Tax ID for fixed deposit account

[Jamie38]

So I was trying to open a fixed deposit account on my long term visa and they asked for a thai tax ID or alternatively the tax ID from my home country.

Does it make any difference which one it is? Would it be better to apply for a thai tax ID to get some of the interest tax back later?

 

Thanks

[Mike Lister]

8 minutes ago, Jamie38 said:

So I was trying to open a fixed deposit account on my long term visa and they asked for a thai tax ID or alternatively the tax ID from my home country.

Does it make any difference which one it is? Would it be better to apply for a thai tax ID to get some of the interest tax back later?

 

Thanks

If you have a long stay visa it would make sense to go to the Revenue Office and obtain a Thai Tax Identification Number (TIN). Then, as you say, you can claim back the tax on interest that will be withheld at source.

 

And since you're here, you may wish to read up at some point on Thai Personal Income Tax! :)

 

 

 

[Jamie38]

I am currently in the process of trying to understand the new changes to the thai personal income tax :) 

 

So to get the thai tax ID, it seems I only need to bring my passport and my condo title deed (as owner) and maybe the blue book too?

 

Can I claim back all the tax on interest? I read something about an exemption if the interest paid per year is below 20k, while it will be 15% for anything over 20k. Is this still accurate?

 

Thanks

[Mike Lister]

35 minutes ago, Jamie38 said:

I am currently in the process of trying to understand the new changes to the thai personal income tax :) 

 

So to get the thai tax ID, it seems I only need to bring my passport and my condo title deed (as owner) and maybe the blue book too?

 

Can I claim back all the tax on interest? I read something about an exemption if the interest paid per year is below 20k, while it will be 15% for anything over 20k. Is this still accurate?

 

Thanks

To get a Thai tax ID you'll need your passport showing a long stay visa and almost certainly, a Certificate of Residency from Immigration. I don't believe your blue book contains your details, only a yellow book would do that, a Tabien Bahn. But take the blue book along anyway because you'll need something to prove to Immi, where you actually live, otherwise they wont give you the residence cert.

 

.Yes, you can claim back all the interest that has been deducted by the banks at source. Banks are supposed to withhold 15% from everyone. In practice, if you give them a copy of your Tax ID, many will not withhold tax from the first 20k earned.

[Jamie38]

From what I have read, many people just visit their local revenue department with their passport, visa and latest entry stamp showing you are in the country over 180 days. Is the residence certificate really necessary?

[Mike Lister]

4 minutes ago, Jamie38 said:

From what I have read, many people just visit their local revenue department with their passport, visa and latest entry stamp showing you are in the country over 180 days. Is the residence certificate really necessary?

This seems to vary around the country, in the North we need Residence Certificates for many things. You could try it and see but don't be surprised if they ask for one. As an aside: I recently bought a new truck and the dealer took my old one in part exchange, that meant I needed two Residence Certificate, one to buy and one to sell, even though it was all part of the same transaction with the same person. 

[mokwit]

Which bank?

[Jamie38]

9 minutes ago, mokwit said:

Which bank?

Kasikorn

 

I will just give it a try. Maybe things are easier down here in Bangkok

[topt]

18 hours ago, Jamie38 said:

fixed deposit account

Not sure about Kasikorn but with some other banks it has been reported that even with a Thai TIN they will not apply it to a FDA unlike a normal savings account.

 

You also may want to consider whether you really want to get a Thai TIN until there is more clarity but up to you........

[BenStark]

6 minutes ago, topt said:

Not sure about Kasikorn but with some other banks it has been reported that even with a Thai TIN they will not apply it to a FDA unlike a normal savings account.

 

.......

 

I have been told the same

[Jamie38]

1 hour ago, topt said:

You also may want to consider whether you really want to get a Thai TIN until there is more clarity but up to you........

 

Is there any downside to getting a Thai TIN? If I dont end up needing it, I just wasted a bit of time at the revenue office.

[Mike Lister]

2 minutes ago, Jamie38 said:

 

Is there any downside to getting a Thai TIN? If I dont end up needing it, I just wasted a bit of time at the revenue office.

I cant think of one, it places no obligations on you. In fact, your home country bank may even find it helpful that you have one, many posters have been asked for their Thai TIN by their home country banks. Some may say that getting a TIN means the RD will know who you are!. Let me assure you, it doesn't take you getting a TIN for the RD to know that, your name is on Land Office records and you paid tax on the purchase of your condo I presume.

[topt]

37 minutes ago, Mike Lister said:

your name is on Land Office records

Do you mean Immigration records?

 

For example I cannot see any reason why if renting or the property is in a Thai persons name that the Land Office would have any idea who you were.

[Mike Lister]

4 minutes ago, topt said:

Do you mean Immigration records?

 

For example I cannot see any reason why if renting or the property is in a Thai persons name that the Land Office would have any idea who you were.

I understood the OP to say he owned the condo, that's why he has the title deed and a blue book.

[Jamie38]

My thai friend just called one of the offices to find out exactly to which one I need to go and which documents are needed.

 

Required are copies of:

 

1. Condominium Unit Sales Agreement (for owner) with stamp duty

2. Passport and latest visa

3. Work permit (if any)

4. House (condo) registration document

 

I am not sure I understand what "stamp duty" means. Is this just the official red stamp that you find on the sales agreement? And regarding 4. I assume thats the blue book? Or is it the condo title deed?

 

 

[Jamie38]

So it all worked out well in the end.

 

Took about 10 minutes to get my TIN at the revenue department. Brought copies of passport/visa, blue book and condo sales agreement. The staff filled out the form for me and I just signed.

 

Also got my fixed deposit account set up. Only needed passport/visa and TIN for that. 

[Mike Lister]

6 minutes ago, Jamie38 said:

So it all worked out well in the end.

 

Took about 10 minutes to get my TIN at the revenue department. Brought copies of passport/visa, blue book and condo sales agreement. The staff filled out the form for me and I just signed.

 

Also got my fixed deposit account set up. Only needed passport/visa and TIN for that. 

I'm pleased it all worked out for you, it just goes to show how different rules apply in different parts of the country.