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

[RobMuir]

2 minutes ago, shady86 said:

19 minutes ago, RobMuir said:

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.

I believe most countries tax you on your income and interest on your savings. 

Interest rates around the world are peanuts currently. 

[topt]

8 minutes ago, shady86 said:

They already taxed me on my income so I don't expect to pay anymore tax from interest earnings.

What do you think happens in most countries?

It is effectively additional income and unless a specific allowance against it it will normally be added to your total income and taxed accordingly......

 

Poster above beat me to it 

Edited April 20, 2019 by topt

[Pib]

Really nothing new about over Bt20K interest earned being taxed at 15% (that's always been the rule) other than banks will need to ensure customers are aware....probably have to sign a separate document acknowledging such instead of it being one little sentence in the fine print when they opened the account.

[asiaexpat]

In the past many people (Thai and non-Thai) have evaded paying this tax by simply opening multiple accounts and never allowing them to individually accrue 20000 interest. Banks never reported the collective interest accrued in all accounts. Now the Revenue Department intends to collect the tax if the total interest of all of the individual's accounts by having banks report on every account. 

[AtoZ]

20 hours ago, natway09 said:

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

yeah but other countries are more subtle about the graft and theft

[ravip]

On 4/20/2019 at 9:53 AM, 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. 

Are any tax free countries? 

[Tilacme]

Whats the bet on a run on the banks tomorrow?

[Shiver]

On 4/20/2019 at 11:16 AM, Tilacme said:

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.

Do they not tax share with your home country?

I suspect I might have zero interest on my current account (never leave enough in THB to bother looking) - on the basis that they seem to have no issue bringing it in, but have captital controls on outgoings.

A good excuse for never giving my missus more than a mill of float cash lol (joking).

 

[topt]

20 hours ago, Shiver said:

Do they not tax share with your home country?

No. Is in the works for if/when Thailand sign up to CRS - they need to pass relevant legislation first.

 

20 hours ago, Shiver said:

I suspect I might have zero interest on my current account

Do you mean current account or savings account. Unless you run a business unlikely you will have a "current account".

On my day to day savings accounts I receive interest (very small amounts) but up to now the bank have never withheld any tax on that interest.

[Burma Bill]

Possibly more cash being removed from Thai banks in favour of GOLD!!

[Scott424]

On 4/20/2019 at 11:19 PM, asiaexpat said:

In the past many people (Thai and non-Thai) have evaded paying this tax by simply opening multiple accounts and never allowing them to individually accrue 20000 interest. Banks never reported the collective interest accrued in all accounts. Now the Revenue Department intends to collect the tax if the total interest of all of the individual's accounts by having banks report on every account. 

I have two savings accounts with Krungsri Bank, I noticed yesterday that the account with my 800k in it, has had taxes taken out the last two months.  I talked to the bank today (Hua Hin) and they informed me that the national bank or something now requires them to take taxes out monthly for all non Thai accounts, instead of waiting until you have accumulated 20k in interest.

 

Has anybody else heard of or experienced this in the past couple of months.  I don't know if it is because I recently opened a new savings account for the 800k. 

Edited May 2, 2019 by Scott424

[asiaexpat]

23 hours ago, Scott424 said:

I have two savings accounts with Krungsri Bank, I noticed yesterday that the account with my 800k in it, has had taxes taken out the last two months.  I talked to the bank today (Hua Hin) and they informed me that the national bank or something now requires them to take taxes out monthly for all non Thai accounts, instead of waiting until you have accumulated 20k in interest.

 

Has anybody else heard of or experienced this in the past couple of months.  I don't know if it is because I recently opened a new savings account for the 800k. 

I have savings accounts at several banks and tax is withheld only from Fixed accounts.