Bank Savings Interest Rates

[meatboy]

I went to the tax office in CM today to get my refund on tax paid on my fixed accounts and it all went mostly quiet smoothly, there was an anxious five minutes at the outset where I was told that only tourists staying less than 180 days could reclaim tax and since I was resident I could not, it was quite funny actually because I held my ground and she held hers but she quickly gained the support of everyone else in the office. As soon as I realised they were talking about a VAT refund and I was talking about income tax and made the difference clear there was smiles all round and I got excellent service - the message here is that farangs reclaiming tax on bank accounts is not that common so be prepared that the office you go to/person you speak to may initially think in terms of VAT rather than tax so be clear from the outset.

After reading this excellent thread,i also went to the tax office this morning taking my Yellow Tabien baan book and my passport.

The tax people could not have been more helpful,i gave them my withholding tax invoices for the past 3 years that i had received

from the banks,they assured me i could claim for the past 3 years and they issued me with a tax ID card saying the refund

would take about one month but i could apply for the refund on line next year

this is what my wf.has found more than helpfull at the korat office,its a shame that the rest of thai establishments couldnt be the same.

[meatboy]

tax witheld 2012 you claim back from 1st jan.2013.

the other 2 questions regarding the time limit and back tax for previos yrs.i will post later today as the wife is going to the tax office to put in our claim for 2012.

if you havnt claimed before you have to register at the office they will give you a personel id.no. with a card that has your address on,i have posted earlier what you need to take with you,or your th.wf.can do it.

tax refund arived today less than 2weeks from the date we made the claim.

[John 1]

tax witheld 2012 you claim back from 1st jan.2013.

the other 2 questions regarding the time limit and back tax for previos yrs.i will post later today as the wife is going to the tax office to put in our claim for 2012.

if you havnt claimed before you have to register at the office they will give you a personel id.no. with a card that has your address on,i have posted earlier what you need to take with you,or your th.wf.can do it.

tax refund arived today less than 2weeks from the date we made the claim.

Very interesting when this thread is about interest rates.

[mania]

Very interesting when this thread is about interest rates.

Be Nice

The tax refunds they are discussing is tax on Interest so

completely relevant to interest rates

[chiang mai]

tax witheld 2012 you claim back from 1st jan.2013.

the other 2 questions regarding the time limit and back tax for previos yrs.i will post later today as the wife is going to the tax office to put in our claim for 2012.

if you havnt claimed before you have to register at the office they will give you a personel id.no. with a card that has your address on,i have posted earlier what you need to take with you,or your th.wf.can do it.

tax refund arived today less than 2weeks from the date we made the claim.

Very interesting when this thread is about interest rates.

Bank savings interests rates and all allied issues, of which, the refund of tax paid on savings interest is one!

[shaun77]

tax witheld 2012 you claim back from 1st jan.2013.

the other 2 questions regarding the time limit and back tax for previos yrs.i will post later today as the wife is going to the tax office to put in our claim for 2012.

if you havnt claimed before you have to register at the office they will give you a personel id.no. with a card that has your address on,i have posted earlier what you need to take with you,or your th.wf.can do it.

tax refund arived today less than 2weeks from the date we made the claim.

Very interesting when this thread is about interest rates.

John 1

This thread is Bank saving interest rates,if i can get an extra 15% perfectly legal interest on my saving

I want to know about it.

Don"t you

[meatboy]

tax witheld 2012 you claim back from 1st jan.2013.

the other 2 questions regarding the time limit and back tax for previos yrs.i will post later today as the wife is going to the tax office to put in our claim for 2012.

if you havnt claimed before you have to register at the office they will give you a personel id.no. with a card that has your address on,i have posted earlier what you need to take with you,or your th.wf.can do it.

tax refund arived today less than 2weeks from the date we made the claim.

Very interesting when this thread is about interest rates.

sorry if i woke you up and its of no interest to you.bank int.rates,tax withheld on interest,claiming refund of tax,dont you get it?

[up-country_sinclair]

There is some great information on this thread. Thanks to everyone for their informative posts.

I'm going to the banks today to pick up the withholding letters and have another question:

Do accounts that don't mature until 2013 have any withholding for 2012?

[chiang mai]

There is some great information on this thread. Thanks to everyone for their informative posts.

I'm going to the banks today to pick up the withholding letters and have another question:

Do accounts that don't mature until 2013 have any withholding for 2012?

Probably, it depends on what date the account was opened, for example:

a fixed term deposit opened in July 2012 and maturing in May 2013 will have six months interest/tax from June until 31 December, that can be reclaimed after 1 January 2013. The remaining tax on interest from 1 January through end June 2013 cannot be reclaimed until after the following 1 January, 2014.

[mania]

Do accounts that don't mature until 2013 have any withholding for 2012?

I don't know about all banks but, when I had a Bangkok Bank 4 month fixed

they showed nothing till mature. Both in interest given & taxes taken out.

[chiang mai]

Do accounts that don't mature until 2013 have any withholding for 2012?

I don't know about all banks but, when I had a Bangkok Bank 4 month fixed

they showed nothing till mature. Both in interest given & taxes taken out.

Yes, obviously it will depend on the terms and conditions of individual products, my example above refered to a product where interest is paid monthly.

[John 1]

tax witheld 2012 you claim back from 1st jan.2013.

the other 2 questions regarding the time limit and back tax for previos yrs.i will post later today as the wife is going to the tax office to put in our claim for 2012.

if you havnt claimed before you have to register at the office they will give you a personel id.no. with a card that has your address on,i have posted earlier what you need to take with you,or your th.wf.can do it.

tax refund arived today less than 2weeks from the date we made the claim.

Very interesting when this thread is about interest rates.

John 1

This thread is Bank saving interest rates,if i can get an extra 15% perfectly legal interest on my saving

I want to know about it.

Don"t you

Please tell me where to get 15% on my saving account. I know what witholding tax is same as any country and can be filed with a tax return.

[chiang mai]

Please tell me where to get 15% on my saving account. I know what witholding tax is same as any country and can be filed with a tax return.

The 15% with holding tax that is deducted at source from your fixed interest bank account can be reclaimed from the Thai Revenue department (it doesn't require a tax return however), that is what is being discussed and that's why Meatboy''s earlier post was significant. And, Shaun77's post refers to an extra 15% not a return of 15%, clear now?.

[up-country_sinclair]

What documentation should I bring with me to the bank to get the tax withholding letter?

I was planning on the following:

Bank Book

Tax ID Card

Passport

Work Permit

Is there anything else?

Thanks very much!

[meatboy]

There is some great information on this thread. Thanks to everyone for their informative posts.

I'm going to the banks today to pick up the withholding letters and have another question:

Do accounts that don't mature until 2013 have any withholding for 2012?

as cm says depends on the terms and conditions but if you have a,say jan1st fixed step account,eg.5months x %,5months x % then another 5 months at % you will get certificates of tax deducted every 5 months,so 2 in this tax yr.and 1 in next yr.and when i get my refunds its extra beer or cider in the my bar.

[chiang mai]

What documentation should I bring with me to the bank to get the tax withholding letter?

I was planning on the following:

Bank Book

Tax ID Card

Passport

Work Permit

Is there anything else?

Thanks very much!

Your passport alone will do the trick, everything else is on a "just in case" basis.

[up-country_sinclair]

Thanks for the replies.

Does anyone here know how to say (or even better, write) "tax withholding form" in Thai?

BTW, has anyone else noticed that the fixed deposit interest rates have dropped significantly over the last couple of months? For example, in the middle of last year, SCB was offering 3.35 and now they're offering 2.6.

[meatboy]

Thanks for the replies.

Does anyone here know how to say (or even better, write) "tax withholding form" in Thai?

BTW, has anyone else noticed that the fixed deposit interest rates have dropped significantly over the last couple of months? For example, in the middle of last year, SCB was offering 3.35 and now they're offering 2.6.

yes i have noticed as me and wf.try and fix our accs.so they mature not long after each other,last one matured 6th jan.3.25 over 6months,best i could get 2.75 4months.there doesnt seem anything over 11months to 15months,just have a look at the uk's rates they are worse.

THIS IS FOR ALL WHO HAVE ACCS MATURING.bkk used to give your tax withholding certificates at the end of the banking yr.31st dec.we were told in august when one of ours matured you had to ask for it then,the one that matured on 6th jan.they told us to call in later,one week after the wf. went in and the dm.said at the end of the yr.once again a member of the bank staff was wrong,so make sure you check with the manager,scb.bank we had 3mature with them last year and they gave us the certs.straight away.

[Sophon]

John 1

This thread is Bank saving interest rates,if i can get an extra 15% perfectly legal interest on my saving

I want to know about it.

Don"t you

Purely for the sake of being pedantic , reclaiming the 15% withholding tax would amount to an extra 17.6%

Sophon

[chiang mai]

BTW, has anyone else noticed that the fixed deposit interest rates have dropped significantly over the last couple of months? For example, in the middle of last year, SCB was offering 3.35 and now they're offering 2.6.

There's a real risk that BOT could lower the bank rate, that would make THB less attractive and cool the foriegn inflows to some degree. If that happens expect rates to go even lower - blame it all on Abe in Japan and his QE.

[mania]

BTW, has anyone else noticed that the fixed deposit interest rates have dropped significantly over the last couple of months? For example, in the middle of last year, SCB was offering 3.35 and now they're offering 2.6.

There's a real risk that BOT could lower the bank rate, that would make THB less attractive and cool the foriegn inflows to some degree. If that happens expect rates to go even lower - blame it all on Abe in Japan and his QE.

Or Ben Bernanke

The dollar has been under 30/1 for days now

Must be hard on folks who retire here on SS income etc.

Just in the last 5 years the dollar has lost 20% against the baht

[BlackPuddingBertha]

What documentation should I bring with me to the bank to get the tax withholding letter?

I was planning on the following:

Bank Book

Tax ID Card

Passport

Work Permit

Is there anything else?

Thanks very much!

I have never needed anything more than my bank book to get the tax forms from my banks.

[up-country_sinclair]

My trip to the bank was postponed due to unforeseen circumstances. Do you think I could get the tax form at any branch, or does it have to be at the bank where I opened the account?

[Robby nz]

BTW, has anyone else noticed that the fixed deposit interest rates have dropped significantly over the last couple of months? For example, in the middle of last year, SCB was offering 3.35 and now they're offering 2.6.

There's a real risk that BOT could lower the bank rate, that would make THB less attractive and cool the foriegn inflows to some degree. If that happens expect rates to go even lower - blame it all on Abe in Japan and his QE.

Or Ben Bernanke

The dollar has been under 30/1 for days now

Must be hard on folks who retire here on SS income etc.

Just in the last 5 years the dollar has lost 20% against the baht

Yes but that is the US$ drop not the Baht gain but what the heck Ben B will print some more.

The SCB and others in mid November were offering a special rate of 3.85% for 22 months on TD as of yesterday it was 2.5% for 4 months, not good for those of us trying to get some interest on the 800kb we have to have in a bank.

[shaun77]

BTW, has anyone else noticed that the fixed deposit interest rates have dropped significantly over the last couple of months? For example, in the middle of last year, SCB was offering 3.35 and now they're offering 2.6.

There's a real risk that BOT could lower the bank rate, that would make THB less attractive and cool the foriegn inflows to some degree. If that happens expect rates to go even lower - blame it all on Abe in Japan and his QE.

Or Ben Bernanke

The dollar has been under 30/1 for days now

Must be hard on folks who retire here on SS income etc.

Just in the last 5 years the dollar has lost 20% against the baht

Yes but that is the US$ drop not the Baht gain but what the heck Ben B will print some more.

The SCB and others in mid November were offering a special rate of 3.85% for 22 months on TD as of yesterday it was 2.5% for 4 months, not good for those of us trying to get some interest on the 800kb we have to have in a bank.

You can still get 3.05 % for 4 months from the Tanachart bank

[shaun77]

John 1

This thread is Bank saving interest rates,if i can get an extra 15% perfectly legal interest on my saving

I want to know about it.

Don"t you

Purely for the sake of being pedantic , reclaiming the 15% withholding tax would amount to an extra 17.6%

Sophon

Purely for the sake of being precise i did calculate it costing me 2.6% for fuel,wear and tear on my car

plus of course paying for my time to get to the tax office

[up-country_sinclair]

Quick note of thanks to everyone. I went to 3 banks today and all went well picking up the withholding forms.

Two points I'd like to mention:

All you need is you bankbook and photo ID (Passport, Thai DL)

I was able to pick up the form at a branch different from the one I opened the account at. Though YMMV.

[12DrinkMore]

Quick note of thanks to everyone. I went to 3 banks today and all went well picking up the withholding forms.

Two points I'd like to mention:

All you need is you bankbook and photo ID (Passport, Thai DL)

I was able to pick up the form at a branch different from the one I opened the account at. Though YMMV.

I also went to my local tax office today.

I gave them my tax-id card and the interest/tax statements from my various bank accounts.

That was all they wanted.

20 minutes later I walked out, cheque should be in the post in a few weeks, as it has been in the last couple of years.

[mania]

Sorry to ask but I am about to go get the form from the bank to reclaim taxes withheld on interest.

I am not clear if this is a blank form I fill in or if it is a statement I ask the bank for regarding my account?

I understand after I have that form I need only take it to the tax office in CM that chiangmai pointed out in a earlier post.

Is the form I need something the bank fills out or I fill out & prove with entries in my bank book for the taxes withheld?

Thanks

[meatboy]

Sorry to ask but I am about to go get the form from the bank to reclaim taxes withheld on interest.

he dates

I am not clear if this is a blank form I fill in or if it is a statement I ask the bank for regarding my account?

I understand after I have that form I need only take it to the tax office in CM that chiangmai pointed out in a earlier post.

Is the form I need something the bank fills out or I fill out & prove with entries in my bank book for the taxes withheld?

Thanks

you will get an invoice from your bank showing how much tax was deducted its printed out by the banks computer.