"TAX WITHHELD" shown on bank statement

[srowndedbyh2o]

My Bangkok Bank statements show “TAX WITHHELD”. I’ve never gone to a tax office to get a tax ID. Where does the “TAX WITHHELD” go to? Did BKK bank generate a tax ID for me when I opened the account?

I also have a (joint) Kasikorn bank account and their statements have never shown “TAX WITHHELD”.

My (Thai/U.S) wife has both BKK Bank & Kasikorn Bank accounts, but neither of her bank statements have ever shown “TAX WITHHELD”.

[Liquorice]

Interest earned on bank funds are automatically taxed @15% which goes to the TRD.
(Same as a 7% tax is applied to all goods and services).

You can reclaim this tax deduction each year between Jan - March, at which point you will be issued a TIN.

[gamb00ler]

45 minutes ago, srowndedbyh2o said:

My Bangkok Bank statements show “TAX WITHHELD”. I’ve never gone to a tax office to get a tax ID. Where does the “TAX WITHHELD” go to? Did BKK bank generate a tax ID for me when I opened the account?

I also have a (joint) Kasikorn bank account and their statements have never shown “TAX WITHHELD”.

My (Thai/U.S) wife has both BKK Bank & Kasikorn Bank accounts, but neither of her bank statements have ever shown “TAX WITHHELD”.

Foreigners are "special" in that they have tax withheld from their bank interest.  The Thai Revenue Department (TRD) will record the name of the account holder so that they can refund it if taxes are filed by them and their total taxable income is below the exemptions threshold.   It is possible to have the banks stop the withholding (except for fixed deposit accounts) but it may be more trouble than it is worth.  Thai bank account holders are not subject to tax withholding on their savings accounts....I'm not sure if they also don't have tax withheld on fixed deposit accounts.