Thai Banks to tax savings interest above 20,000 baht
BANGKOK, 23 April 2019 (NNT) – The Thai Bankers Association has held a meeting to find a solution to the savings interest tax and to provide maximum convenience to bank customers who might be obliged to divulge their savings account activity to the Revenue Department so that no such tax would need to be collected if the interest amounted to less than 20,000 baht.
For that matter, the working group is seeking the best way-out among several alternative means to provide maximum convenience to bank customers. More than 80 million savings accounts have been opened at all banks in the country.Those who may have opened savings accounts at several banks may agree to fill out such data in a form at a certain bank branch so that the interbank data can be submitted to the department or sign an agreement via Mobile Banking.
He said bank customers shouldn’t panic because no tax would be charged if their savings account amounted to less than four million baht. The TBA and member banks have scrambled to disseminate the information to their customers and create an understanding accordingly. However, bank customers need not sign any agreement on such matter as yet.
