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Tax exemption to be clarified for annual interest less than 20,000 baht

The banks will have to submit interest income information to the Revenue Department for consideration

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Revenue Dept, banks come up with solution to facilitate saving account depositors

BANGKOK, 25 April 2019(NNT) – On the requirement for depositors with an interest income of less than 20,000 baht per annum, officials from the Revenue Department, the Thai Bankers’ Association, and the Bank of Thailand held a meeting on Thursday (Apr 25) and have come up with a solution to assist bank customers.

The Spokesman for the Revenue Department, Pinsai Suraswadi, said the department will issue another notification to explain clearly the criteria for depositors who receive the withholding tax exemption if their annual interest amounted to less than 20,000 baht.

The banks will have to submit interest income information to the Revenue Department for consideration. The bank customers do not have to give consent to their banks submitting their account data to the department.

For those who do not wish to comply with the requirement, they have to notify their respective banks but they will not receive the withholding tax exemption.

The Deputy Secretary-General of the Thai Bankers’ Association, Chuleeporn Nuamthanong, said the banks are ready to submit relevant information to the Revenue Department. Initially, the system will be enhanced to support electronic sharing of information before the regulation comes into effect on May 15, 2019.

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