know this is an old thread,but you're saying that foreigners can't use PromptPay if you don't register a Thai ID. I have PromptPay enabled at both Bangkok Bank and K-Bank. I registered using my phone number. You need either a mobile phone number or a Thai ID number.  

[saengd]

1 minute ago, Max69xl said:

I know this is an old thread,but you're saying that foreigners can't use PromptPay if you don't register a Thai ID. I have PromptPay enabled at both Bangkok Bank and K-Bank. I registered using my phone number. You need either a mobile phone number or a Thai ID number.  

Correct, promptpay is beyond our reach.

[asiaexpat]

Thai Revenue issues a letter that can be taken to Krung Thai Bank. The bank can issue a "money card" that can then be used at an ATM to get cash. No Krung Thai account is required as I can attest to since I did just as stated above. 

[Beggar]

2 hours ago, Max69xl said:

I know this is an old thread,but you're saying that foreigners can't use PromptPay if you don't register a Thai ID. I have PromptPay enabled at both Bangkok Bank and K-Bank. I registered using my phone number. You need either a mobile phone number or a Thai ID number.  

I did the same at Bangkok Bank. What a waste of time... The Revenue Department told me that my PromptPay can not be used. I then did this in post #8 with the Krungsri Money Card. 

[rak sa_ngop]

My experience last month:

 

Tax letter from TMB took less than 5 mins

 

Fill in tax form at tax office (by nice lady behind counter) took about 10 mins.  I had a TIN issued already.

 

Wait about 10 days for the refund letter to arrive by post.

 

Go to Krung Thai bank with letter, passport, TIN card and photo of my condo Chanote containing my name in Thai (easier than asking the bank teller to do the transliteration from Roman to Thai script). Time to issue an e-wallet card took about 10 mins.

 

Got to Krung Thai ATM and withdraw most of the money took about 5 mins as the screen is all in Thai so needed a bit of a help.

 

Go to Thaniya spirits and buy a bottle of whisky with the refund took about 10 mins

 

Problem?....What problem.  Just need a bit of perseverance hic! hic!

[Max69xl]

4 hours ago, saengd said:

Correct, promptpay is beyond our reach.

No, I can use PromptPay at both Bangkok Bank and K-Bank. I registered using my mobile phone number. A Thai person can register using phone number or thai ID-number. 

[Max69xl]

2 hours ago, rak sa_ngop said:

My experience last month:

 

Tax letter from TMB took less than 5 mins

 

Fill in tax form at tax office (by nice lady behind counter) took about 10 mins.  I had a TIN issued already.

 

Wait about 10 days for the refund letter to arrive by post.

 

Go to Krung Thai bank with letter, passport, TIN card and photo of my condo Chanote containing my name in Thai (easier than asking the bank teller to do the transliteration from Roman to Thai script). Time to issue an e-wallet card took about 10 mins.

 

Got to Krung Thai ATM and withdraw most of the money took about 5 mins as the screen is all in Thai so needed a bit of a help.

 

Go to Thaniya spirits and buy a bottle of whisky with the refund took about 10 mins

 

Problem?....What problem.  Just need a bit of perseverance hic! hic!

Why Krung Thai Bank? Shouldn't any bank issuing same type of "e-wallet account" work? 

[topt]

6 hours ago, Max69xl said:

Why Krung Thai Bank? Shouldn't any bank issuing same type of "e-wallet account" work? 

No because that is the way the Thai revenue service have set it up. Their way or the ..........

[gk10002000]

what money was involved in this bank interest?  If I had 800,000 baht on deposit for a visa, would the interest on that 800,000 baht be taxed and automatically withheld?   Would I as an expat have to file or would I be able to get any taxes that were withheld returned?  The total interest can't be too large, say 3 % of 800,000 is only 24,000 baht, but would that get taxed?

[saengd]

7 hours ago, Max69xl said:

No, I can use PromptPay at both Bangkok Bank and K-Bank. I registered using my mobile phone number. A Thai person can register using phone number or thai ID-number. 

Yes, available for Thai people, not available for foreigners who do not have a Thai ID number.

[saengd]

6 minutes ago, gk10002000 said:

what money was involved in this bank interest?  If I had 800,000 baht on deposit for a visa, would the interest on that 800,000 baht be taxed and automatically withheld?   Would I as an expat have to file or would I be able to get any taxes that were withheld returned?  The total interest can't be too large, say 3 % of 800,000 is only 24,000 baht, but would that get taxed?

The amount will vary, it depends on the interest rate paid by the bank.

 

But yes, all interest will be automatically taxed at source, filing a tax return is simple enough, the first 300,000 of income is tax free so as long as you are under that amount you'll get your tax back. Note: if you show the bank that you have a Thai tax ID you can request they not withhold tax.

[gk10002000]

4 hours ago, saengd said:

The amount will vary, it depends on the interest rate paid by the bank.

 

But yes, all interest will be automatically taxed at source, filing a tax return is simple enough, the first 300,000 of income is tax free so as long as you are under that amount you'll get your tax back. Note: if you show the bank that you have a Thai tax ID you can request they not withhold tax.

Thanks.  Do they tax at the end of the year, just automatically reduce the interest you got, the total balance shows a bit less, etc?  Or do they do it monthly on some statement?  Thank you.

[saengd]

1 hour ago, gk10002000 said:

Thanks.  Do they tax at the end of the year, just automatically reduce the interest you got, the total balance shows a bit less, etc?  Or do they do it monthly on some statement?  Thank you.

It depends how and when you decide to take the interest, you usually have an option, monthly or at the end of the term, the tax is deducted when the interest is paid.

[Max69xl]

On 2/10/2020 at 9:24 AM, saengd said:

Correct, promptpay is beyond our reach.

So how come I have PromptPay registered at Bangkok Bank and Kasikorn Bank? 

[Oldie]

24 minutes ago, Max69xl said:

So how come I have PromptPay registered at Bangkok Bank and Kasikorn Bank? 

As foreigner you can't use Prompt Pay. You will get a letter for the tax refund and go with this to a Krung Thai bank. If you have an account there you can put the refund there and if not they will issue a cash card and put the money there - then no account is needed and you can withdraw with the card immediately at the cashier and the card will be still valid (I think 2 years without balance). 

 

Edited July 25, 2020 by Oldie

[Stese]

Can the tax on interest not be deducted at source by the bank, providing they have your tax number on file and are below the 20k baht earnt on interest?

 

You then wouldn't need to muck around getting your refund unless you are earning over 20k on savings interest

[lelapin]

I was at the tax office in Jomtien, Pattaya yesterday. I had been told by them last week that they now require evidence from the tax office in UK that I pay tax there and also evidence from each pension company of tax that has been deducted by them prior to my payments.

Fortunately I was able to get this info and gave them copies yesterday. I was told that if there is any problem they will phone me within a week otherwise I should be getting my refund shortly.

I recovered my bank interest tax refund last year from this office without having to supply any of this info.

I also went to Bangkok bank and provided them with my tax number and was told that this year they will not now deduct tax from my interest.

But this is Thailand, so we will have to wait and see.

[Oldie]

29 minutes ago, Stese said:

Can the tax on interest not be deducted at source by the bank, providing they have your tax number on file and are below the 20k baht earnt on interest?

 

You then wouldn't need to muck around getting your refund unless you are earning over 20k on savings interest

If the bank does not have your tax ID they will tax your interest from the first Satang. This is new. The 20k Baht limit doesn't exist anymore without tax ID. 

[Oldie]

10 minutes ago, lelapin said:

I was at the tax office in Jomtien, Pattaya yesterday. I had been told by them last week that they now require evidence from the tax office in UK that I pay tax there and also evidence from each pension company of tax that has been deducted by them prior to my payments.

Fortunately I was able to get this info and gave them copies yesterday. I was told that if there is any problem they will phone me within a week otherwise I should be getting my refund shortly.

I recovered my bank interest tax refund last year from this office without having to supply any of this info.

I also went to Bangkok bank and provided them with my tax number and was told that this year they will not now deduct tax from my interest.

But this is Thailand, so we will have to wait and see.

I had to fill in a questionnaire about pension income. I think it is because if you transfer it directly to Thailand then you will have to pay taxes for it. 

[Smokegreynblues]

On 7/25/2020 at 2:00 PM, Oldie said:

If the bank does not have your tax ID they will tax your interest from the first Satang. This is new. The 20k Baht limit doesn't exist anymore without tax ID. 

I pay withholding tax on the savings account interest. 15 percent. If I give them my Tax id they will stop withholding/ that tax? and then will the interest income be added to my annual income and taxed as a personal income tax? is that it? 

Edited October 27, 2020 by Smokegreynblues

[Oldie]

4 minutes ago, Smokegreynblues said:

I pay withholding tax on the savings account interest. 15 percent. If I give them my Tax id they will stop withholding/ that tax? and then will the interest income be added to my annual income and taxed as a personal income tax? is that it? 

They will stop deducting the tax if you are below the 20000 Baht limit. Now the banks charge from the first Satang if you don't give them your tax ID. I got it refunded afterwards at the revenue department. It is just simpler for people that are below 20000 Baht to avoid taxation. I don't have to go to the revenue department then to get the money back.