Connect with us

Banking

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

National News Bureau of Thailand

Published

on

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.

Source link

Continue Reading
Advertisement Load WordPress Sites in as fast as 37ms!
Comments

Banking

Innovative Asian Blockchain Companies Who Are Taking Over

The acceptance and regulation of cryptocurrency in Asia may be polarised depending on location, but one thing is for sure. Companies spanning the whole of Asia value blockchain technology and are putting it to good use.

Avatar

Published

on

Asia has always been at the forefront of technological innovation, and that is no different when it comes to blockchain technology. What was primarily developed to make peer-to-peer payments easier has now merged into new areas.

(more…)

Continue Reading

Banking

Building ASEAN Banking Cybersecurity resilience

Technological revolutions come with their own form of risk: cyber risks. The more “digital” banks become, the more channels for potential points of attacks from cyber criminals, who are constantly evolving to exploit new loopholes.

Boris Sullivan

Published

on

Technology and the internet have undeniably become integrated into our daily lives. Customers’ behaviors continue to evolve and adapt to the technological progresses. In response, new technologies are developed to serve and accommodate customers’ ever-evolving needs.

(more…)

Continue Reading

Banking

Thailand prepares for cryptocurrency challenges

Thailand is moving toward a cashless society. Bank notes and coins are set to become obsolete while transactions via electronic payments have increased over recent years.

Avatar

Published

on

The plan to launch a new currency next year is ambitious and controversial, as Libra is scrutinized by central banks around the globe, including the US Federal Reserve.

(more…)

Continue Reading

Most Read

Upcoming Events

Mon 21

34th International Conference on Dental and Oral Health

October 21 @ 9:00 am - October 22 @ 5:00 pm BMT
Nov 06

2nd World Congress on Pediatrics and Child care

November 6 @ 8:00 am - November 7 @ 7:00 pm BMT
Radisson Hotel Narita
Tomisato-shi
Nov 07

3rd World Congress On Gynecology, Obstetrics & Reproductive Health

November 7 @ 9:00 am - November 8 @ 4:00 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 11,135 other subscribers

Trending