Interest withholding tax

[DrJoy]

17 minutes ago, gamb00ler said:

I don't see in the webpage I provided that those deductions are restricted to wages/earned income.  The document mostly states that "taxpayers" are eligible for most of those deductions.  Only the very first deduction (Employment Expenses) listed on that page is restricted to wages/earned income.  If @peterfranks has paid or accrued taxes on his interest income is he not a taxpayer?

 

Horses mouth: https://www.rd.go.th/english/6045.html

I file a PND 91 every Jan, I hold a WP.

These documents are requested by the RD -

1. PP

2.WP

3.PND 50 of my company

 

I get almost all of them -

 

Charitable contributions

Donations in the following categories are deductible in the amount donated but not exceeding 10% of net income after all allowances and deductions:

• Donations to educational institutions, public health care facilities, religious institutions, and approved charities.
• E-donations to the Office of the Permanent Secretary, the Prime Minister’s Office for supporting the rectification of the COVID-19 problems from 6 March 2021 to 5 March 2022.
• E-donations to the National Vaccine Institute in support of research, development, production, and distribution of vaccines from 1 January 2021 to 31 December 2023.

All donations in the following categories are allowed a double deduction to the extent that the combined amount does not exceed 10% of net income (assessable income after allowances and deductions):

• Donations in support of education (e.g. buildings, computers, books, teachers) under projects approved by the Ministry of Education.
• Donations to state hospitals.
• E-donations to the Thai Red Cross Society from 1 January 2020 to 31 December 2022.
• E-donations to the Siriraj Foundation and Chulabhorn Foundation from 30 November 2021 to 31 December 2022.
• E-donations to the Metrology System Development Fund, the Health System Development Fund, the Science and Technology Development Fund, and the Science Research and Innovation Fund from 27 May 2021 to 31 December 2022.
• E-donations to the Equitable Education Fund from 1 January 2021 to 31 December 2023.

Donations in cash to political parties or in cash, assets, or other forms of benefit to support activities for raising funds of political parties are deductible up to THB 10,000. 

Life insurance premiums

Life insurance premiums, in an amount not exceeding THB 100,000, paid by a taxpayer on one's own life are allowed as a deduction, provided that the insurance policies are for a minimum period of ten years and the insurer is carrying on a life insurance business in Thailand. If the policy includes a savings plan that provides an annual return to the policy holder exceeding 20% of the annual premium, the entire premium will be non-deductible.

Qualified pension life insurance premiums paid to a Thai insurer are available as a deduction in an amount not exceeding 15% of total assessable income with a maximum of THB 200,000. However, this allowance, together with the contribution to a registered provident fund, the civil servant pension fund, the teacher's welfare fund, and the investment in retirement mutual funds and super savings funds, may not exceed THB 500,000 in the same tax year.

In addition, the amount paid, up to a maximum of THB 10,000, for a life insurance premium for the taxpayer's spouse who does not earn income is also allowed, provided the marital status exists throughout the tax year.

Health insurance premiums

A health insurance premium, up to a maximum of THB 25,000, paid to a life or non-life insurance company in Thailand by a taxpayer for one's own health is allowed as a deduction. However, the deduction for this premium together with the above life insurance premiums paid cannot exceed THB 100,000 in total.

A health insurance premium, up to a maximum of THB 15,000, paid to a life or non-life insurance company in Thailand for the taxpayer's parents or the parents of the spouse of the taxpayer is allowed as a deduction.

Expenses for antenatal care and child delivery

A deduction of up to THB 60,000 for each pregnancy is allowed for expenses paid by the taxpayer or spouse for antenatal care and child delivery. If the expenses for each pregnancy are not paid in the same tax year, the amount actually paid in each tax year is allowed, but in total no more than THB 60,000.

Mortgage interest expenses

Mortgage interest incurred for the purpose of purchase or construction of a residential building in Thailand may be deducted up to a maximum of THB 100,000.

Retirement mutual fund contribution

A contribution to a retirement mutual fund is deductible in an amount not exceeding 30% of assessable income received that is subject to income tax, with a maximum of THB 500,000 in any tax year. However, if the taxpayer also has any of the contributions noted above under qualified pension life insurance, they must be included in the THB 500,000 limit.

Super savings fund investment

An investment in a super savings fund is deductible in an amount not exceeding 30% of assessable income received that is subject to income tax, with a maximum of THB 200,000 in any tax year. However, if the taxpayer also has any of the contributions noted above under qualified pension life insurance, they must be included in the THB 500,000 limit.

Social Security Fund contribution

The contribution to the government's social security fund is also deductible.

Personal allowances

There is a personal allowance of THB 60,000 each for the taxpayer and the taxpayer’s spouse (provided that the taxpayer's spouse does not file one's own return). There is also an allowance of THB 30,000 for each child and an additional THB 30,000 for the second child onwards born in or after 2018. Moreover, an allowance for parental care of THB 30,000 per parent is deductible. A non-resident is allowed deductions for spouse, children, and parent only if they are resident in Thailand.

In addition, a deduction is allowed for the care of disabled or incapacitated family members of THB 60,000 per person and for the care of a disabled or an incapacitated person other than a family member of THB 60,000 in total.

 

 

 

Those who do not hold a Thai WP , have to file PND 90

[gamb00ler]

16 minutes ago, DrJoy said:

I file a PND 91 every Jan, I hold a WP.

These documents are requested by the RD -

1. PP

2.WP

3.PND 50 of my company

 

I get almost all of them -

 

Charitable contributions

Donations in the following categories are deductible in the amount donated but not exceeding 10% of net income after all allowances and deductions:

• Donations to educational institutions, public health care facilities, religious institutions, and approved charities.
• E-donations to the Office of the Permanent Secretary, the Prime Minister’s Office for supporting the rectification of the COVID-19 problems from 6 March 2021 to 5 March 2022.
• E-donations to the National Vaccine Institute in support of research, development, production, and distribution of vaccines from 1 January 2021 to 31 December 2023.

All donations in the following categories are allowed a double deduction to the extent that the combined amount does not exceed 10% of net income (assessable income after allowances and deductions):

• Donations in support of education (e.g. buildings, computers, books, teachers) under projects approved by the Ministry of Education.
• Donations to state hospitals.
• E-donations to the Thai Red Cross Society from 1 January 2020 to 31 December 2022.
• E-donations to the Siriraj Foundation and Chulabhorn Foundation from 30 November 2021 to 31 December 2022.
• E-donations to the Metrology System Development Fund, the Health System Development Fund, the Science and Technology Development Fund, and the Science Research and Innovation Fund from 27 May 2021 to 31 December 2022.
• E-donations to the Equitable Education Fund from 1 January 2021 to 31 December 2023.

Donations in cash to political parties or in cash, assets, or other forms of benefit to support activities for raising funds of political parties are deductible up to THB 10,000. 

Life insurance premiums

Life insurance premiums, in an amount not exceeding THB 100,000, paid by a taxpayer on one's own life are allowed as a deduction, provided that the insurance policies are for a minimum period of ten years and the insurer is carrying on a life insurance business in Thailand. If the policy includes a savings plan that provides an annual return to the policy holder exceeding 20% of the annual premium, the entire premium will be non-deductible.

Qualified pension life insurance premiums paid to a Thai insurer are available as a deduction in an amount not exceeding 15% of total assessable income with a maximum of THB 200,000. However, this allowance, together with the contribution to a registered provident fund, the civil servant pension fund, the teacher's welfare fund, and the investment in retirement mutual funds and super savings funds, may not exceed THB 500,000 in the same tax year.

In addition, the amount paid, up to a maximum of THB 10,000, for a life insurance premium for the taxpayer's spouse who does not earn income is also allowed, provided the marital status exists throughout the tax year.

Health insurance premiums

A health insurance premium, up to a maximum of THB 25,000, paid to a life or non-life insurance company in Thailand by a taxpayer for one's own health is allowed as a deduction. However, the deduction for this premium together with the above life insurance premiums paid cannot exceed THB 100,000 in total.

A health insurance premium, up to a maximum of THB 15,000, paid to a life or non-life insurance company in Thailand for the taxpayer's parents or the parents of the spouse of the taxpayer is allowed as a deduction.

Expenses for antenatal care and child delivery

A deduction of up to THB 60,000 for each pregnancy is allowed for expenses paid by the taxpayer or spouse for antenatal care and child delivery. If the expenses for each pregnancy are not paid in the same tax year, the amount actually paid in each tax year is allowed, but in total no more than THB 60,000.

Mortgage interest expenses

Mortgage interest incurred for the purpose of purchase or construction of a residential building in Thailand may be deducted up to a maximum of THB 100,000.

Retirement mutual fund contribution

A contribution to a retirement mutual fund is deductible in an amount not exceeding 30% of assessable income received that is subject to income tax, with a maximum of THB 500,000 in any tax year. However, if the taxpayer also has any of the contributions noted above under qualified pension life insurance, they must be included in the THB 500,000 limit.

Super savings fund investment

An investment in a super savings fund is deductible in an amount not exceeding 30% of assessable income received that is subject to income tax, with a maximum of THB 200,000 in any tax year. However, if the taxpayer also has any of the contributions noted above under qualified pension life insurance, they must be included in the THB 500,000 limit.

Social Security Fund contribution

The contribution to the government's social security fund is also deductible.

Personal allowances

There is a personal allowance of THB 60,000 each for the taxpayer and the taxpayer’s spouse (provided that the taxpayer's spouse does not file one's own return). There is also an allowance of THB 30,000 for each child and an additional THB 30,000 for the second child onwards born in or after 2018. Moreover, an allowance for parental care of THB 30,000 per parent is deductible. A non-resident is allowed deductions for spouse, children, and parent only if they are resident in Thailand.

In addition, a deduction is allowed for the care of disabled or incapacitated family members of THB 60,000 per person and for the care of a disabled or an incapacitated person other than a family member of THB 60,000 in total.

 

 

 

Those who do not hold a Thai WP , have to file PND 90

Are you claiming that @peterfranks isn't allowed to reduce his income by up to 60K (if married) for the personal allowance, or the insurance premium allowance?  I don't get the point of your post.

[peterfranks]

10 minutes ago, gamb00ler said:

Are you claiming that @peterfranks isn't allowed to reduce his income by up to 60K (if married) for the personal allowance, or the insurance premium allowance?  I don't get the point of your post.

I am not married, neither do I have a Thai insurance.

 

The allowances you mention are for a select few people.

 

I don't pay any other tax than withholding tax on my interests in Thailand, and from nothing you can't reduce nothing.

Edited August 6, 2022 by peterfranks

[DrJoy]

20 hours ago, gamb00ler said:

Are you claiming that @peterfranks isn't allowed to reduce his income by up to 60K (if married) for the personal allowance, or the insurance premium allowance?  I don't get the point of your post.

He will file for PND 90 each Jan, and get his taxes/interest back.

[DrJoy]

20 hours ago, peterfranks said:

and from nothing you can't reduce nothing.

No Peter.

 

You will file "PND 90" each Jan at the nearest Revenue Office to claim back your tax/interest.

 

Bring a Thai speaker with you when you visit.

 

PND 90 form in English -

 

https://lorenz-partners.com/download/thailand/NL049E-Translation-of-Thai-Personal-Income-Tax-Forms-Jun17-_-ONL.pdf

[peterfranks]

2 minutes ago, DrJoy said:

No Peter.

 

You will file "PND 90" each Jan at the nearest Revenue Office to claim back your tax/interest.

 

Bring a Thai speaker with you when you visit.

 

PND 90 form in English -

 

https://lorenz-partners.com/download/thailand/NL049E-Translation-of-Thai-Personal-Income-Tax-Forms-Jun17-_-ONL.pdf

I know how to claim back withholding taxes. My point is that the maximum is 3000 baht, and for that I first have to visit the bank and wait maybe an hour before it is my turn and the documents are completed, then travel to the revenue office, and there probably spend another few hours as they are usually busy around that time.

 

Then wait a few months for the refund, or like this year, have to visit the office another 2 times because after 2 months they claimed it was still in process, and then a few days before the end of June, I received an SMS from the office in Jomtien that they hadn't received any application and due date to file was in the next week.

 

So had to visit my local revenue office for a third time, to file all the document once again.

 

And all that for 3000 baht????

[DrJoy]

15 minutes ago, peterfranks said:

And all that for 3000 baht????

Not worth it.

Edited August 7, 2022 by DrJoy

[gamb00ler]

On 8/6/2022 at 7:14 PM, peterfranks said:

I have Kasikorn, SCB and UOB accounts , and they also deduct the tax, so that is no alternative.

 

.....SNIP

 

Don't think there is much I can do other than learn to live with it, after all, legally the maximum refund you can get in 1 year is 3000 baht.

 

Every account I have will earn more than 20K interest.

This makes me think that you have accounts at these 4 banks, Krungsri, Kasikorn, SCB and UOB.  At each of those banks your account earns more than 20K in interest.  You also stated earlier that you are having tax withheld by all of the banks.

 

The above implies that you have at least 4 X 20,000 = 80,000฿ in interest for which 12,000฿ tax is being withheld.

 

Your are eligible for the standard 20,000฿ reduction on income that is available to all taxpayers from interest earned.  You are also eligible for the 30,000฿ reduction available as the personal allowance for a single person.  Your taxable income after reduction by both allowances is 30,000฿.

 

According to the Thai Revenue Department

 

https://www.rd.go.th/fileadmin/user_upload/AEC/AseanTax-Thailand.pdf

 

the tax rate for those persons with less than 150,000฿ in taxable income is ZERO.

 

https://www.rd.go.th/fileadmin/user_upload/AEC/AseanTax-Thailand.pdf

https://taxsummaries.pwc.com/thailand/individual/taxes-on-personal-income

 

Obviously your repeated statement that the maximum refund you can get is limited to 3,000฿ is not correct.  Perhaps you should reconsider your decision that filing your taxes for a refund is not worth it.

 

Where do I send my bill for doing your taxes?????

 

 

[topt]

1 hour ago, DrJoy said:

You will file "PND 90" each Jan at the nearest Revenue Office to claim back your tax/interest.

if you are only claiming a refund on withheld interest tax I don't think you need to even fill in the PND 90.

I have only ever filled in a one page document for the last half a dozen or more years to get my refund.

[peterfranks]

55 minutes ago, gamb00ler said:

Your are eligible for the standard 20,000฿ reduction on income that is available to all taxpayers from interest earned.  You are also eligible for the 30,000฿ reduction available as the personal allowance for a single person.  Your taxable income after reduction by both allowances is 30,000฿.

 

According to the Thai Revenue Department

 

https://www.rd.go.th/fileadmin/user_upload/AEC/AseanTax-Thailand.pdf

Sorry but I can not see anywhere in your link any mention about the standard 20.000 baht reduction on income, much less the 30.000 for a single person, and I also don't think interest earned is considered income

[gamb00ler]

9 hours ago, peterfranks said:

Sorry but I can not see anywhere in your link any mention about the standard 20.000 baht reduction on income, much less the 30.000 for a single person, and I also don't think interest earned is considered income

Sorry, I assumed that you had read the previous web pages on Thai tax allowances that I included in earlier responses.  Go back and read those and you will learn pretty much everything you need to know about your tax obligations.

 

The last links I gave were about the Thai tax brackets, not deductions and allowances.

 

I'm no longer interested in holding your hand through the Thai income tax details.

 

Edited August 8, 2022 by gamb00ler

[peterfranks]

1 hour ago, gamb00ler said:

Sorry, I assumed that you had read the previous web pages on Thai tax allowances that I included in earlier responses. 

I did read them, and as far as I  can understand, none of them apply to me.

 

I have no personal income.

 

No spouse or children

 

No mortgage, rent or Thai insurances.

 

The one and only taxes I pay in Thailand are the withholding taxes on interests received.

[gamb00ler]

47 minutes ago, peterfranks said:

I did read them, and as far as I  can understand, none of them apply to me.

 

I have no personal income.

 

No spouse or children

 

No mortgage, rent or Thai insurances.

 

The one and only taxes I pay in Thailand are the withholding taxes on interests received.

Interest IS income.  The previously referenced documents describe all the forms of income that are assessable income in Thailand.

[peterfranks]

3 minutes ago, gamb00ler said:

Interest IS income.  The previously referenced documents describe all the forms of income that are assessable income in Thailand.

The documents you kindly provided, make a clear distinguish between income and interest from deposits, and that they are limited to 20K interest.

 

    @DrJoy  Since you also seem to have experience with tax refunds, am I correct in my assumption or not?

 

https://www.rd.go.th/english/6045.html

 

[gamb00ler]

4 hours ago, peterfranks said:

The documents you kindly provided, make a clear distinguish between income and interest from deposits, and that they are limited to 20K interest.

 

    @DrJoy  Since you also seem to have experience with tax refunds, am I correct in my assumption or not?

 

https://www.rd.go.th/english/6045.html

 

Perhaps you are experiencing a language barrier.  The quote you gave does not support your interpretation.

[userabcd]

On 8/7/2022 at 10:26 PM, peterfranks said:

Sorry but I can not see anywhere in your link any mention about the standard 20.000 baht reduction on income, much less the 30.000 for a single person, and I also don't think interest earned is considered income

Interest is certainly regarded as income, in Thailand and in all other countries.

[JimGant]

Wow, what a lot of energy to get your withholding taxation refunded. For non-Americans, I guess it's your only option, since you're not obligated to pay taxes in your home country on foreign earnings, like Thai interest. But for Yanks, we're obligated to declare that Thai interest on our tax returns. But, we're also excluded from double taxation, so it's very easy to get those Thai taxes refunded as a credit on your US tax return. In fact, if those taxes are less than $300, filing single, or $600, filing joint -- there's no Form 1116 to fill out. Simply place the Thai tax amount on a single line in your Form 1040 to obtain the credit (and, if you have to file a Form 1116, it's no big deal).

 

Yes, the IRS says that, if you can get a refund from Thailand, then you don't qualify for the tax credit. But it also implies that, if getting that refund is problematic, like too much red tape to get a Thai tax ID -- plus, if the tax treaty gives first taxation rights to Thailand on this interest (which it does) -- then going the tax credit route would pass audit scrutiny.....

 

..... particularly since, again, Thailand, under the treaty has first taxation rights on income earned by expats in Thailand (and why Thailand wants to refund those taxes is curious...).

 

But, for Yanks, taking a tax credit and avoiding trying to get your taxes back from the Thai authorities -- is the way to go. You won't hit the radar for an audit. And even if you did, you'd come out completely clean: You've not avoided any taxes, but merely ended up paying taxes to the country where the income was earned -- strictly as the treaty mandates. Sorry Uncle Sam -- you lose those taxes via tax credit; but the treaty was correctly written to ensure tax receipts go to the correct location.

 

So, Yanks -- avoid Thai bureaucracy and get your withholding taxes back via US tax return.

 

 

[shortstop2]

10 hours ago, JimGant said:

You won't hit the radar for an audit.

Most probably true especially for small dollar amounts.  If it works for you then go for it.

 

10 hours ago, JimGant said:

But it also implies that, if getting that refund is problematic, like too much red tape to get a Thai tax ID -- plus, if the tax treaty gives first taxation rights to Thailand on this interest (which it does) -- then going the tax credit route would pass audit scrutiny.....

But that's not my interpretation.   According to IRS guidelines the correct procedure would be to go to a Thai revenue Office and get a Thai Tax ID number and then fill out a Thai tax return to get back the withheld interest.    

 

Quote

Example 2: You are sent to Country A by your U.S. employer to work for two weeks. You earn $2,500 while in Country A. Under Country A tax law, non-residents are not taxed on personal services income earned in the country if working for a non-Country A employer, earn less than $3,000, and are in the country for less than 30 days. However, in order to leave Country A, you are required to pay tax on the $2,500, but you can file a claim for refund and have the full amount of tax refunded to you later. Because it is fully refundable, none of the tax is a qualified tax, whether or not you file a refund claim with Country A.

 

https://www.irs.gov/individuals/international-taxpayers/foreign-taxes-that-qualify-for-the-foreign-tax-credit

 

[DrJoy]

On 7/31/2022 at 7:58 PM, peterfranks said:

As mentioned earlier in this thread, I had no tax deducted for the first 5 months, but tax was deducted for the month of June.

No tax deducted from my Krungsri MTD savings account

[keithsimmonds]

Went to SCB in Central Festival last week asked if I could have my Tax ID entered on all 3 accounts....took about 20mins as girl (Back left counter) was walked through what to do by someone on the phone (Head Office?). She then said (being very pleased with herself) that that was the 1st time in 7 years that she had been asked and completed doing that.

Today on my app it showed interest received yesterday on all 3 accounts with No Tax deducted ????

[skatewash]

6 minutes ago, keithsimmonds said:

Went to SCB in Central Festival last week asked if I could have my Tax ID entered on all 3 accounts....took about 20mins as girl (Back left counter) was walked through what to do by someone on the phone (Head Office?). She then said (being very pleased with herself) that that was the 1st time in 7 years that she had been asked and completed doing that.

Today on my app it showed interest received yesterday on all 3 accounts with No Tax deducted ????

Another example that it can be successfully done at SCB.  However, I have not been successful at my SCB branch.  Filing a Thai Personal Income Tax return has always worked, though. ????  Bangkok Bank and Krungsri Bank have been able to do it, but not my SCB branch.

I think it requires putting the foreigner's Thai Tax ID in a different non-obvious field (hence the phone call to the Head Office).  If staff don't know how to do that then it's just easier to say "cannot do."  Glad to hear it worked out for you.

[walailak]

On 7/20/2022 at 1:51 PM, walailak said:

Quick update 

I went to my local scb branch here in Bkk and double check with threm that my account opened only with my pink id has the same number as the tax id. They could not show me on the screen where the tax id field is and what's written on it. 

They promised though that no tax will be withheld as long as I don't go over the first 20,000thb tax free threshold. 

 

I thank them for their time and said hopefully won't see you on December 25th(interest Payday) 

Let's see 

QUICK UPDATE

Today on my app it showed interest received yesterday on my SCB EZ  account with No Tax deducted ......

opened account only with yellow book and pink ID

also no tax was deducted on my wifes and sister in law accounts (both dual citizens, opened EZ account with THAI ID)  

 

HAPPY BOXING DAY ????

 

Edited December 26, 2022 by walailak
;-)

[DrJoy]

On 7/17/2022 at 3:41 PM, skatewash said:

but SCB is

No tax deducted from my SCB EZ account on 25-DEC-22

In Bangkok

[DrJoy]

On 12/26/2022 at 9:47 AM, skatewash said:

I think it requires putting the foreigner's Thai Tax ID

As youre a PR, did you open your SCB EZ account with your Pink card starting with 8 ?

 

If not, get it changed to Pink id + Blue TB

[skatewash]

1 hour ago, DrJoy said:

As youre a PR, did you open your SCB EZ account with your Pink card starting with 8 ?

 

If not, get it changed to Pink id + Blue TB

 Not a permanent resident.  Opened the SCB EZ account with my passport rather than my Pink ID Card.  It seems you can get SCB to input your Thai Tax ID into your account but how to do that usually requires the staff to phone headquarters for help and if they are convinced they can't do it (which I've been told by them despite seeing that other banks can do it) nothing changes.  I've given up on getting it changed and so file a Thai Income Tax Return every year instead.  Changing the account to my Pink ID might solve the problem but I've heard that others have achieved the waiver on accounts opened under their passports.  Depends on how cooperative your SCB branch will be.

[DrJoy]

27 minutes ago, skatewash said:

Changing the account to my Pink ID

Yes, change to Pink ID + Yellow Book, there wont be any tax deductions then.

[gamb00ler]

2 hours ago, skatewash said:

I've heard that others have achieved the waiver on accounts opened under their passports.

That's my experience.  On my initial visit, the SCB branch seemed unable to open the EZ Savings account at all using just my passport.  I was watching them and could see they were struggling.  I asked if I had a Thai tax ID would it work and they said Yes.  Within a week I got a tax ID and returned (no Pink ID card for me).  The EZ account was opened quickly with no other issues.  I've never had any tax withheld from the interest payments for that account.

[DrJoy]

8 minutes ago, gamb00ler said:

The EZ account was opened quickly with no other issues.  I've never had any tax withheld from the interest payments for that account

I have SCB EZ and Krungsri MTD, both opened with passports. No tax withheld now.

 

Krungsri MTD has monthly interest payout so its easier to know if tax withheld or not.

[Mike Teavee]

On 12/30/2022 at 9:57 PM, DrJoy said:

I have SCB EZ and Krungsri MTD, both opened with passports. No tax withheld now.

 

Krungsri MTD has monthly interest payout so its easier to know if tax withheld or not.

I have Bangkok Bank Savings & Fixed Deposit accounts, registered my TIN against both, no tax withheld against the Savings account, but it was withheld against the Fixed Deposit so I guess I still need to go in to the Tax Office to file a tax refund claim ????...

 

I believe I can also claim last year's tax (when I didn't have a TIN) back so will do so as compensation for the unnecessary hassle they're causing me by withholding tax on the Fixed Deposit account.   

 

 

 

 

 

 

 

 

[nigelforbes]

2 minutes ago, Mike Teavee said:

I have Bangkok Bank Savings & Fixed Deposit accounts, registered my TIN against both, no tax withheld against the Savings account, but it was withheld against the Fixed Deposit so I guess I still need to go in to the Tax Office to file a tax refund claim ????...

 

I believe I can also claim last year's tax (when I didn't have a TIN) back so will do so as compensation for the unnecessary hassle they're causing me by withholding tax on the Fixed Deposit account.   

 

 

 

 

 

 

 

 

It's not just you, all fixed deposits for everyone are treated the same way.

 

Be aware that when you complete a Thai tax return to reclaim the tax paid in the FD, you will be obliged to declare any other income in Thailand, including pensions received during the year they were earned and any rental income. If you don't declare those things, you will have filed a false or invalid tax return and are liable under Thai law. (Note: US SSc pension payments do not need to be declared). This is the downside of reclaiming tax paid on savings, the alternative being not to file and to forgo the tax paid.