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Author Topic: Bangkok Bank Withholding Tax  (Read 473 times)

avvocato

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Bangkok Bank Withholding Tax
« on: June 29, 2019, 02:55:14 PM »
I just checked my two Bangkok Bank Savings accounts:My Semi-annual Interest was credited Friday.And now for the first time a 15% withholding tax was debited. I have had these bank accounts for over 30 months since I moved here (under Retirement Extension) and this is the first time the Bank has debited a "Withholding Tax".What are my tax obligations in this situation?I have never filed a Thai income or any other tax form to date.
Wassup???



fceligoj

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Re: Bangkok Bank Withholding Tax
« Reply #1 on: June 30, 2019, 10:01:05 AM »
Same here.  This is the 1st time for me in a Bangkok Bank Savings account that I have had for almost 10 years.  For the amount, it seems it would be more of a hassle to see if I can get it refunded.  AND it could open Pandora's Box.

Rex (Admin)

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Re: Bangkok Bank Withholding Tax
« Reply #2 on: June 30, 2019, 10:49:17 AM »
For what period of time was the tax levied?  The past month?  Quarter?  Year?  Tks for the head up.

fceligoj

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Re: Bangkok Bank Withholding Tax
« Reply #3 on: June 30, 2019, 02:56:33 PM »
I think for the last 6 months.


The funny thing, my wife has an account with them too, but no tax withheld!

screamer

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Re: Bangkok Bank Withholding Tax
« Reply #4 on: June 30, 2019, 06:53:48 PM »

Got my book updated 6 weeks ago.
No tax or interest.
Mind, this book is only 6 months old.

Windy

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Re: Bangkok Bank Withholding Tax
« Reply #5 on: July 01, 2019, 03:43:02 PM »
I think for the last 6 months.


The funny thing, my wife has an account with them too, but no tax withheld!


My wife and I both had withholding tax taken out on our accounts.


Sunset from my bedroom window

LungBing

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Re: Bangkok Bank Withholding Tax
« Reply #6 on: July 01, 2019, 10:24:55 PM »
I know the few baht are not worth the effort, but can you reclaim the tax?  A queue of us outside the tax office each claiming a refund of less than 50 baht might make them rethink it.

russell17au

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Re: Bangkok Bank Withholding Tax
« Reply #7 on: July 02, 2019, 09:27:19 AM »
I have a Bangkok Bank savings account and I have just had a withholding tax taken out of my account. I wonder if I can claim the cost of running the account against the tax the has been taken or is the tax just for another submarine purchase?

kowpot

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Re: Bangkok Bank Withholding Tax
« Reply #8 on: July 02, 2019, 06:15:06 PM »
The withholding tax is on the interest they just paid to your account. They did mine the same on June 28th.

avvocato

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Re: Bangkok Bank Withholding Tax
« Reply #9 on: July 04, 2019, 08:29:44 AM »
I know the few baht are not worth the effort, but can you reclaim the tax?  A queue of us outside the tax office each claiming a refund of less than 50 baht might make them rethink it.
Has anyone asked Bangkok bank about the with-holding yet? The Thai tax rate is 0% for all ordinary income up to THB150,000, so it seems that we're entitled to a refund. Otherwise, the government thanks you for your contribution - Khorb Khun, kup.

fceligoj

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Re: Bangkok Bank Withholding Tax
« Reply #10 on: July 04, 2019, 11:14:50 AM »
Here is a website that discusses what to do to get exempt from tax withholding for all interest under 20,000 baht.  (It almost sounds like more of a hassle than what it is worth.)


https://www.mazars.co.th/Home/Doing-Business-in-Thailand/Tax/Consent-for-interest-on-savings-to-be-tax-exempt


fceligoj

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Re: Bangkok Bank Withholding Tax
« Reply #11 on: July 04, 2019, 11:21:41 AM »
Here is another posting on the Internet.  It sounds like one has to get a Taxpayer's ID number so that one can apply for the exemption.  It also means you become an identified individual of their Revenue Department.  So, if you are on a Retirement Extension and not allowed to get a work permit, what is the use of providing more information to the Thai Government?


https://sherrings.com/interest-income-personal-tax-thailand.html


russell17au

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Re: Bangkok Bank Withholding Tax
« Reply #12 on: July 05, 2019, 03:56:58 PM »
On a bit of a different issue. I went and updated my Bangkok Bank passbook at the machine at Central Plaza and it overwrote my existing banking details and I went in and saw them inside the bank and all they would do was to give me a printout of the transactions on a plain piece of paper. Would this be accepted by Immigration with anyone who uses the income system for their visa extensions. Be warned about the book update machines