Still waiting for tax refund ,bank interest

[i claudius]

Usually it comes through in about 2/3 weeks ,its now been 7 anyone else having this problem?

[Pib]

My first year in applying for a refund was last year....it took 6 weeks from my local Bangkok tax revenue office (quite a few tax offices in Bangkok due to the large population)...I did a followup at the 4 week point since they initially told me when filing a refund would take 2-3 weeks...during the follow-up they said they had equipment problems & policy issues which was slowing things down but my return was fine. I got the refund at the 6 week point.

This year it took exactly 28 days/4 weeks from the same tax office. As mentioned it's a Bangkok tax office which has a HUGE customer base so its probably slower than a tax office in smaller population cities/areas/provinces.

Some folks like in Chiang Mai are reporting refunds in only 2 weeks. A lot can depend on your local tax office. But if I was you I would do a follow-up now.

[i claudius]

yes going in tomorrow ,its never taken more than 3 weeks here in Pattaya.

[whoisyourdaddy]

Sorry to go off topic, but how and why do you get back tax on interest?

I have money in term deposit due to mature soon, so just wanted to know

[ajahnlau]

Mine back in 3 weeks.

[Pib]

Sorry to go off topic, but how and why do you get back tax on interest?

I have money in term deposit due to mature soon, so just wanted to know

Here's a thread describing the "how." Different folks like myself talking about getting their interest refund in 2013 and 2014.

Regarding "why" do does a person get back interest withheld/sent to the govt, because it's authorized under law and it's a person's money. The govt will gladly keep it or if you submit a tax refund request they will give it back...after submitting the simple refund request which you local tax office will help you complete it usually takes around one month, plus or minus 2 weeks, to get the refund for most folks.

[meatboy]

after the local office mucking up our refund the wife went to the main office [korat] sorted it out got the cheque in 15days.

yesterday she asked out us claiming separately that's no problem,but the tax office did tell her that they are behind and up to their knecks with claims in bkk.oweing to the protests.

[i claudius]

Just back from the tax office ,told him we came in 6 weeks ago ,were told it can take up to 8 weeks ,wait another two weeks ,great!it usually takes 2/3 weeks here in Pattaya.

[whoisyourdaddy]

Sorry to go off topic, but how and why do you get back tax on interest?

I have money in term deposit due to mature soon, so just wanted to know

Here's a thread describing the "how." Different folks like myself talking about getting their interest refund in 2013 and 2014.

Regarding "why" do does a person get back interest withheld/sent to the govt, because it's authorized under law and it's a person's money. The govt will gladly keep it or if you submit a tax refund request they will give it back...after submitting the simple refund request which you local tax office will help you complete it usually takes around one month, plus or minus 2 weeks, to get the refund for most folks.

Thanks for that. I went through that thread. Just one more question, in that thread you mentioned you are retired. In my case i work in Thailand, WP and all that.

Does it still apply to someone like me or only to retired people?

[Satcommlee]

Due to the retroactive tax cut last year, there is a huge increase on the number of tax refunds that need to be processed..

Sorry to go off topic, but my accountant advised me never to claim a tax refund..

But after the tax cut I am owed 100K's, has anyone ever claimed this much back without an audit or hassle from the revenue department? Ive not put in my 91 yet.

[Pib]

Sorry to go off topic, but how and why do you get back tax on interest?

I have money in term deposit due to mature soon, so just wanted to know

Here's a thread describing the "how." Different folks like myself talking about getting their interest refund in 2013 and 2014.

Regarding "why" do does a person get back interest withheld/sent to the govt, because it's authorized under law and it's a person's money. The govt will gladly keep it or if you submit a tax refund request they will give it back...after submitting the simple refund request which you local tax office will help you complete it usually takes around one month, plus or minus 2 weeks, to get the refund for most folks.

Thanks for that. I went through that thread. Just one more question, in that thread you mentioned you are retired. In my case i work in Thailand, WP and all that.

Does it still apply to someone like me or only to retired people?

Anyone can get the refund. However, since you work in Thailand I expect you'll be filing a tax return anyway...you would just work any interest tax withholding into taxes paid from your job and see where that leaves in in terms of taxes overpaid or due for the year.

Basically, the first Bt150,000 of income is tax exempt. So say you didn't have a job (i.e., a retiree) and the only income you earned from Thailand sources was from saving account interest and if your had a large savings account that earned Bt150,000 in gross interest of which 15% was withheld to the govt or Bt22,500 withheld, you could get every penny of that back.

[whoisyourdaddy]

Sorry to go off topic, but how and why do you get back tax on interest?

I have money in term deposit due to mature soon, so just wanted to know

Here's a thread describing the "how." Different folks like myself talking about getting their interest refund in 2013 and 2014.

Regarding "why" do does a person get back interest withheld/sent to the govt, because it's authorized under law and it's a person's money. The govt will gladly keep it or if you submit a tax refund request they will give it back...after submitting the simple refund request which you local tax office will help you complete it usually takes around one month, plus or minus 2 weeks, to get the refund for most folks.

Thanks for that. I went through that thread. Just one more question, in that thread you mentioned you are retired. In my case i work in Thailand, WP and all that.

Does it still apply to someone like me or only to retired people?

Anyone can get the refund. However, since you work in Thailand I expect you'll be filing a tax return anyway...you would just work any interest tax withholding into taxes paid from your job and see where that leaves in in terms of taxes overpaid or due for the year.

Basically, the first Bt150,000 of income is tax exempt. So say you didn't have a job (i.e., a retiree) and the only income you earned from Thailand sources was from saving account interest and if your had a large savings account that earned Bt150,000 in gross interest of which 15% was withheld to the govt or Bt22,500 withheld, you could get every penny of that back.

Ok, now i am with you, thank you

I do not stand a chance to get any money back , my interest alone is way over 150 000

Will need to wait till i retire

[Pib]

Ok, now i am with you, thank you

I do not stand a chance to get any money back , my interest alone is way over 150 000

Will need to wait till i retire

Well, lets say it was Bt300K total interest and the 15% withholding totaled Bt45K...and you didn't have other income/not working. The first Bt150K (half of Bt300K) would be tax exempt so you all of Bt22.5K of the Bt45K total withholding you would get back....and since the tax rate is 5% from Bt150K to Bt300K you would get two thirds of the 15% withholding back which would be Bt15K. When the dust settled of the total Bt45K interest tax withholding you would get Bt22.5K + Bt15 = Bt37.5K back.

And even if you are working and have the tax withholding set to match the actual tax...then you should get most of above interest withholding back...or maybe use the interest withholding to lower your current work income tax withholding. But as you know, each person's tax situation is different in terms of income, deductions, credits, etc. Just don't write the interest income withholding off.

[meatboy]

Due to the retroactive tax cut last year, there is a huge increase on the number of tax refunds that need to be processed..

Sorry to go off topic, but my accountant advised me never to claim a tax refund..

But after the tax cut I am owed 100K's, has anyone ever claimed this much back without an audit or hassle from the revenue department? Ive not put in my 91 yet.

your accountant advised you never claim a tax refund,looks like he's not registered and don't pay tax.

[Pib]

Due to the retroactive tax cut last year, there is a huge increase on the number of tax refunds that need to be processed..

Sorry to go off topic, but my accountant advised me never to claim a tax refund..

But after the tax cut I am owed 100K's, has anyone ever claimed this much back without an audit or hassle from the revenue department? Ive not put in my 91 yet.

Why in the world would he recommend not getting a refund of taxes paid? Maybe he don't want to draw too much attention to your return based on how he has been completing/submitting it....assuming he has been completing/submitting your tax return on your behalf versus you completing/submitting the tax return. Maybe he has not been been listing any/all of any interest income you have been earning and is afraid a tax refund request would bring that to light?

[Satcommlee]

Due to the retroactive tax cut last year, there is a huge increase on the number of tax refunds that need to be processed..

Sorry to go off topic, but my accountant advised me never to claim a tax refund..

But after the tax cut I am owed 100K's, has anyone ever claimed this much back without an audit or hassle from the revenue department? Ive not put in my 91 yet.

Why in the world would he recommend not getting a refund of taxes paid? Maybe he don't want to draw too much attention to your return based on how he has been completing/submitting it....assuming he has been completing/submitting your tax return on your behalf versus you completing/submitting the tax return. Maybe he has not been been listing any/all of any interest income you have been earning and is afraid a tax refund request would bring that to light?

Simple... complicated international tax affairs! He serves many in the company, this advice is specific only to me, yes he is proper and legal.

Is claiming 163K THB worth the hassle of having to deal with a Thai tax audit that could drag on for months and months with people poking their noses into every corner of my business?

The advice is simple really... if you want to claim a refund then the tax officer will want to find ways of not paying it! (unless of course its a petty amount)

If my time is worth more than the refund, then don't bother claiming it!

In fact I think it is good advice...

[Pib]

Due to the retroactive tax cut last year, there is a huge increase on the number of tax refunds that need to be processed..

Sorry to go off topic, but my accountant advised me never to claim a tax refund..

But after the tax cut I am owed 100K's, has anyone ever claimed this much back without an audit or hassle from the revenue department? Ive not put in my 91 yet.

Why in the world would he recommend not getting a refund of taxes paid? Maybe he don't want to draw too much attention to your return based on how he has been completing/submitting it....assuming he has been completing/submitting your tax return on your behalf versus you completing/submitting the tax return. Maybe he has not been been listing any/all of any interest income you have been earning and is afraid a tax refund request would bring that to light?

Simple... complicated international tax affairs! He serves many in the company, this advice is specific only to me, yes he is proper and legal.

Is claiming 163K THB worth the hassle of having to deal with a Thai tax audit that could drag on for months and months with people poking their noses into every corner of my business?

The advice is simple really... if you want to claim a refund then the tax officer will want to find ways of not paying it! (unless of course its a petty amount)

If my time is worth more than the refund, then don't bother claiming it!

In fact I think it is good advice...

To me it sounds a little paranoid. Or if he is completing a yearly tax return for you now and not including the 163K baht of interest earned as that would mean you might owe more taxes assuming you are earning other income for Thailand sources...and if doing so he is hiding taxable income by not declaring it on the tax return. Good advice to avoid taxes I guess if you don't get caught.

[i claudius]

So getting back to my post ,anyone else still waiting?