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Tax On Bank Account Interest


cavanami

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I got my bank account setup with a good interest rate only to have approx. 15%

withheld for "tax"...WTF...my total earning in LOS will not even approach a

taxable level...sooooooo, can I file with the Thai tax people and recover the

funds the bank withheld? :dunno:

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Talk to your bank about it. You should be able to show the tax hounds what your LOS income is and get much of that back. You may need a tax number for that (the office is near Democracy Monument.) The most I have ever been hit for Thai taxes is around 5%. The rich Thai folks find ways out of paying almost any taxes. (Thaksin was the master of it.) Ask on ThaiVisa.com and see if anyone knows anything.

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Of interest, this topic, is.

 

Does anyone know, if one is on a retirement visa, but will spend most (i.e.10 months) of the year out side of Thailand, if one has to pay tax at all?

 

In NZ/Aus, over 6 months out of the country, no tax.

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From out buddies at Thaivisa...as to be expected, some work involved, but looks to be possible to get a refund...

 

Heres an article from the Pattaya City Expats Club that explains how to obtain the refund

http://www.pattayacityexpatsclub.com/News-...e-sid-1292.html

 

Claiming a refund of the tax on the interest on your Thai Bank account.

 

You can make a claim for the Thailand tax on your Thai Bank accounts. A member has gone thru the procedure he has outlined below, and successfully receved a aubstantial refund.

 

 

Refund on Taxes deducted from Interest earned on Bank Deposits

 

The following is a guideline outlining the documents and procedures required for obtaining a refund on taxes deducted from interest earned on bank deposits. This guideline is based on procedures that were in effect as of December 8, 2008 and are subject to change.

 

hich Bank Deposits are eligible for a Tax Refund?

 

Taxes deducted on “Fixed†accounts (i.e. term deposits for 3 months, 6 months, 1 year, etc.) are eligible while daily interest “Savings†accounts are NOT. If you bank at the “Bangkok Bank†your orange colored book (Fixed Account Passbook) is eligible while your blue book (Savings Account Passbook) is NOT.

 

How far back can I go to claim a Tax Refund? You can go back 3 years. For example, if you had gone to your bank on December 8th, 2008 you would have been eligible to make a tax refund for calendar years 2005, 2006, and 2007. For 2008 you would have had to wait until the following year 2009 to make a claim.

 

What are the Documents/Procedures required to complete the process?

 

Obtain a “Residence Certificate†from Immigration

 

- 2 photos

 

- Proof of where you live. An official document with your name and address on it such as a telephone bill, electric bill, water bill, lease agreement, apartment rental invoice, Thai drivers license, etc,

 

- Passport photocopies

 

- Cost: 200 baht

 

Obtain a Tax Identification Number (TIN) - Go to the Pattaya Central Condo next to Wat Chaimongol Temple on Pattaya Tai. The tax office is located on the right side of the Pattaya Central Condo’s main entrance.

 

- Once in the tax office go to the main counter and say “I want number†or “I want TIN“. They should understand.

 

- You will be directed to a clerk who will ask you for your passport and residence certificate. You will be sent out for photocopies. Once documents are complete you will be issued a “TIN†card right there on the spot free of charge.

 

Go to your local Bank

 

- Bring along your bank books, passport, and TIN card. If you bank at the “Bangkok Bank†on Second Road they will direct you to counter 6. The clerk will type up an Official Tax Claim for each bank book in triplicate

 

Return to the Tax Office on Pattaya Tai

 

- Bring along your TIN card, Bank Books, Passport, and Official Tax Claim(s). A clerk will review and prepare further documents to authorize release of funds. You will be sent out for more photocopies. Once complete you will be issued a receipt for each Official Tax Claim. It takes about 2 months before you will receive refund(s) in the mail.

 

 

Our thanks to David for this very helpful - and rewarding - information.

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Guest Poom Rak Seh Deang

From out buddies at Thaivisa...as to be expected, some work involved, but looks to be possible to get a refund...

 

Heres an article from the Pattaya City Expats Club that explains how to obtain the refund

http://www.pattayacityexpatsclub.com/News-...e-sid-1292.html

 

Claiming a refund of the tax on the interest on your Thai Bank account.

 

You can make a claim for the Thailand tax on your Thai Bank accounts. A member has gone thru the procedure he has outlined below, and successfully receved a aubstantial refund.

 

 

Refund on Taxes deducted from Interest earned on Bank Deposits

 

The following is a guideline outlining the documents and procedures required for obtaining a refund on taxes deducted from interest earned on bank deposits. This guideline is based on procedures that were in effect as of December 8, 2008 and are subject to change.

 

hich Bank Deposits are eligible for a Tax Refund?

 

Taxes deducted on “Fixed†accounts (i.e. term deposits for 3 months, 6 months, 1 year, etc.) are eligible while daily interest “Savings†accounts are NOT. If you bank at the “Bangkok Bank†your orange colored book (Fixed Account Passbook) is eligible while your blue book (Savings Account Passbook) is NOT.

 

How far back can I go to claim a Tax Refund? You can go back 3 years. For example, if you had gone to your bank on December 8th, 2008 you would have been eligible to make a tax refund for calendar years 2005, 2006, and 2007. For 2008 you would have had to wait until the following year 2009 to make a claim.

 

What are the Documents/Procedures required to complete the process?

 

Obtain a “Residence Certificate†from Immigration

 

- 2 photos

 

- Proof of where you live. An official document with your name and address on it such as a telephone bill, electric bill, water bill, lease agreement, apartment rental invoice, Thai drivers license, etc,

 

- Passport photocopies

 

- Cost: 200 baht

 

Obtain a Tax Identification Number (TIN) - Go to the Pattaya Central Condo next to Wat Chaimongol Temple on Pattaya Tai. The tax office is located on the right side of the Pattaya Central Condo’s main entrance.

 

- Once in the tax office go to the main counter and say “I want number†or “I want TIN“. They should understand.

 

- You will be directed to a clerk who will ask you for your passport and residence certificate. You will be sent out for photocopies. Once documents are complete you will be issued a “TIN†card right there on the spot free of charge.

 

Go to your local Bank

 

- Bring along your bank books, passport, and TIN card. If you bank at the “Bangkok Bank†on Second Road they will direct you to counter 6. The clerk will type up an Official Tax Claim for each bank book in triplicate

 

Return to the Tax Office on Pattaya Tai

 

- Bring along your TIN card, Bank Books, Passport, and Official Tax Claim(s). A clerk will review and prepare further documents to authorize release of funds. You will be sent out for more photocopies. Once complete you will be issued a receipt for each Official Tax Claim. It takes about 2 months before you will receive refund(s) in the mail.

 

 

Our thanks to David for this very helpful - and rewarding - information.

 

 

 

Never had a deduction and I have lots of mad money. Get interest all the time but no tax. For U.S. you must report you bank account to the Tax people. Don't send it with the IRS return etc.

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