News No.   :  18/2009

Date             :  23 July 2009

Subject        :  The Revenue Department exempts tax on interest arising from saving accounts with aggregate value of less than 20,000 baht.

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                         Mr. Vinai Vittavasgarnvej, Director-General of the Revenue Department announced that the Revenue Department has released to the Director-General’s notification No.181, dated 22 July 2009 concerning income tax which states that commercial banks do not have to withhold tax on interest from saving accounts with aggregate value of less than 20,000 baht. He said that, “An individual who receives interest income from various bank accounts with aggregate value exceeding 20,000 baht has to notify his banks to deduct 15% of withholding tax from his interest income.”