AyG
Crazy Mango Extraordinaire
Posts: 5,871
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Post by AyG on Aug 10, 2022 10:01:32 GMT 7
It used to be that withholding tax on savings accounts could be avoided for the first 20k baht if the account holder registered their Thai Tax ID with the bank, but not so any more it seems. The tax can still be reclaimed by filing a tax return at the end of the year but the old system appears to have been done away with, why I wonder? One hopes this is not a precursor to taxing expat's overseas income, especially pensions. Anyone? It's because the system was widely being abused, with people avoiding tax by opening multiple accounts with 20,000 in each, either at different banks, or even with the same bank (something that branch staff even encouraged sometimes).
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chiangmai
Crazy Mango Extraordinaire
Posts: 6,232
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Post by chiangmai on Aug 10, 2022 10:24:16 GMT 7
Do you know if the new rule applies to everyone or just to non-Thai's?
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AyG
Crazy Mango Extraordinaire
Posts: 5,871
Likes: 4,555
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Post by AyG on Aug 10, 2022 11:29:19 GMT 7
^^^ Everyone.
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Post by rgs2001uk on Aug 10, 2022 20:52:54 GMT 7
It used to be that withholding tax on savings accounts could be avoided for the first 20k baht if the account holder registered their Thai Tax ID with the bank, but not so any more it seems. The tax can still be reclaimed by filing a tax return at the end of the year but the old system appears to have been done away with, why I wonder? One hopes this is not a precursor to taxing expat's overseas income, especially pensions. Anyone? It's because the system was widely being abused, with people avoiding tax by opening multiple accounts with 20,000 in each, either at different banks, or even with the same bank (something that branch staff even encouraged sometimes). One of the reasons I ended up with four accounts at the same branch. Got to love the Thais ability to think outside the box.
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