Notification RE: Exemption on Personal Income Tax for interest from a saving deposit account

28 June 2019

According to the Director-General notification regarding income tax (No.346) Subject : Determination of rules, procedures and conditions for tax exemption from personal income tax on interest income received from saving deposit accounts which shall be effective from 4 April 2019 onward provides conditions as follows:

The total amount of interest income incurred from all saving deposit accounts with all banks received by depositor must not exceed 20,000 baht throughout the tax year.
The deposit account name and the tax identification number used to open a saving deposit account must belong to those who are responsible for personal income tax (the depositors must provide tax identification number to the Bank).
The depositor must allow the Bank to submit any information regarding the interest income incurred from saving deposit account to the Revenue Department.
If the depositors do not want the Bank to submit such information to the Revenue Department, the depositor must inform the Bank in the form as prescribed by the Bank and the Bank shall deduct withholding tax at the rate of 15% on the interest income received from all saving deposit accounts paid by the Bank even if the total interest income earned does not exceed 20,000 baht throughout the tax year.

Notification RE: Exemption on Personal Income Tax for interest from a saving deposit account