Obtaining Refund Of Tax Withheld On Thai Bank Fixed Savings Account

[Mike45]

My fixed deposit came due and I addressed the issue of a beneficiary with the bank. My intent is to simply allow my wife to have access to the account if something happens to me. I could have just have easily opened a joint account.

They told me that they could make my wife a beneficiary but I do not believe they really understand what that is. My wife and I had to pay 30 baht for the beneficiary service. She and I had to sign a Thai language paper. I asked her what it said and she said Power of Attorney. So she does have access to the money. It's not what I intended but it gets it done.

[paz]

Nothing needs to be done if one wants his legal wife to be beneficiary in case of death. That is covered by succession law.

But to cover all other cases, like you are overseas or otherwise unable to personally conduct personally, a Power of Attorney would be needed, so they correctly had you sign one.

Nowadays, all the above can be avoided with online banking, and instructing the "beneficiary" on how to use it.

Edited March 5, 2013 by paz

[Pib]

Incorrect regarding "all of above" as funds in certain types of accounts, such as a Direct Deposit Account, can not be transferred via online banking...requires the person to show-up in person. While you can still setup your internet banking to view the account (I have done this) you can not transfer money out of it online (I've tried). I also expect there are other types of accounts that fall in this category also, but I will admit a regular savings account isn't in that category.

And while succession law indeed applies that can take some time and we all read about "family fights" in court that sometimes occur over the estate of someone...and of course debtors coming after the money. Hopefully with the Power of Attorney approach access to the money would be immediate and kinda turns the acct into a joint acct in a roundabout way, but the acct is still in one person's name only which keeps immigration happy when applying for that yearly extension of stay.

[TheScribe]

I've only just found out about all this and its 27th March. Does anyone know when the cutoff date for applications is?

[Pib]

31 March as far as I know but you can also file for up to 3 years back which means you could file for 2011, 2012, and 2013 interest/tax refunds come the 1 Jan - 31 Mar 2014 filing period. It's generally an easy process...just get the tax paid doc from your bank and then head to the local tax office to fill out the refund request form. Also take along copies of other docs mentioned in this thread.

Edited March 27, 2013 by Pib

[akampa]

Just came back from tax office in Chiang Mai and re what Pib wrote was very help full, the only change is that the kor 10 has now been replaced with PONORDEE 90 and it can only be had at the tax office also they wanted to see and have a copy of my bank saving account book as I was late by 2 weeks filling, the fine was 200 baht everything went smoothly and was there maybe 30 minutes.

[meatboy]

Just came back from tax office in Chiang Mai and re what Pib wrote was very help full, the only change is that the kor 10 has now been replaced with PONORDEE 90 and it can only be had at the tax office also they wanted to see and have a copy of my bank saving account book as I was late by 2 weeks filling, the fine was 200 baht everything went smoothly and was there maybe 30 minutes.

any fixed savings accounts that mature make sure you keep the pass books glad it went well 14daysyou should get your refund.

[akampa]

just to up date on my tax refund it took 6 weeks and a check came in the post today but I had sent 2 years worth of refunds 2554 and 2555 they only refunded for the year 2555 they do only take one year not three as in other messages, so hey can`t complain if it was not for Pib I would not have been any the wiser so thanks.

[meatboy]

just to up date on my tax refund it took 6 weeks and a check came in the post today but I had sent 2 years worth of refunds 2554 and 2555 they only refunded for the year 2555 they do only take one year not three as in other messages, so hey can`t complain if it was not for Pib I would not have been any the wiser so thanks.

i would check with them its 3yrs.our neighbour just done it,i told him the same 3yrs.back tax refunded and he got it all.

[Pib]

just to up date on my tax refund it took 6 weeks and a check  came in the post today but I had sent 2 years worth of refunds 2554 and 2555 they only refunded for the year 2555 they do only take one year not three as in other messages, so hey can`t complain if it was not for Pib I would not have been any the wiser so thanks.

Good deal...glad the info was helpful. Every tax/legal-type website I've looked at said you can get three years worth of refunds. Maybe you need to submit a separate refund request for each year instead of lumping it onto one form, maybe the tax office just messed up, etc. You might want to go back to tax office and ask a few more questions...Maybe some i was not dotted or some t not crossed. But hey, you've now earned your Boy Scout Thai tax refund badge.

Sent from my Samsung S4 (GT-I9500)

[meatboy]

just to up date on my tax refund it took 6 weeks and a check came in the post today but I had sent 2 years worth of refunds 2554 and 2555 they only refunded for the year 2555 they do only take one year not three as in other messages, so hey can`t complain if it was not for Pib I would not have been any the wiser so thanks.

Good deal...glad the info was helpful. Every tax/legal-type website I've looked at said you can get three years worth of refunds. Maybe you need to submit a separate refund request for each year instead of lumping it onto one form, maybe the tax office just messed up, etc. You might want to go back to tax office and ask a few more questions...Maybe some i was not dotted or some t not crossed. But hey, you've now earned your Boy Scout Thai tax refund badge.

Sent from my Samsung S4 (GT-I9500)

i have a blue peter badge one.

[akampa]

ok tomorrow will go back to tax office to check things re the 3 years back tax will let you know how it went.

thanks again umm boy scout Thai tax refund badge not bad!

[Mike45]

Incorrect regarding "all of above" as funds in certain types of accounts, such as a Direct Deposit Account, can not be transferred via online banking...requires the person to show-up in person. While you can still setup your internet banking to view the account (I have done this) you can not transfer money out of it online (I've tried). I also expect there are other types of accounts that fall in this category also, but I will admit a regular savings account isn't in that category.

And while succession law indeed applies that can take some time and we all read about "family fights" in court that sometimes occur over the estate of someone...and of course debtors coming after the money. Hopefully with the Power of Attorney approach access to the money would be immediate and kinda turns the acct into a joint acct in a roundabout way, but the acct is still in one person's name only which keeps immigration happy when applying for that yearly extension of stay.

The response from Bangkok Bank when I asked how to assign my wife as beneficiary.

Dear Sir,

Refer to your email dated March 25, inquiry about beneficiaries.

Please be informed that due to the Thai Law , if beneficiaries would like

to receive fund from the deceased account , the heir need to submit

documents required as follows:

- The police report,

- Attestation of Admissibility to the Succession,

- A Power of Attorney,

- Certificate of Death of the deceased,

- Valid passport of the heir and the deceased,

- Original Passbook

- ATM Card (in case of savings account)

Kindly noted that the mentioned documents are need to sent

to your Embassy located in Thailand to process on the heir behalf.

The Embassy must verify all documents and send to The Manager

Bangkok Bank the branch where you opened the account.

The bank will consider the received information. After the

Approval, we will issue a draft or cashier’s cheque to the Embassy

For submitting to the heir or beneficiaries. Any operating fee

During send the fund will be deducted from the deceased account.

Please note that only the person who inherits all property of the

Deceased account as by legal process.

However, you may have more options for your convenience

By apply our services as follows:

1. Kwan Bualuang savings or fixed deposit account.

With this account, you are entitled to insurance of up to

Ten times the amount of the deposit while paying a

Low premium. You are able to identify the name of

The beneficiaries.

2. Bancassurance

Bancassurance is insurance you can buy from a bank.

You can select the types of policies which response

Your requirement. Also can identify the name of

The beneficiaries.

You may check more details by visiting our website

www.bangkokbank.com. Please select personal banking >

investments and deposits or our Phone Banking Center

Phone no. 662 6455555 which 24 hours service.

If you need more information or assistance, please

Let us know.

My take away from this response is there are no beneficiaries for bank accounts. Only heirs.

Mike

[chiang mai]

What is far more disturbing about the material you have posted is the process that Bangkok Bank uses to return funds to heirs. If I read that correctly it seems that after a fairly elaborate process they charge an undetermined fee to the account by way of an administration charge and then they issue a bankers draft to your embassy (!!!!) which will then be passed on to the heir. Presumably the embassy's involvement, in the case of the UK embassy at least, is to ensure that the UK Revenue gets sight of the true size of the persons estate so as to tax it accordingly? I actualy think that BB letter should be the subject of its own thread so that expats here understand those things.

[Pib]

What is far more disturbing about the material you have posted is the process that Bangkok Bank uses to return funds to heirs. If I read that correctly it seems that after a fairly elaborate process they charge an undetermined fee to the account by way of an administration charge and then they issue a bankers draft to your embassy (!!!!) which will then be passed on to the heir. Presumably the embassy's involvement, in the case of the UK embassy at least, is to ensure that the UK Revenue gets sight of the true size of the persons estate so as to tax it accordingly? I actualy think that BB letter should be the subject of its own thread so that expats here understand those things.

I'm thinking that Bangkok Bank response was more for a case of the heir(s) still being back in the deceased's home country...then the Embassy gets involved as a middle man...like there was no heir in Thailand like the Thai spouse of the deceased. Or maybe the deceased hadn't lived in Thailand for a while but still had an active Thai bank account when he/she croaked and the heir(s) in the home country are trying to get the money.

[chiang mai]

What is far more disturbing about the material you have posted is the process that Bangkok Bank uses to return funds to heirs. If I read that correctly it seems that after a fairly elaborate process they charge an undetermined fee to the account by way of an administration charge and then they issue a bankers draft to your embassy (!!!!) which will then be passed on to the heir. Presumably the embassy's involvement, in the case of the UK embassy at least, is to ensure that the UK Revenue gets sight of the true size of the persons estate so as to tax it accordingly? I actualy think that BB letter should be the subject of its own thread so that expats here understand those things.

I'm thinking that Bangkok Bank response was more for a case of the heir(s) still being back in the deceased's home country...then the Embassy gets involved as a middle man...like there was no heir in Thailand like the Thai spouse of the deceased. Or maybe the deceased hadn't lived in Thailand for a while but still had an active Thai bank account when he/she croaked and the heir(s) in the home country are trying to get the money.

It would be nice to think that, but .....!

[meatboy]

surely a will is enough for any bank to grant a persons wishes as to whom gets the assets.if i am going to go i will draw out the f-king lot

[well the wf.will].

[chiang mai]

surely a will is enough for any bank to grant a persons wishes as to whom gets the assets.if i am going to go i will draw out the f-king lot

[well the wf.will].

I'm not a conspiracy theorist by nature but what if:

ALL the banks in Thailand had to follow similar rules to the BB letter in all cases where the estate of a farang in involved, this by agreement between governements so that death duties can be accurately assessed by the country of origin. A little far fetched, maybe or ....!

[akampa]

ok tomorrow will go back to tax office to check things re the 3 years back tax will let you know how it went.

thanks again umm boy scout Thai tax refund badge not bad!

So a day later everyone is correct anyone can claim 3 years back tax, in my case I had 2 years in back tax to get, it turned out that two different people for each year checked my papers and each one sent out two cheques of different amounts so maybe in another week or so the second cheque will arrive.

[Pib]

Good deal in getting your money back from Yinluck.

Sent from my Samsung S4 (GT-I9500)

[thailandbeachisland]

Hello,

I see on my Kasikorn book bank the codes:

INN = is it the interest that they gave me ?

TXN = is it the tax that I have to pay on this interest ?

And can you confirm that this thread is about getting back this money ?

Thank you for your help.

[meatboy]

Hello,

I see on my Kasikorn book bank the codes:

INN = is it the interest that they gave me ?

TXN = is it the tax that I have to pay on this interest ?

And can you confirm that this thread is about getting back this money ?

Thank you for your help.

all the info you need is in this thread,repeat its all here so go back a month or two.

[Pib]

Codes will vary among banks but it sure sounds like the INN is the interest paid immediately followed by the TXN tax withholding sent to the Thai govt...PM Yinluck says thank you.

Take a look at the Balance column to see if your balance "deceases" due to the TXN which means it was sent to Yinluck. On my Bangkok Bank fixed account passbooks when they pay interest it's coded as INT for the gross interest paid immediately followed by the code TAX which reduces the balance because of this 15% withholding tax being sent to the govt. Now to get that tax withholding refunded to you just follow the instructions in this thread....Jan thru Mar is just around the corner.

[Mike45]

My original travel plans had us returning to Thailand in late March. I figured I'd file for the refund then. Our situation has changed however and I'm not sure what month we will be returning for our next visit.

Is there some way for me to file by mail or to have my sister in law file for me?

[Briggsy]

Put my claims in for 2012 and 2013 today.

1. Went to bank which was empty. The SCB now has tax software which makes it quicker than in the past for them to print out the certificates. I was in there around 10 minutes.

2. Strolled the 100 yards to the tax office which was empty.

3. The lady in the tax office was confused at first as she clearly had difficulty believing I had no other income in Thailand. (I am too "hansum" you see.) Eventually she was convinced and filled out the Phor Ngor Dor 90 form, (ภ.ง.ด. 90), 2 forms, 2 years, for me. That took around 30 minutes.

4. Then I proceeded to another desk where I paid a 200 B fine for filing late re 2012. I am only claiming 400 B for that year!

5. I received a receipt for the fine and a receipt for the tax returns and a note saying I should receive a cheque within 90 days.

6. Time spent in the tax office was about half an hour, over half the time was her pondering my overseas income and if it was taxable here.

How easy was that. Unbelievable.

The Phor Ngor Dor 90 form, (ภ.ง.ด. 90) can be downloaded and possibly submitted online now.

p.s. no proof of address required. I simply stated it.

Edited January 2, 2014 by Briggsy

[BobTH]

I had there very same experience today Jan 3, the hardest part was finding where to go to do it. First a 70 baht car taxi ride including tip and wasn't at the right location. The local police told a motorcycle taxi where to take me, and after the 40 baht ride I ended up at an office that at first were going to send me someplace a block away but after a phone call and informing them I was retired and had no income in Thailand they said we can do it here. They gave me a tax ID number and filled out the required 2 forms, one for 2012 tax on interest paid and one for 2013 tax on interest paid. I had two copies of my front pages of my passport which they used, showed them copies of rental and utility bills with address (no certificate of residence required) and paid 200 baht penalty for being late filing the 2012. I signed a few copies, got receipts for the filing and penalty paid and was on my way. I took the number 47 bus home for 8 baht. They told me in 60 days I would receive the return check, hey for a total of 318 baht I am going to get almost 9,000 baht back, pretty good day for me. I left home at 10:30 am and was back in my apartment at 12:30. I also would like to say they were very friendly and helpful to me since I have limited Thai speach skills.

Put my claims in for 2012 and 2013 today.

1. Went to bank which was empty. The SCB now has tax software which makes it quicker than in the past for them to print out the certificates. I was in there around 10 minutes.

2. Strolled the 100 yards to the tax office which was empty.

3. The lady in the tax office was confused at first as she clearly had difficulty believing I had no other income in Thailand. (I am too "hansum" you see.) Eventually she was convinced and filled out the Phor Ngor Dor 90 form, (ภ.ง.ด. 90), 2 forms, 2 years, for me. That took around 30 minutes.

4. Then I proceeded to another desk where I paid a 200 B fine for filing late re 2012. I am only claiming 400 B for that year!

5. I received a receipt for the fine and a receipt for the tax returns and a note saying I should receive a cheque within 90 days.

6. Time spent in the tax office was about half an hour, over half the time was her pondering my overseas income and if it was taxable here.

How easy was that. Unbelievable.

The Phor Ngor Dor 90 form, (ภ.ง.ด. 90) can be downloaded and possibly submitted online now.

p.s. no proof of address required. I simply stated it.

[meatboy]

my wife shall do ours on monday and if like the previous yrs.i shall get the refund for both of us in 12days in my name.

then the wife has to buy a new blankett for our bed the dog has worn a hole in it,whats left should get me 3cases of cider.

[Pib]

Filed for my fixed savings account tax withholding today/6 Jan 14 at my local tax revenue office here in western Bangkok. Let me say upfront it was easy, fast, and painless.

A few days earlier on 3 Jan 14 I went to my Bangkok Bank branch to get the tax docs issued. I had two fixed accounts mature in 2013 where approx Bt4000 was withheld (i.e., sent to the govt) for the 15% withholding tax. Took the branch about 5 minutes to issue me the two tax documents. Easy...just hand them your passbook, say you need the tax withholding doc, just takes a few minutes for them to issue you the doc which you need to file with your refund request at your local tax revenue office.

Ok, back to today/6 Jan 14, I go to my local tax revenue office, say I want to apply for refund of the savings account tax withholding, and just as last year they assist me in completing the simple one page Kor 10 form. Attached to the form is a copy of my 1st passport page, the bank-issued tax docs with a copy of the associated passbooks, and my Yellow Book. I include a copy of my Yellow Book simply because I have one and it seems to make govt offices more comfortable when dealing with a person although a Yellow Book is not required. The tax clerk signs and stamps the Kor 10 form package and directs me to take it to another clerk. But before going to the other clerk I ask "how long" and "how" (cash or check) will the refund take. The clerk said "how long" depends on how fast another section processes the request and the "how" would be by check in the mail. Last year it took around 6 weeks and after receiving a pink form in the mail saying the refund was ready for pickup I went back to the tax office and they gave me cash. But last year my tax revenue office had some policy and equipment issues which slowed things down...hopefully the refund will occur faster this year assuming those equipment/policy issues have been resolved. As mentioned, I'm filing in Bangkok and my tax office serves a large population...maybe slower than a tax office serving a small city/provincial area.

I now go to the other clerk who takes my Kor 10 package, makes some keyboard entries in preparation to print out a doc which basically says my Kor 10 was accepted/submitted, but stops just before finishing and asks a co-worker a question. Then she asks what is my tax number as it's not on the form...I say I don't have one nor was issued one by this office last year when filing. She remembered me form last year and said we'll need to issue you a tax number. So, the clerk goes to another computer enters some info on me....she basically creating the tax number for me...and then gives me my 13 digit tax number for all future filings. The clerk then finishes accepting the Kor 10 package which now includes my tax number at the top, I'm done, out the door. I was in the office maybe 20 minutes.

Now, as mentioned in my other posts above, last year I did not require a tax number to file; this year I did. When looking at last year's Kor 10 package the tax revenue office used the tax number of "0" for me; this year, they used the 13 digit number issued during the filing...and I will use this 13 digit number for future filings also. It only took the clerk about 2 minutes to issue me my tax number and I didn't fill out any form to get it...it was just done while filing this year's tax refund request. You've also seen in other posts that some people must submit a Phor Ngor Dor 90 form instead of a Kor 10 form when filing for a refund---guess it all depends on what your local revenue office as to which form they require.

These were my results, both this year and last year--easy, fast, painless. The tax office was very helpful all along the way. Easy, fast, painless process to get your fixed savings account 15% withholding tax refunded....or you can just let the government keep it. Your call, but I prefer to put the money back into my pocket.

Edited January 6, 2014 by Pib

[chiang mai]

What's the maximum refund per year, is it 20,000 or 30,000 baht per person?

[Pib]

What's the maximum refund per year, is it 20,000 or 30,000 baht per person?

I wouldn't know but I will say that while fling today the tax clerk mentioned "as FYI only" that if I ever file for "more than 10,000 baht" refund I would need to file in another section of the office...she kinda pointed to some room across the hall. Maybe there are different filing procedures when the refund reaches X-amount. Unless savings interest rates go up big time or I decide to put around Bt2M in fixed savings accounts I won't be approaching the need to visit the room across the hall. Right now I only keep a little over Bt800K in fixed accounts to meet the retirement extension of stay renewal requirement (I don't do the high priced embassy income letter thing anymore) and to have an emergency pot of money.

Edited January 6, 2014 by Pib