Savers must allow banks to send information to tax officials: Finance Minister

[snoop1130]

Savers must allow banks to send information to tax officials: Finance Minister

By Wichit Chaitrong 
The Nation 

 

 

Bank customers are required to consent to banks forwarding their savings-account information to the Revenue Department, as the Finance Ministry tries to eliminate tax evasion, Finance Minister Apisak Tantivorawong said on Friday.

 

A new tax regulation enforced since April 4, requires bank passbook holders to allow banks to send information about the interest they have earned on their accounts to the Revenue Department. The tax exemption for interest income up to Bt20,000 annually still remains, said Apisak. Those who get interest rate return on their savings above Bt20,000 will be subject to a 15-per-cent tax rate.

 

Savings-account holders must register with banks their intention to give up information to the Revenue Department.

 

The Revenue Department explained that people with savings of about Bt4 million would get interest returns of more than Bt20,000, while the remaining 99 per cent of bank accounts have on average less than Bt1 million in savings.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30367988

 

-- © Copyright The Nation 2019-04-19

[Frankri]

https://www.khaosod.co.th/economics/news_2431650

 

The news in Thai is a little different...

 

What's happening ?

[mehrdad]

7 hours ago, Frankri said:

https://www.khaosod.co.th/economics/news_2431650

 

The news in Thai is a little different...

 

What's happening ?

Khaosod news is not right !!!

this is for only 1% thai people who have more than 4 million baht in passbook bank for one year !!!! 

99% people have less than 1 million and Not related!!! 

[mehrdad]

So , some of reporters and news writers Not professional and Not have any knowledge for their work and write something not right and mistake explaining!!!! 

True news is above and some another thai reporters false explain 

[rooster59]

Savers earning over 20,000 baht interest a year to face 15 percent tax

 

 

Bank depositors in Thailand who earn more than 20,000 baht interest a year from their bank deposits will now be taxed 15% on the interest they earn, according to Finance Minister Apisak Tantiworawong.

 

The minister said today the new tax measure, proposed by the Revenue Department, is intended to prevent bank depositors, who have more than four million baht in a bank account, avoiding tax on interest received each year.

 

He noted that in the past some commercial banks helped their customers with large deposits to avoid tax on interest earned by closing the accounts when the amount of interest approached 20,000 baht and then open new accounts for their customers.

 

Full story: https://www.thaipbsworld.com/savers-earning-over-20000-baht-interest-a-year-to-face-15-percent-tax/

 

-- © Copyright Thai PBS 2019-04-20

[justin case]

bank are stealing 15 percent since the first baht of interest, anyone ever got the paid tax back ?

[YetAnother]

13 hours ago, snoop1130 said:

Savings-account holders must register with banks their intention to give up

says it all

[kotsak]

Bloody <deleted>, the interest is already getting taxed.. ????

[asiaexpat]

19 minutes ago, justin case said:

bank are stealing 15 percent since the first baht of interest, anyone ever got the paid tax back ?

Yes, every year I file for a refund and get it from The Revenue Department.

[jollyhangmon]

40 minutes ago, justin case said:

bank are stealing 15 percent since the first baht of interest, anyone ever got the paid tax back ?

Actually it's the government(s), 25% back home, 27.5 on dividends & coupons ...

Yes, you´ll get it back here if you claim it.

 

Question: can you file for older taxes too, like more than the previous year? If so, how long back? Thanks.

[Frankri]

In Jomtien you cannot claim Interest Tax over Savings account 

[Tilacme]

My Singapore bank manager will be pleased.

[Tilacme]

2 hours ago, mehrdad said:

Khaosod news is not right !!!

this is for only 1% thai people who have more than 4 million baht in passbook bank for one year !!!! 

99% people have less than 1 million and Not related!!! 

If you do a quick calculation based upon 1.5% interest p/a, the deposit for 20,000 interest is around 1,300,000.  Given that many farangs need to park 800,000 makes this an issue.

[ravip]

1 hour ago, Frankri said:

In Jomtien you cannot claim Interest Tax over Savings account 

Doesn't the law apply to the whole country?

[yellowboat]

2 hours ago, rooster59 said:

Bank depositors in Thailand who earn more than 20,000 baht interest a year from their bank deposits will now be taxed 15% on the interest they earn, according to Finance Minister Apisak Tantiworawong.

Work hard, save money and then get sc*ewed.  Hope there are better places for Thais to put their money: Cambodia, Malaysia?  That is just awful. 

[connda]

16 hours ago, snoop1130 said:

Bank customers are required to consent to banks forwarding their savings-account information to the Revenue Department, as the Finance Ministry tries to eliminate tax evasion, Finance Minister Apisak Tantivorawong said on Friday.

 

Focus on passbook holders and ignore the 500 kilo gorilla.  Those who engage in 'tax evasion' use banks as their intermediaries in order to set up shell companies and launder money.  When caught, the bank receives a fine (i.e., the cost of doing business) and no executives see a day in prison. 

[Tradewind777]

As the saying goes, Nothing more certain than death and taxes. In Thailand getting both is easy!

[natway09]

This is not a new law.

It is an enforcement of an old law that the tax department have been asked to uphold.

Most foreigners get taxed at source here anyway 15% (unless lucky to have joined a bank fund which is tax free. (Mainly  aimed at bank employees)

Most of the Drama Queens on here would have their savings interest taxed over a threshhold 

in their home countries anyway.

This new enforced law is expected to affect less than 1.7% of the Thai population.

How many Thais do you know that file a tax return ??

[shady86]

I already pay more than 10k B every month for tax and they still want to tax my savings. Another reason I should park all my money overseas. 

[vukovar77]

7 hours ago, justin case said:

bank are stealing 15 percent since the first baht of interest, anyone ever got the paid tax back ?

Yes,I got paid tax back.I have tax number in Thailand.

[vukovar77]

45 minutes ago, natway09 said:

This is not a new law.

It is an enforcement of an old law that the tax department have been asked to uphold.

Most foreigners get taxed at source here anyway 15% (unless lucky to have joined a bank fund which is tax free. (Mainly  aimed at bank employees)

Most of the Drama Queens on here would have their savings interest taxed over a threshhold 

in their home countries anyway.

This new enforced law is expected to affect less than 1.7% of the Thai population.

How many Thais do you know that file a tax return ??

Many,so many.Every year is a huge queue waiting in a revenue office . 

[Letseng]

5 hours ago, yellowboat said:

Work hard, save money and then get sc*ewed.  Hope there are better places for Thais to put their money: Cambodia, Malaysia?  That is just awful. 

Put money into a Cambodian bank?

 

[topt]

8 hours ago, Frankri said:

In Jomtien you cannot claim Interest Tax over Savings account 

been doing it for some years and other posters for a lot longer.

 

6 hours ago, ravip said:

Doesn't the law apply to the whole country?

He obviously failed to get a tax ID - if he even tried.

[natway09]

Whats the matter with you guys,,, it is the same all around the world

[Rod the Sod]

8 hours ago, justin case said:

bank are stealing 15 percent since the first baht of interest, anyone ever got the paid tax back ?

Yes - easy to do. Just file a tax return

[RobMuir]

2 hours ago, shady86 said:

I already pay more than 10k B every month for tax and they still want to tax my savings. Another reason I should park all my money overseas. 

They are not taxing your savings. Only the interest you earn on you savings. 

 

It is true that some banks actively help their customers to avoid this tax. It happened to me about six months ago. At first I thought the bank was trying to con me somehow, but the manager clearly explained it, so I closed that account and opened a new one. They didn’t charge me anything to do it either.

It took about 30 minutes all up and I saved thousands. Good service. Tanachart bank. I only opened the account there because they pay the best interest. So best interest and best service.

 

Kasikorn or Thai panit never advised me of this. 

[Sydebolle]

Another nail into the Thai coffin for retirees.

Quite some of them have more than B 1+ million; the Elite Club members parking B 5 - B10 million for a 4x5years visa will be delighted as well. 

Get those Thai-Chinese business crooks to pay up; company losing money over decades while the entire family is roaming in brand new Mercedes cars, the Missus features "furniture" (Thai slang for jewelry) of gruesome yet colourful and size-wise enormous appearances. 

 

I paid 37% income tax for more than 20 years and had absolutely nothing in return from the state, due to the still strong Baht I flushed out most of my money left to  much cheaper tax havens with manageable fluctuation risk ....

[Rimmer]

A flame has been removed

[shady86]

They are not taxing your savings. Only the interest you earn on you savings. 
 
It is true that some banks actively help their customers to avoid this tax. It happened to me about six months ago. At first I thought the bank was trying to con me somehow, but the manager clearly explained it, so I closed that account and opened a new one. They didn’t charge me anything to do it either.
It took about 30 minutes all up and I saved thousands. Good service. Tanachart bank. I only opened the account there because they pay the best interest. So best interest and best service.
 
Kasikorn or Thai panit never advised me of this. 

They already taxed me on my income so I don't expect to pay anymore tax from interest earnings. Anyway interest rates here are peanuts, I would put my money somewhere else or invest if I have that much.

[observer90210]

And hopefully nobody will not come up with a brillant idea to tax all capital, starting from THB 800'001,--  ????