Porked & busted: Thai woman nabbed for telling ‘pork’ pies 208 times

[ThaiLife]

I saw this briefly mentioned in another topic

The Government Savings Bank (GSB) offers a 399-day account that pays 3.30% that is not subject to withholding so it can be said to have an effective APR of 3.63%, and the the interest is paid monthly into a separate account .

Post # 15

http://www.thaivisa....nking-facility/

Google Translation

http://www.gsb.or.th/lottery/index.php

I'm currently not at home , so can't make a trip to the GBS , so I'm wondering if any one here knows a bit more about this 399 days account , as it looks interesting .

[nong38]

What is the % tax payable? I guess this applies to all accounts but I dont what it is, anyone?

[ThaiLife]

What is the % tax payable? I guess this applies to all accounts but I dont what it is, anyone?

I Think its saying this -

[bushwacker]

My wife told me that this interest rate is only avalable to Thai people. Farang get only 2.7%. I do not know if this is true.

[mahjongguy]

- Farang accounts are treated the same as Thai accounts.

- The brochures at the GSB were quite clear about the lack of tax withholding. Google Translate is saying "deducted" but a better translation might be "avoided". For certain, that is what GSB wanted to convey.

[ThaiLife]

- Farang accounts are treated the same as Thai accounts.

- The brochures at the GSB were quite clear about the lack of tax withholding. Google Translate is saying "deducted" but a better translation might be "avoided". For certain, that is what GSB wanted to convey.

Thanks for the comment

One thing I can't seem to find is , is there a maximum amount that can be deposited into the 399 account .

[SantiSuk]

What is the % tax payable? I guess this applies to all accounts but I dont what it is, anyone?

The answer lies within this useful taxation guide from the Thai firm of the international accounting/taxation/consulting organisation, PricewaterhouseCoopers

PS - the answer is that tax of 15% is deductible at source by Thai entities for bank deposit and similar interest income (dividends are 10%). You can seek a refund if you are prepared to register for taxation (and file a tax return, I assume) in Thailand - if your Thai income is insufficient to make you a taxable person.

[how241]

What is the % tax payable? I guess this applies to all accounts but I dont what it is, anyone?

The answer lies within this useful taxation guide from the Thai firm of the international accounting/taxation/consulting organisation, PricewaterhouseCoopers

PS - the answer is that tax of 15% is deductible at source by Thai entities for bank deposit and similar interest income (dividends are 10%). You can seek a refund if you are prepared to register for taxation (and file a tax return, I assume) in Thailand - if your Thai income is insufficient to make you a taxable person.

The tax money you can easily get back. Pattaya LH Bank, has a 3% liquid savings account.

[mahjongguy]

The personal exemption in Thailand is 150,000 baht. If you've had interest income withheld and your total Thai-based income is less than 150,000 then you can file a tax return and get a refund.

But, for Americans and perhaps some other nationalities, if you don't pay the tax to Thailand then you have to pay it to the IRS. Might as well let Thailand keep what they've withheld and declare both the interest and the withholding (as Foreign Tax Paid) on your U.S. tax return.

Notes:

- Current accounts pay no interest.

- Savings account interest is taxable but there is no withholding.

- Fixed account interest is taxable and there is 15% withholding.

[fletchsmile]

APR means Annual Percentage Rate. The rate in the add is 3.3%

When you've calculated 3.63% this is for 13 months, so not at APR, as APRs are based on 1 year = 12 months.

If you wanted to compare to other rates on other accounts 3.3% is the rate to compare, so both the thread title and the APR quoted are misleading

[mahjongguy]

deleted

Edited December 1, 2012 by mahjongguy

[meatboy]

on this acc.tax is deducted at 15% but if you register at the tax office you can claim it back.i claimed all that i paid last year[jan to end dec.] and as the wf has no income she also claimed tax paid.you can claim all that you have paid under 20,000bht each.