Connect with us

Banking

Banks to send savings accounts interest data to Revenue Department

Thai Banks will send savings accounts interest data to Revenue Department, but interest less than 20,000 baht will be exempted from tax

National News Bureau of Thailand

Published

on

Banks to automatically submit savings accounts interest data to RD; interest less than 20,000 baht exempted from tax

BANGKOK, 5 May 2019(NNT) – On discussions regarding savings account interest tax deductions, the Revenue Department (RD) has reached a conclusion requiring all banks to submit savings account interest payment data to the RD, with all interest payments less than 20,000 baht exempted from tax.

Loading...

Account owners wishing that their information not be sent automatically to the RD must inform their bank, whereupon they will be subjected to taxation.

The Revenue Department Director General Ekniti Nitithanprapas has revealed the department’s discussions with the Thai Bankers’ Association, the Association of International Banks, and Bank of Thailand on 25th April regarding savings account interest tax deductions, saying that banks will submit interest payment data to the RD, and the RD will screen it for individuals who have received interest payments exceeding 20,000 baht, and inform the bank to make a tax collection.

Interest payments less than 20,000 baht exempted from tax

Persons who have received less than 20,000 baht interest payment will be exempted from taxation.

Account owners can also request the banks not to send their account information to the RD by informing their banks, who will however apply a 15% tax deduction from interest payments to these accounts.

The Thai Bankers’ Association President, Predee Daochai said yesterday that persons who wish not to have their account information submitted to the Revenue Department must fill out a request form at the bank where they have their accounts between 7-14 May 2019, and the tax deduction will be made from all interest payment from June onwards.

Source link

Comments

Banking

Thai Credit Guarantee Corporation (TCG) Will Launch Bad Debt Guarantee Program for SMEs

The program will also cover SME loans that have turned into non-performing loans (NPLs), defined as loans overdue by more than 90 days, although these NPLs must not exceed two years of overdue payment.

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – State-owned Thai Credit Guarantee Corporation (TCG) is preparing to launch a 20-billion-baht bad debt guarantee program to assist struggling small and medium-sized enterprises (SMEs) saddled with bad debts.

Loading...
(more…)

Continue Reading

Banking

Can the Subscription Economy Save Financial Services?

Going back to the pre-Covid “normal” is not an option for financial services. Fortunately, the rise of the subscription economy points towards frontiers of untapped growth for the sector.

Avatar

Published

on

As the world waits for mass vaccination to revive economic activity, general malaise has overtaken the financial services industry (FSI). And things will probably worsen before they get better: US banks are expected to suffer US$318 billion in net loan losses by the end of 2022, according to Deloitte.

Loading...
(more…)

Continue Reading

Banking

Asia Pacific Banks shrug off commercial property risks for now

Daniel Lorenzzo

Published

on

APAC commercial property prices were down around 3% on average in 2020, after a 1% rise in 2019. But the coronavirus-induced decline has been modest compared to past downturns, suggesting that the impact on banks’ commercial real estate loans will generally be much smaller this time.

Loading...
(more…)

Continue Reading

Latest

Most Viewed

Subscribe via Email

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

Join 13,634 other subscribers

Trending