Savers must allow banks to send information to tax officials: Finance Minister
Bank customers are required to consent to banks forwarding their savings-account information to the Revenue Department, as the Finance Ministry tries to eliminate tax evasion, Finance Minister Apisak Tantivorawong said on Friday.
A new tax regulation enforced since April 4, requires bank passbook holders to allow banks to send information about the interest they have earned on their accounts to the Revenue Department. The tax exemption for interest income up to Bt20,000 annually still remains, said Apisak. Those who get interest rate return on their savings above Bt20,000 will be subject to a 15-per-cent tax rate.
Savings-account holders must register with banks their intention to give up information to the Revenue Department.
The Revenue Department explained that people with savings of about Bt4 million would get interest returns of more than Bt20,000, while the remaining 99 per cent of bank accounts have on average less than Bt1 million in savings.
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