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.

Kobsak Duangdee, the secretary general of the Thai Bankers Association, said the TBA held a meeting with member banks on Tuesday to discuss the Revenue Department’s plan to collect the 15% savings interest tax in cases where the interest amounts over 20,000 baht per annum and that the savings accounts’ owners provide relevant data to the department.

Banks to find solution to savings interest tax

Mr. Kobsak Duangdee, the secretary general of the Thai Bankers Association

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.

Source link

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Bank of Thailand keeps policy rate unchanged at 0.5%

The Bank of Thailand kept its key policy rate unchanged at 0.5%, amid growing pressure coming from rising prices and monetary policy tightening by its peers.

How fintechs are revolutionising remittances in emerging markets

Remittance flows tend to be more stable than broader capital flows. They also tend to be countercyclical, increasing during downturns or catastrophes, when other capital flows generally dwindle.

How long can the Bank of Thailand stay dovish?

The BOT is one of the few major Asian central banks to have kept rates at record lows since the pandemic began, but it recently signaled a policy shift as inflation surged to a near 14-year high in May.