Tax On Interest

[scubachild]

What is the standard rate of tax on savings in Thailand?

For people on retirement visa do they pay tax on savings?

Thanks to all for any clarifications

[soi41]

No tax on savings !

On interest: Up to 20k=taxfree, after that 15%.

[Pib]

No tax on savings !

On interest: Up to 20k=taxfree, after that 15%.

True for regular savings account, however, but, on "fixed" savings accounts which pay a much higher interest than regular savings accounts the 15% withholding tax applies to any amount of interest earned to include interest earned amounts below 20K baht. But you can get a refund of the withheld interest by filing a Kor 10 form at your local tax office from 1 Jan-31 Mar of each year. Several threads on the interest refund process...like this Thread I started on my experience in getting the interest refund on my fixed savings account. It's not hard to get the refund (the Kor 10 form is about as hard to fill out as the 90 day address reporting form) with some attachments and takes around 2-6 weeks (time depends on your local tax office) after filing for the refund.

Edited April 10, 2013 by Pib

[Halfaboy]

Cab anyone get a refund. I mean can you get a refund when residing here on a non-immigrant visum, or do you need to be known at the tax-office ?

[shaun77]

Cab anyone get a refund. I mean can you get a refund when residing here on a non-immigrant visum, or do you need to be known at the tax-office ?

You need to get a print out from your bank/s how much withholding tax you have paid on your fixed deposit account/s

then go to the tax office and apply for a rebate, they will give you a tax ID card and process your refund.

The first year you apply in the January, you can also claim the refund for the 3 years before

[Pib]

I wasn't known at my tax office. It was the first year I had the 15% interest withholding tax applied due to me opening a fixed savings account which serves as my emergency money and proof of income for my yearly retirement extension of stay. The tax office cheerfully helped me through completion of the form. I was "not" given a tax ID; just assistance in filing out/filing the form.

Now, do you need to be on a long term visa (one year)/be able to show full time residence in Thailand, I couldn't say for sure. Maybe some others who stay in Thailand on shorter term visas can share their experiences. I just know the paperwork and effort associated with getting the refund was low and being able to get that 15% interest tax withholding back sure gives a nice feeling in knowing 100% of the high interest earned on a fixed savings account ended up in your pocket vs the Thai govt pocket. And now that I got the first-time filing under my belt for the interest refund, future filings should be a lot easy since I know what is required, exactly where to go, etc.

Edited April 10, 2013 by Pib

[JAS21]

I wasn't known at my tax office. It was the first year I had the 15% interest withholding tax applied due to me opening a fixed savings account which serves as my emergency money and proof of income for my yearly retirement extension of stay. The tax office cheerfully helped me through completion of the form. I was "not" given a

tax ID; just assistance in filing out/filing the form.

Now, do you need to be on

[scubachild]

Thank you all for very interesting feedback.

So it is only in January that this debate can be applied for?

Is that the end of the Thai tax year?

[JAS21]

Thank you all for very interesting feedback.

So it is only in January that this debate can be applied for?

Is that the end of the Thai tax year?

Don't know what happened to my last post (above). I applied for the first time this March ... have already had my cheque. The end of the Thai tax year is December 31st. You should apply before the end of March, BUT I understand that you probably won't get fined IF the amount claimed is small ... strange reason, but there it is.