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ozpharlap

Do you have to pay tax on bank interest income in Thailand

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In Thailand do you have to pay tax on any interest you earn from bank savings?

 

If yes, is it specifically applied or is it just added to any standard income you earn and the usual income tax rates apply?

 

The reason I ask is that one poster on this board mentioned he was stopped at the airport because of a potential tax lien. I would hate to be stopped, rushing to the airport, because I owed a marginal amount on savings interest that has accrued on any of my bank deposits.

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Hi,

 

Yes. I am paying 15% tax on any interest I make on our fixed deposit account.

It is deducted automatically though, so you shouldn't have any problems because of this.

 

Sanuk!

 

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I have spoken to several farangs who have had the tax they pay on bank interest refunded to them. As a non resident you should not be paying it.

 

Ask your bank for a special form. I think you have to wait till the end of the tax year for the refund.

 

:beer:

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Oz,

 

Again, different for resident / non-resident.

 

But if your a non-resident - you cannot get a bank account with interest.

 

So if you have a bank account with interest, then by your own admission your a resident for tax purposes.

 

Actually pretty smart system.

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Oz,

 

Again, different for resident / non-resident.

 

But if your a non-resident - you cannot get a bank account with interest.

 

So if you have a bank account with interest, then by your own admission your a resident for tax purposes.

 

Actually pretty smart system.

Errrr, as a non-resident, I get interest every six months. I have the "O" vise, non-immi, non-resident, get out of LOS every 90 days.

This is Kasikorn Bank.

The interest in squat, a few thousand Baht.

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You pay 15 % tax for fixed period deposits. However, you only pay tax on savings accounts (or checking accounts) if the interest income per year is more than 20,000 baht. And as far as I know, this goes per account. That is, the interest being earned is not accumulated when you have different accounts.

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