How To Get Tax Back On Ltf

[corkman]

All,

So I pay nearly 1,000,000 in tax per year - so I assume I can claim the full 500,000 for LTF = 150,000 tax relief.

Currently, my company deducts 90,000 per month tax from my salary; so if I start an LTF will they deduct 12,500 less per month, or do I need to wait until the end of the year then (hopefully) see a tax return in my final pay check?

Thanks.

[AyG]

None of the above. At year end complete a tax return. Submit it and wait for the cheque in the post.

[dinga]

None of the above. At year end complete a tax return. Submit it and wait for the cheque in the post.

RUBBISH - the last thing anyone wants is to have to lodge a tax refund claim (which will trigger an audit). I invest in LTF and RMF each year, and my HR Section reduces the tax that would otherwise would have been payable - such that there is no refund/shortfall at the end of the tax year.

[corkman]

Thanks for both your input.

Guess I should ask HR-accounts then.

[AyG]

None of the above. At year end complete a tax return. Submit it and wait for the cheque in the post.

RUBBISH - the last thing anyone wants is to have to lodge a tax refund claim (which will trigger an audit). I invest in LTF and RMF each year, and my HR Section reduces the tax that would otherwise would have been payable - such that there is no refund/shortfall at the end of the tax year.

(1) I didn't write "tax refund claim" - I wrote tax return.

(2) Everyone with a taxable income is required by law to file a tax return every year.

(3) Of the millions of people who file tax returns each year very few are investigate - "will trigger an audit" is sheer nonsense.

[Time Traveller]

None of the above. At year end complete a tax return. Submit it and wait for the cheque in the post.

RUBBISH - the last thing anyone wants is to have to lodge a tax refund claim (which will trigger an audit). I invest in LTF and RMF each year, and my HR Section reduces the tax that would otherwise would have been payable - such that there is no refund/shortfall at the end of the tax year.

Sounds like you have no clue. The refund only comes about after submitting tax return each year. Unless your HR know in advance how much tax you will pay, there will almost always be a refund or amount extra that needs paying. And for someone paying a lot of tax, I would not leave your personsal tax issues to the hands of a HR department who have only a very limited knowledge of tax issues.

[fletchsmile]

Corkman,

Yes speak to your HR department is easiest. I've been investing in these since they first came out. You will probably need to provide HR with a copy of the tax certificate/ investment cert from your LTF provider first before they alter your salary and tax. Usually, the main to ways to get tax relief are:

1) Get HR to adjust your salary before the end of the year, i.e 31 December. To adjust your salary you need to make sure you have enough tax that would have been paid to give tax relief. So if you pay tax of THB 90k a month, and you only claim in December for 150k there won't be enough tax due in December to get the 150k in full, and you need to claim back the excess via a tax return. What you should have done is spoke to HR early Nov and got them to reduce your tax by 75k in Nov and 75k in Dec.

My preferred method is: Invest 50k a month in an LTF for first 10 months. As soon as possible in Nov give HR copies of all the certs and they adjust my tax in Nov and Dec, so I pay less tax. This saves having to reclaim tax back as part of your tax return

2) File a claim to have tax refunded as part of your tax return. The tax return is filed after the year end of 31 December. To receive money back from the Revenue Dept can take a month or so if you file your tax return online, or around 3 months if you file a tax return manually. If you file online it is likely they will still ask you to provide the supporting documents for investment, ie copies of your tax certificates on purchase

As we're now end of Dec, it's likely too late for HR to alter your salary and tax. In addition as you say you pay 90k tax a month, you would at best be able to get HR to not deduct the 90k, and then claim the XS of 60k via your tax return

[dinga]

None of the above. At year end complete a tax return. Submit it and wait for the cheque in the post.

RUBBISH - the last thing anyone wants is to have to lodge a tax refund claim (which will trigger an audit). I invest in LTF and RMF each year, and my HR Section reduces the tax that would otherwise would have been payable - such that there is no refund/shortfall at the end of the tax year.

(1) I didn't write "tax refund claim" - I wrote tax return.

(2) Everyone with a taxable income is required by law to file a tax return every year.

(3) Of the millions of people who file tax returns each year very few are investigate - "will trigger an audit" is sheer nonsense.

Not interested in uninformed opinion - I speak from firsthand knowledge, in relation to both tax audits and practical experience in managing my own LTF & RMF investments.

[SamMunich]

Opposite to what some people do claim here, I personally had pretty good experience with the revenue office when I went there. In my case the HR department (!) deducted too much taxes and refused to change the data for the annual tax refund form (P.NG.D. 91).

When I went to the revenue office, the girls working there were scared by the farang approaching, but when I spoke in Thai to them they were not only relieved, but also VERY helpful. The one dealing with me filled out the form (with the figures I accepted!), had me sign it and told me the cheque will be in the mail within two or three weeks. It was. I never had the feeling, they were thinking it would be their money I wanted to get back,- which is the way many western tax officials act.

Corkman, if it is so much money, why don't you take a Thai friend (if you need a translator) and visit your local tax revenue office. Make sure you know your figures, so that you can prevent wrong data being filled in. You can also download a blank form from the Thai revenue office web site, but I think it is only available in Thai.

Unlike in western countries, taxes are still very simple here...

Cheers,

Sam Munich

[meatboy]

Opposite to what some people do claim here, I personally had pretty good experience with the revenue office when I went there. In my case the HR department (!) deducted too much taxes and refused to change the data for the annual tax refund form (P.NG.D. 91).

When I went to the revenue office, the girls working there were scared by the farang approaching, but when I spoke in Thai to them they were not only relieved, but also VERY helpful. The one dealing with me filled out the form (with the figures I accepted!), had me sign it and told me the cheque will be in the mail within two or three weeks. It was. I never had the feeling, they were thinking it would be their money I wanted to get back,- which is the way many western tax officials act.

Corkman, if it is so much money, why don't you take a Thai friend (if you need a translator) and visit your local tax revenue office. Make sure you know your figures, so that you can prevent wrong data being filled in. You can also download a blank form from the Thai revenue office web site, but I think it is only available in Thai.

Unlike in western countries, taxes are still very simple here...

Cheers,

Sam Munich

my wf.went to the revenue office with all my details of tax deducted,passport,tax certificates of tax withheld from your bank,proof of address,nice lady filled in the forms and gave me a tax id.no.refund in the post 2 weeks later,this yr.will do it on line,but as you say take someone who speaks thai.

[fletchsmile]

Opposite to what some people do claim here, I personally had pretty good experience with the revenue office when I went there. In my case the HR department (!) deducted too much taxes and refused to change the data for the annual tax refund form (P.NG.D. 91).

When I went to the revenue office, the girls working there were scared by the farang approaching, but when I spoke in Thai to them they were not only relieved, but also VERY helpful. The one dealing with me filled out the form (with the figures I accepted!), had me sign it and told me the cheque will be in the mail within two or three weeks. It was. I never had the feeling, they were thinking it would be their money I wanted to get back,- which is the way many western tax officials act.

Corkman, if it is so much money, why don't you take a Thai friend (if you need a translator) and visit your local tax revenue office. Make sure you know your figures, so that you can prevent wrong data being filled in. You can also download a blank form from the Thai revenue office web site, but I think it is only available in Thai.

Unlike in western countries, taxes are still very simple here...

Cheers,

Sam Munich

my wf.went to the revenue office with all my details of tax deducted,passport,tax certificates of tax withheld from your bank,proof of address,nice lady filled in the forms and gave me a tax id.no.refund in the post 2 weeks later,this yr.will do it on line,but as you say take someone who speaks thai.

I started a topic a while back once on a pleasant experience at the tax office. They can be very helpful. It's not a particularly difficult exercise if you're pleasant and speak some Thai.

You did very well to get your refund in 2 weeks. It usually takes me nearly 3 months when filing at the office and about 1 month online. Filing online I'd advise having someone Thai with you as well. The English version didn't always work for me each year and seemed to have a couple of bugs. So I complete the Thai version and have someone check after.

On LTFs I still prefer getting HR to adjust the salary tho' to get the effects of the tax relief and money sooner

Cheers

Fletch