Bank interest force a tax return?

[rickfarang]

I finally got around to moving the funds required for my retirement visa to an interest bearing fixed savings account. Up to that point, I did not have any income in this country, and I did not file an income tax return. Will the interest in the bank account force me to start making out an income tax return, or will the bank's deduction be sufficent?

[drogon]

If I understood well your case.

 

Your saving account brings you some interests?

Then if you become a "resident"

(legally speaking a resident is considered as someone who stays for 180 days or more in thailand over a period of one year, I am not speaking about people granted the status of resident in the country)

you will have to pay something as the income from a saving account is taxed.

 

Now there may be some possibility to avoid it but this is all I know.

[exileexpat]

If your income is under 160,000 then you do not have to file since this is the personal exemption limit.

 

But.... 4) income in the nature of dividends, interest on [color:red]deposits with banks in Thailand[/color], shares of profits or other benefits from a juristic company, juristic partnership, or mutual fund, payments received as a result of the reduction of capital, a bonus, an increased capital holdings, gains from amalgamation, acquisition or dissolution of juristic companies or partnerships, and gains from transferring of shares or partnership holdings; IS TAXABLE

 

http://www.rd.go.th/publish/6045.0.html

[ThaiHome]

Unless you think the bank has taken out more (or less) then you should pay, you will not have to file a return.

TH

[rickfarang]

That link

http://www.rd.go.th/publish/6045.0.html

was especially helpful. As I read it, I don't have to worry, unless I feel its worth the expense to get back the witheld funds.

 

Right now, it doesn't seem to be worth the hassle.

 

Thank you to drogon, exileexpat, and ThaiHome for the helpful advice.