Tax and interest from Thai Banks

[john donson]

if a person gets 200.000 baht of interest after the deduction of the 15% the bank withholds

 

can the person then claim 10% back via a Tax filing

 

as 150.000 - 300.000 baht of income is only taxed  5%

 

 

 

[gamb00ler]

The answer is:  It depends.

 

Start here:

https://aseannow.com/topic/1324294-introduction-to-personal-income-tax-in-thailand/#_Toc30725

 

Relevant section from guide:

 

TAX EXEMPTIONS DEDUCTIONS & ALLOWANCES (TEDA) 

 

89) The Thai tax system contains a series of Tax Exemptions, Deductions and Allowances (TEDA) that will help you reduce your tax bill and they are very generous. It is easily possible for the average expat foreign retiree to reduce their taxable income by 500,000 baht or more each year. For example, a retiree aged 65 years of age, married and living here full  time, supporting a Thai wife and receiving only pension income, is allowed the following TEDA, identified by the corresponding RD code:  

 

a) Personal Allowance for self (PA1) - 60,000 

b) Personal Allowance for wife (PA2) - 60,000 

c) Over age 65 years exemption (OAE) - 190,000 

d) 50% of pension income received, up to 100k (PD) - 100,000 

e) In addition, the first 150,000 of assessable income is zero rated and free of tax (ZR)  

 

90) Additional deductions and allowances exist for health or life insurance premiums paid in Thailand, along with a range of other things. A complete list of deductions, allowances and exemptions can be found in the links below: 

 

https://www.rd.go.th/english/6045.html  or from Sherrings below. 

 

https://sherrings.com/personal-tax-deductions-allowances-thailand.html 

Edited June 13 by gamb00ler

[gamb00ler]

4 hours ago, john donson said:

if a person gets 200.000 baht of interest after the deduction of the 15% the bank withholds

Did you receive 235,295฿ in interest and the bank withheld 35,295฿ in tax leaving you with 200,000฿ ?

[john donson]

16 hours ago, gamb00ler said:

Did you receive 235,295฿ in interest and the bank withheld 35,295฿ in tax leaving you with 200,000฿ ?

 

yes... (too late or too stupid for the bitcoin game and everything... did not want to gamble with it...)