Tax with held on interest from a Thai Bank account

C

ColinW

Surin relic
If you have no other income in Thailand is there anyway of reclaiming the tax deducted at source from interest on a Thai deposit account.

I was told at the bank this morning there is no way of reclaiming this tax but I thought I would look for confirmation on here
 
Moderators said:
Have you done a search on Thai Visa?
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Thanks Moderators.

I have just checked it out on Thai Visa and there is a very detailed explanation from a contributor how to reclaim the tax.
It sounds quite straight forward.
It is just annoying that the official at the bank gave me the wrong information
 
Colin, was it the 15% withholding on interest accrued in your savings account ?
 
I held a joint account with a german friend in pattaya 20 years ago. We went to the Pattaya tax office, submitted a claim and received all the tax back.

Needless to say we had a most enjoyable evening! boobs2
 
I know that this may be a silly question but. How was this with holding reported to you ?As I have never seen it mentioned on my wifes bank account.
 
Rice said:
I know that this may be a silly question but. How was this with holding reported to you ?As I have never seen it mentioned on my wifes bank account.
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When the bank credits the interest in my bank pass book it is shown as a separate entry in the withdrawals column.
Note - I am talking about interest on Fixed Term Deposits (Bangkok Bank orange books) it does seem to apply to my normal savings/current account (Bangkok Bank blue books).
 
Went into Bangkok Bank again today and spoke to a different official (for those of you who use Bangkok Bank Surin - the tall guy who speaks good English). This time no problem he knew exactly what I required and got me the completed form in 5 minutes.
Next step is the tax office
 
Basically a tax on interest is being with-held from the total interest accumulated on your Fixed Term accounts, correct ? I
Colin, is it 10, 12 or 15 % ?

I'd be interested in how the story goes at the tax office.
Good luck to you as you're following through ThumbUp6
 
Coffee said:
Basically a tax on interest is being with-held from the total interest accumulated on your Fixed Term accounts, correct ? I
Colin, is it 10, 12 or 15 % ?

I'd be interested in how the story goes at the tax office.
Good luck to you as you're following through ThumbUp6
Click to expand...

Funny how "Good luck" is such an appropriate comment when we deal with any institution or authority in this country!
 
Coffee said:
Basically a tax on interest is being with-held from the total interest accumulated on your Fixed Term accounts, correct ? I
Colin, is it 10, 12 or 15 % ?

I'd be interested in how the story goes at the tax office.
Good luck to you as you're following through ThumbUp6
Click to expand...


Coffee the tax rate is 15%.
Over the year the tax was approx 4300 baht, not a massive sum, but I hate the thought of the tax authorities in any country having money that I'm entitled to.
 
Interesting., Colin.

If I receive interest on any accounts in Thailand I must lawfully report that interest to my national tax authority, in this case the U.S. Internal Revenue Service.

If I allow the Thais to take their tax on interest earned I can report that I have paid tax on the interest earned.

How does it work in your country of citizenship ?
 
I am not aware of the current position, but many years ago the GOVERNMENT HOUSING BANK had a special account where interest up to 20,000baht per tax year was allowed tax free. Go 1 baht over and the whole amount was taxed.

We have no GHB locally so I have never enquired, but if there is a GHB in Surin it may be worth investigation.
 
Colin, as a followup...

ColinW said:
Went into Bangkok Bank again today and spoke to a different official...This time no problem he knew exactly what I required and got me the completed form in 5 minutes. Next step is the tax office
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...how has this next step gone ? To your satisfaction ?
 
I went to The Tax Office today with my inhouse translator.

The lady we saw seemed friendly enough and after looking at my papers said that we couldn't claim until the 1st January, which seems reasonable as the tax year is probably the same as the calendar year.

She also told Wood we had to go to a different office in January to file the claim, Wood said he knew where it was so I didn't pursue what it was called. He's out at the moment but if anyone wants to know the name, let me know and I will find out when he gets back later
 
Good luck. Will await your update in the New Year. Meanwhile, enjoy the holidays.:smile:
 
Followed this up this morning at what Wood described as The Small Town Tax Office as opposed to the bigger Provincial Tax Office.

We took along the tax deduction certificate provided by the bank and copies of my passport and yellow house book.

We were seen by a very helpful lady who completed the form for us and said we should have confirmation of the repayment in about a month.

We were in and out of the office in about 20 minutes
 
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