Claiming the 15% holding tax back from fixed term bank accounts

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brianhuahin
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Claiming the 15% holding tax back from fixed term bank accounts

Post by brianhuahin » Fri Sep 11, 2015 10:48 am

Has anyone been able to successfully claim the 15% holding tax on a fixed interest term account back from the Tax Office.
If so can you explain the process.
There is a previous thread that says whilst it is acceptable for a foreigner to claim but that in Hua Hin they refuse to do it.

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by buksida » Fri Sep 11, 2015 10:55 am

Didn't think it was possible - but would also like more info if it is!
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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by HHTel » Fri Sep 11, 2015 12:20 pm

From what I've read, you need a letter from the bank showing how much tax was withheld. You take that along with your proof of address. passport and bank book. There is a form to fill out and I'm told that they will help you do this. They issue a receipt showing you have claimed and the cheque arrives in 1 - 2 months. The application must be filed in Jan thru March for the previous year.

If you are working and earning income, then your earnings will be added to the interest received and if less than 150,000 (I think) then you will get a refund.

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by brianhuahin » Fri Sep 11, 2015 12:26 pm

Hi HHTEL
The mechanics of the process are as you say. The issue is that here in HH they, the tax officials, do not conform to the national guidance. This is a bit like the so called standard Immigration processes, where each office seems to do as it pleases.
Any one with an actual successful attempt in HH please contribute.

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Brian

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by GroveHillWanderer » Tue Feb 13, 2018 3:34 pm

I was able to do this here in HH last year. On my first visit, I did indeed come across a tax official who told me a refund was not possible for a foreigner. After double-checking with my bank, who insisted that the refund is accessible to anyone regardless of nationality I went back with a Thai relative who has a business and is friends with several other people in the tax office.

He took me to one of the ladies he knew who, after creating a Tax Identification Number for me (I think there was a form that I signed for this) filled out another simple, one-page form for the refund, which I also signed. I also gave them copies of the relevant pages from my passport, a letter from the bank, copies of my bank book showing the tax paid and a certificate of residence. They said I would get a cheque in the mail in a couple of months.

About two and a half months later (can't remember exactly how long it was) as I hadn't received anything, I went back to check if they could give me any update on the process. Unfortunately I ran into the same person who again started telling me I wasn't eligible to request a refund. I tried to explain to him that I had already submitted the refund request and was just wanting to check the status but he wasn't having any of it. He told me to contact the main provincial tax office in Prachuab if I wanted to take it further.

By a lucky coincidence, while I was still mulling over whether to bother going down there or not, the refund letter and cheque arrived in the mail two days later."

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by Nereus » Tue Feb 13, 2018 4:43 pm

By a lucky coincidence, while I was still mulling over whether to bother going down there or not, the refund letter and cheque arrived in the mail two days later.
If that had been me I think that I would have made a copy of it all and taken it back to the dickhead. "Here mate, stick this where the sun doesn't shine." :neener:

There is far too much of this type of treatment from "competent officials". I have never bothered with it, but it is your money he was refusing to give back to you.

Just as a point of interest, if the money is in a savings account rather than a fixed term, there is 20,000 Baht of tax free interest.
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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by mwbrown » Wed Feb 21, 2018 2:13 pm

I have been claiming my fixed account withholding tax back for the last 4 tax years and had nothing but extremely helpful assistance. I handed a lady my bank form and tax id slip, she filled everything in for me. I did it for 2017 a few weeks ago, I was the only customer in the office on Soi 88 and was in and out in about 10 minutes. My check usually arrives a few weeks after filing.

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by europtimiste » Wed Feb 21, 2018 7:21 pm

Is this tax refund possible for every foreigner even if retired ?

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by GroveHillWanderer » Wed Feb 21, 2018 9:58 pm

europtimiste wrote:
Wed Feb 21, 2018 7:21 pm
Is this tax refund possible for every foreigner even if retired ?
It's available to anyone who has had tax withheld from the interest on their account. It doesn't matter if you're retired or not.

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by europtimiste » Thu Feb 22, 2018 12:29 pm

GroveHillWanderer wrote:
Wed Feb 21, 2018 9:58 pm
europtimiste wrote:
Wed Feb 21, 2018 7:21 pm
Is this tax refund possible for every foreigner even if retired ?
It's available to anyone who has had tax withheld from the interest on their account. It doesn't matter if you're retired or not.
Thank's for reply, but is it only for fix term bank account and not for saving account ?

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by GroveHillWanderer » Thu Feb 22, 2018 3:12 pm

I think it would be better to check with your bank on that. I have seen things claiming that it's only for fixed term deposits but I know that's not true because I have successfully reclaimed the tax deducted on interest from a non-fixed term account - TMB's No Fixed account which, as the name indicates, is not a fixed-term account. If the bank is willing to give you the letter specifying the interest paid and the tax withheld to take to the tax office then it should work.

I think the thing about it not being for 'regular' savings accounts is that on most of them, they don't deduct any tax until or unless the interest exceeds 20,000 Baht. If you do get more than that, then as I understand it you can get the letter from the bank and reclaim the tax.

Again, your bank should be able to tell you.
Last edited by GroveHillWanderer on Thu Feb 22, 2018 4:01 pm, edited 2 times in total.

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by Nereus » Thu Feb 22, 2018 3:54 pm

Nereus wrote:Just as a point of interest, if the money is in a savings account rather than a fixed term, there is 20,000 Baht of tax free interest.
At the piddling amount of interest paid by Thai banks if you had enough money to invest to exceed 20K Baht interest, I know for one that it would not put it in a savings account.
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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by europtimiste » Thu Feb 22, 2018 4:12 pm

GroveHillWanderer wrote:
Thu Feb 22, 2018 3:12 pm
.

I think the thing about it not being for 'regular' savings accounts is that on most of them, they don't deduct any tax until or unless the interest exceeds 20,000 Baht. If you do get more than that, then as I understand it you can get the letter from the bank and reclaim the tax.

Again, your bank should be able to tell you.
It's not over 20,000 but already over 10,000.

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by Thistle » Thu Feb 22, 2018 5:42 pm

Two similar threads,but why place money in a Thai bank,except for the 800,000, for visa purposes,the return is negligible,and not exactly secure under a Military regime.Sorry if this crosses with other post.

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Re: Claiming the 15% holding tax back from fixed term bank accounts

Post by GroveHillWanderer » Fri Feb 23, 2018 9:24 am

mwbrown wrote:
Wed Feb 21, 2018 2:13 pm
I have been claiming my fixed account withholding tax back for the last 4 tax years and had nothing but extremely helpful assistance. I handed a lady my bank form and tax id slip, she filled everything in for me. I did it for 2017 a few weeks ago, I was the only customer in the office on Soi 88 and was in and out in about 10 minutes. My check usually arrives a few weeks after filing.
Then I think you've been fairly lucky - as the OP stated and as my own experience shows, the Hua Hin tax office (or at least one person in it) has repeatedly told people that it is not possible for foreigners to claim income tax refunds. Even after I had already successfully submitted the refund claim, I was still being told it wasn't possible.

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