B800k savings? - get your tax refund

[hughrection]

On 3/21/2023 at 8:29 AM, CMBob said:

however, you can file for 3 years back (I just did this a month+ ago and got three checks for the amounts withheld for 2020, 2021, and 2022).  Easy process and worth my time.

Can one assume that you visited your bank and got tax withheld statements each year OR did you request all 3 in 2022?  Many thanks.

[hughrection]

On 3/21/2023 at 6:27 PM, keithsimmonds said:

Maybe change your bank?  Scb pays 1.5% =12000baht per annum......almost all other Banks are paying just over 1% so double your "4000baht"....this is the land of "up to you"

I think you are referring to the Ezy Account here that was initially 1.5%. It is now 0.9.

I may be wrong and so if you can provide a link where SCB still pays 1.5%, I would appreciate it. Many thanks.

[CMBob]

10 minutes ago, hughrection said:

Can one assume that you visited your bank and got tax withheld statements each year OR did you request all 3 in 2022?  Many thanks.

I went to both SCB and Bangkok Bank roughly 6 weeks ago.  Got statements for the past three years from SCB but only asked for a statement for 2022 from Bangkok Bank (only opened that account near the end of 2021).  Took about 15 minutes at SCB and maybe 10 minutes at Bangkok Bank.  As has occurred for me in the past, the banks have forms for this purpose and are well aware of the requests for annual interest statements.

[10years]

Remember that if you are aged over 65 years, you are entitled to a much higher personal exemption. Apparently it was B190,000 in 2021 and is B120,000 for 2022.

 

You need to have taxable income of more than B120,000 before you are liable to pay any tax. That's a lot of interest.

[nigelforbes]

4 hours ago, 10years said:

Remember that if you are aged over 65 years, you are entitled to a much higher personal exemption. Apparently it was B190,000 in 2021 and is B120,000 for 2022.

 

You need to have taxable income of more than B120,000 before you are liable to pay any tax. That's a lot of interest.

The personal allowance is 60,000, which can be taken in addition to any other allowances such as deductions for health insurance premium (maximum 25,000), spouse, children etc.

 

When you're assessing your liability to tax, the first 150k in the tax tables is zero  rated but in the case of people over aged 65 years, this is increased to 190,000. 

 

The combination of these exemptions and the extended zero rated band means that a married foreigner who files jointly can earn over 330k before tax is due.

 

BUT, the obligation to file a tax return is based on the income level, not on whether tax is due or not. 

 

"All persons earning income are required to file a tax return no later than 31 March of the following year for hardcopy filing and 8 April for online filing, except for individuals whose income from employment is THB 120,000 or less (for single persons) or THB 220,000 or less (for married persons) and in the case of having income from other sources (with or without employment income) of THB 60,000 or less (for single persons) or THB 120,000 or less (for married persons)".

 

https://taxsummaries.pwc.com/thailand/individual/tax-administration#:~:text=Individuals engaged in most forms,their spouse%2C whichever they prefer.

 

To be crystal clear. If you spent more than 183 days in Thailand between 1 January 2022 and 31 December 2022, AND, you earned income from Thai savings interest or from other sources of more than 60,000 baht, that was both earned and remitted to Thailand between those dates, you are required to file a Thai tax return.

[Thailand J]

Every year in May or Jun when I went to Bangkok Bank to get an account balance letter for non-O extension, I got the withholding tax documents at the same time. After I was done with Jomtein immigration, i went to the revenue office close by. Handed over the bank documents plus copies of passport and bank book pages . They filled out the forms for me which I signed. Wait for tax refund letter in the mail, which I took to the government bank to claim the refund.

 

[keithsimmonds]

16 hours ago, hughrection said:

I think you are referring to the Ezy Account here that was initially 1.5%. It is now 0.9.

I may be wrong and so if you can provide a link where SCB still pays 1.5%, I would appreciate it. Many thanks.

Google search SCB savings accounts.... EZ 1.5% up 1000000 over 1milion. Point 5%

[Puccini]

39 minutes ago, keithsimmonds said:

Google search SCB savings accounts.... EZ 1.5% up 1000000 over 1milion. Point 5%

Source: https://www.scb.co.th/en/personal-banking/deposits/savings-account/easy-saving-account.html

[Puccini]

1 hour ago, keithsimmonds said:

Google search SCB savings accounts.... EZ 1.5% up 1000000 over 1milion. Point 5%

Is the the SCB EZ Savings account available to foreigners?

[keithsimmonds]

1 hour ago, Puccini said:

Is the the SCB EZ Savings account available to foreigners?

Yes.....and acceptable for Immigration.????

[10years]

22 hours ago, 10years said:

Remember that if you are aged over 65 years, you are entitled to a much higher personal exemption. Apparently it was B190,000 in 2021 and is B120,000 for 2022.

 

You need to have taxable income of more than B120,000 before you are liable to pay any tax. That's a lot of interest.

This is indeed incorrect. The personal allowance is B60,000 for individuals.

[couchpotato]

50 minutes ago, 10years said:

This is indeed incorrect. The personal allowance is B60,000 for individuals.

To be clear----The single persons personal allowance is B60,000 for each individual, and a person over 65 also has a personal exemption of B190,000.

Plus there is no tax due on the first B150,000.

Also allowances for Life Insurance, Health Insurance, Disability, LTF, RMF etc .

 

 

[Satcommlee]

It is not worth it!! You'll end up with a tax ID!!!

[1FinickyOne]

On 3/21/2023 at 7:31 AM, Skeptic7 said:

It's just another Thai ripoff money grab.

Don't they have income tax where you are from? 

[john donson]

what bank gives 0.5% on your retirement account?  does it not have to be one of those where you can add and get money any day?

 

I get a good 0,05% at Kasi(pop)corn

[gamb00ler]

2 hours ago, john donson said:

what bank gives 0.5% on your retirement account?  does it not have to be one of those where you can add and get money any day?

 

I get a good 0,05% at Kasi(pop)corn

Any savings account (at a Thai chartered bank)  can be used.... even those accounts that don't have a bank book.  

[Letseng]

On 3/22/2023 at 12:52 AM, CMBob said:

I have no idea how they file the withheld tax if one doesn't have a tax ID number.....but presume it's filed under the person's name and account number.  Given revenue would also have the written bank verification of the account number, amount withheld, person's name, and address (all that information is on the forms issued by SCB and Bangkok Bank), I'd guess that the revenue department wouldn't have any problem matching it up.  

I assume it is the same as in EU. No tax no. & you pay max rate 35% tax at source which goes to general tax office account. It is no more than making sure everybody pays regardless. If you want it back, you have to file a return. Learnt this in 2 yrs in EU recently. 

[TigerandDog]

On 3/21/2023 at 8:29 AM, CMBob said:

The "form 90" the OP refers to is a Thai personal income tax return.  And one is required to first have a Thai tax ID number.  I obtained one of those here in CM about 10 years ago and to get one, besides copies of a couple of pages of your passport, they wanted a certificate of residence (in my case, I had one that was several months old but they accepted a photocopy of that). You get the tax ID number at your local revenue office.

 

Here in Chiangmai, one can do this by simply going to your relevant revenue office and they will fill out and file the income tax return for you.  About three weeks later you'll get your check(s) in the mail which you take to Kasikorn bank and you can retrieve the funds.

 

I understand, given the lousy interest rates the last few years, one can decide to not bother for low amounts withheld; however, you can file for 3 years back (I just did this a month+ ago and got three checks for the amounts withheld for 2020, 2021, and 2022).  Easy process and worth my time.

 

Edit:  If you had other Thai income and you owe personal income taxes, maybe you do or do not simply get the withheld funds back. In my case, I'm retired and have no Thai income.  Once they asked me if I had any other Thai income (answer was "no") whereas on at least two other occasions they never asked me anything (i.e., there was zero "digging into my business").

don't know about the 3 weeks bit for receiving your refund. last year it took 6 months for mine to arrive after receiving a text message advising that the refund had been mailed. This year have already had to request a replacement cheque as original did not arrive after being advised in January that it had been posted. Both of these issues are out of CM revenue Office.

[CMBob]

1 hour ago, TigerandDog said:

don't know about the 3 weeks bit for receiving your refund. last year it took 6 months for mine to arrive after receiving a text message advising that the refund had been mailed. This year have already had to request a replacement cheque as original did not arrive after being advised in January that it had been posted. Both of these issues are out of CM revenue Office.

Never got a text message from them but was told (by the gals that prepared and filed the returns at the revenue office) that the refund checks would arrive in about 3 weeks.  And they did. Think this was the fifth time I filed returns to retrieve the withheld interest and I don't think the refund checks any time arrived later than about 3 weeks.

[10years]

Never got a text message either.

 

The refund checks for the current tax year (2022) should take about 3 weeks but checks for past years should take longer, like ? months later.