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BANGKOK 14 December 2018 04:13
GibsonYamaha

Taxes Thailand sending money to Thai Bank

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Hi,
Has anybody heard that starting next year (2019) you have to pay taxes in Thailand when you send a big amount of money to your (Thai) bank from your bank (Holland)? Wil

 

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You get taxed on your accounts here, its not much, but you do get taxed. I have herd nothing about taxing incomming money.

 

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ridiculous.

of course they cant do that.

if they did, mass exodus!

 

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1 hour ago, kuzie57 said:

You get taxed on your accounts here, its not much, but you do get taxed. I have herd nothing about taxing incomming money.

 

Can you clarify Kuzie? If a pensioner keeps THB 800k in his bank account  all year round for visa purposes, do you mean tax will be applied to it, even if it wasn't earned in Thailand? I never heard this, but it would affect a lot more people by around April 2019 if true! I guess this isn't what you meant. 

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3 minutes ago, Speedhump said:

Can you clarify Kuzie? If a pensioner keeps THB 800k in his bank account  all year round for visa purposes, do you mean tax will be applied to it, even if it wasn't earned in Thailand? I never heard this, but it would affect a lot more people by around April 2019 if true! I guess this isn't what you meant. 

Savings accounts in Thailand typically have 15% tax withheld at source, most people can reclaim this from the Thai Revenue by filing a tax return each year. Note: the Thai tax year is the calendar year, the tax tables are here: http://www.rd.go.th/publish/6045.0.html

 

Obtaining a tax ID is very straightforward, as long as you spend at least 186 days in the country each year.

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20 minutes ago, arithai12 said:

 

Just to clarify: it's the earning that gets taxed, not the capital.

And as already stated, it's a minimal tax.

Correct, the interest earned is taxable, the principle is not.

 

EDIT TO ADD: Technically, income that is remitted to Thailand during the year it was earned, by residents, is taxable. In practice the Thai Revenue does not attempt to tax that money because it is nigh on impossible for them to distinguish between earned income and savings from overseas sources. It is possible that there is a link between this issue and the self dec certification issue for visa's that is so much in focus currently, dunno, pure speculation on my part.

Edited by simoh1490

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I read somewhere that tax was applied to the interest, on savings of more than 2MM bt, irrespective of interest rate.

For a while I did have more than this and I was indeed taxed - but since dropping below 2MM for a few years (now I keep between 8-900k) there has been no tax deducted.

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3 minutes ago, steve73 said:

I read somewhere that tax was applied to the interest, on savings of more than 2MM bt, irrespective of interest rate.

For a while I did have more than this and I was indeed taxed - but since dropping below 2MM for a few years (now I keep between 8-900k) there has been no tax deducted.

Tax is calculated on interest earned by all banks in Thailand, some banks however monitor the accrued interest earned and do not deduct tax until the threshold has been breached, the more money on deposit, the higher the chance of having to pay tax - clearly this is an interest rate related issue, when interest rates are low there is a reduced chance of account holders needing to pay tax, as interest rates rise the scenario changes.

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