Thai Bank Interest - I'm Paying Tax!

[WeeGB]

Hi, Just been to the Bank, I've got 800,00 plus Baht, which I transferred from the UK a year ago, for my retirement visa/stamp. I've paid over 3000 Baht tax, so far, more interest/ tax to follow. I pay tax in the UK, on investments etc, so how do I get the tax paid back from the Thai taxation system? I'm aware that the Uk has some form of taxation agreement with Thailand, and would welcome any advice on how to pay tax in only one country.....UK at present, though I will be moving money over here, when and if the Pound rises, or the Baht falls.

Thanks for any help/ advice.

[Lite Beer]

15% Tax. You will not get back.

[dinthailand]

15% Tax. You will not get back.

Oh yes you can. I do every year. You fill in a simple form and attach the bank interest receipts. Can be done on the internet and you get the refund in about 6 to 8 weeks. The staff are charming .

[12DrinkMore]

15% Tax. You will not get back.

Oh yes you can. I do every year. You fill in a simple form and attach the bank interest receipts. Can be done on the internet and you get the refund in about 6 to 8 weeks. The staff are charming .

WOW! That is a rare bit of information that NOBODY I know is aware of. Please give us more info.

[Pib]

Can you give us more info...the form to use, the web site, etc. Thanks.

[neverdie]

dinthailand,

First I've heard of it. How do we get our tax back? I thought that even if your home country does have a tax treaty with Thailand that you still CANNOT get the 15% tax taken on bank interest back. Are you sure its this tax your getting money back on?

[citizen33]

dinthailand,

First I've heard of it. How do we get our tax back? I thought that even if your home country does have a tax treaty with Thailand that you still CANNOT get the 15% tax taken on bank interest back. Are you sure its this tax your getting money back on?

Interesting news that there is a double taxation agreement between Thailand and the UK.

Edited February 4, 2009 by citizen33

[neverdie]

dinthailand,

First I've heard of it. How do we get our tax back? I thought that even if your home country does have a tax treaty with Thailand that you still CANNOT get the 15% tax taken on bank interest back. Are you sure its this tax your getting money back on?

Interesting news that there is a double taxation agreement between Thailand and the UK.

Nothing would surprise me

[jm49er1]

Heres an article from the Pattaya City Expats Club that explains how to obtain the refund

http://www.pattayacityexpatsclub.com/News-...e-sid-1292.html

Claiming a refund of the tax on the interest on your Thai Bank account.

You can make a claim for the Thailand tax on your Thai Bank accounts. A member has gone thru the procedure he has outlined below, and successfully receved a aubstantial refund.

Refund on Taxes deducted from Interest earned on Bank Deposits

The following is a guideline outlining the documents and procedures required for obtaining a refund on taxes deducted from interest earned on bank deposits. This guideline is based on procedures that were in effect as of December 8, 2008 and are subject to change.

hich Bank Deposits are eligible for a Tax Refund?

Taxes deducted on “Fixed” accounts (i.e. term deposits for 3 months, 6 months, 1 year, etc.) are eligible while daily interest “Savings” accounts are NOT. If you bank at the “Bangkok Bank” your orange colored book (Fixed Account Passbook) is eligible while your blue book (Savings Account Passbook) is NOT.

How far back can I go to claim a Tax Refund? You can go back 3 years. For example, if you had gone to your bank on December 8th, 2008 you would have been eligible to make a tax refund for calendar years 2005, 2006, and 2007. For 2008 you would have had to wait until the following year 2009 to make a claim.

What are the Documents/Procedures required to complete the process?

Obtain a “Residence Certificate” from Immigration

- 2 photos

- Proof of where you live. An official document with your name and address on it such as a telephone bill, electric bill, water bill, lease agreement, apartment rental invoice, Thai drivers license, etc,

- Passport photocopies

- Cost: 200 baht

Obtain a Tax Identification Number (TIN) - Go to the Pattaya Central Condo next to Wat Chaimongol Temple on Pattaya Tai. The tax office is located on the right side of the Pattaya Central Condo’s main entrance.

- Once in the tax office go to the main counter and say “I want number” or “I want TIN“. They should understand.

- You will be directed to a clerk who will ask you for your passport and residence certificate. You will be sent out for photocopies. Once documents are complete you will be issued a “TIN” card right there on the spot free of charge.

Go to your local Bank

- Bring along your bank books, passport, and TIN card. If you bank at the “Bangkok Bank” on Second Road they will direct you to counter 6. The clerk will type up an Official Tax Claim for each bank book in triplicate

Return to the Tax Office on Pattaya Tai

- Bring along your TIN card, Bank Books, Passport, and Official Tax Claim(s). A clerk will review and prepare further documents to authorize release of funds. You will be sent out for more photocopies. Once complete you will be issued a receipt for each Official Tax Claim. It takes about 2 months before you will receive refund(s) in the mail.

Our thanks to David for this very helpful - and rewarding - information.

[neverdie]

jm49r1,

thanks for posting all that....you are a gentleman and a scholar & their arnt many of us left!

[12DrinkMore]

jm49r1,

thanks for posting all that....you are a gentleman and a scholar & their arnt many of us left!

And even fewer modest ones at that!

[jm49er1]

jm49r1,

thanks for posting all that....you are a gentleman and a scholar & their arnt many of us left!

thank you for the kind words!