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Banks to automatically submit savings accounts interest data to Revenue Dept

Banks to automatically submit savings accounts interest data to Revenue Dept

BANGKOK,: On discussions regarding savings account interest tax deductions, the Revenue Department (RD) has reached a conclusion requiring all banks to submit savings account interest payment data to the RD, with all interest payments less than B20,000 exempted from tax.

economics
By National News Bureau of Thailand

Thursday 9 May 2019, 11:04AM


Account owners wishing that their information not be sent automatically to the RD must inform their bank, whereupon they will be subjected to taxation, reported the National News Bureau of Thailand earlier this week. (See story here.)

Revenue Department Director General Ekniti Nitithanprapas revealed the department’s discussions with the Thai Bankers’ Association, the Association of International Banks, and Bank of Thailand on April 25 regarding savings account interest tax deductions, saying that banks will submit interest payment data to the RD, and that the RD will screen it for individuals who have received interest payments exceeding B20,000, and inform the bank to make a tax collection.

Persons who have received less than B20,000 interest payment will be exempted from taxation. Account owners can also request the banks not to send their account information to the RD by informing their banks, who will however apply a 15% tax deduction from interest payments to these accounts.

Thai Bankers’ Association President Predee Daochai said that persons who wish not to have their account information submitted to the Revenue Department must fill out a request form at the bank where they have their accounts between May 7-14, and the tax deduction will be made from all interest payment from June onwards..

 

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