BANGKOK, 5 May 2019(NNT) - 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 20,000 baht exempted from tax. Account owners wishing that their information not be sent automatically to the RD must inform their bank, whereupon they will be subjected to taxation.
The Revenue Department Director General Ekniti Nitithanprapas has revealed the department’s discussions with the Thai Bankers’ Association, the Association of International Banks, and Bank of Thailand on 25th April regarding savings account interest tax deductions, saying that banks will submit interest payment data to the RD, and the RD will screen it for individuals who have received interest payments exceeding 20,000 baht, and inform the bank to make a tax collection.
Persons who have received less than 20,000 baht 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.
The Thai Bankers’ Association President, Predee Daochai said yesterday 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 7-14 May 2019, and the tax deduction will be made from all interest payment from June onwards.