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Home » Reader question » Reader question: Tax return 2020
Reader question: Tax return 2020
Dear readers,
I live in the Netherlands and have had a bank book in Thailand since 2019 with the necessary amount to be able to live there according to the rules. Now my question is whether I have to declare this amount on the tax return form in the Netherlands of 2020?
I don't know much about computers hence this question.
Thanks in advance and hoping for a positive answer.
Regards,
Johan
I have a positive answer for you.
You just have to declare it and pay tax on it.
It is still your capital, even if it is not in the bank in the Netherlands.
Assets must be declared, including savings abroad.
For 2019, a tax-free allowance of EUR 30.360 applies for singles, EUR 60.720 for a partner.
Officially, of course, but the tax authorities will not know about it. So not indicated on your own responsibility.
Dear John
On your 2019 tax return, you must enter the balance of the Thai bank account on January 1, 2019 in box 3…. you enter the balance on 1 January 2019 in box 1 in your tax return for 2019
As a resident of the Netherlands, you must declare your worldwide income (ie everything, including income, savings, real estate, etc.) with your tax return!
See here:
https://www.geld.nl/sparen/service/buitenlands-spaargeld-belasting
https://www.belastingdienst.nl/wps/wcm/connect/bldcontentnl/belastingdienst/prive/internationaal/vermogen_en_buitenland/
Johan ,
yes you have to give that up every year it is your assets, and in 2020 Thailand will pass everything on to our country.
later they can see it as concealed hidden assets, I am in the same situation and also have a bank account in Thailand, and put it on the tax return in the Netherlands every year, under foreign assets.
Other than that you won't have any problems.
just ask your accountant in the Netherlands or someone who fills in your taxes.
regards, Jan
“and in 2020 Thailand will pass everything on to our country”
Source?
Bob and Cas, maybe read here. Big Bro is getting closer and closer!
https://www.belastingdienst.nl/wps/wcm/connect/bldcontentnl/belastingdienst/prive/internationaal/vermogen_en_buitenland/u_hebt_spaargeld_of+_beleggingen_buiten_nederland/u_hebt_spaargeld_of_beleggingen_buiten_nederland
@Johan
Thailand is apparently not yet as far as you suggest, although individual request will probably be considered.
https://austchamthailandadvance.com/2019/01/30/february-2019-crs-is-happening-now-and-creeping-around-the-world/
7 countries including Thailand not yet !! (can be found on 3/4 of page article)
In 2020, possibly. the interest income must be declared for the tax year 2019
But the money is in Thailand
However, due to the low interest rate and the amount of the interest amount, an exemption will probably follow.
In addition, the level of interest on savings up to EUR 100.000 would be exempted next year.
You better save yourself all that trouble
You have not had to declare interest income for many years. A notional return is assumed (which is unfortunately much higher than you can realize yourself on a savings account)
L. Lagemaat, when the current Income Tax Act was introduced almost 20 years ago, the capital gains tax was introduced in the Netherlands and the wealth tax was abolished. You pay on the capital, not on what it (does not) yield. Reference date is January 1 of the tax year. I would like to point out the clear explanation in this question by Lammert de Haan.
Hi John,
Foreign assets, such as a foreign bank account or a home abroad, must be declared in the Netherlands. The reference date for this is the situation as of 1 January of the tax year.
You indicate that it concerns the "tax form in the Netherlands of 2020". I assume you mean the income tax return for the tax year 2019.
You mention that you have held a bank account in Thailand since 2019. By this you probably mean that this bill started in the course of 2019. In that case, you do not have to declare this account in the Netherlands, as it did not yet contain a balance on 1 January 2019.
If this is different (i.e. already contains a balance as of January 1, 2019), then the questions in the income tax return regarding “Bank accounts and other assets” are important. You will find the relevant screen immediately after the “Income” and (if applicable) “Residential and other immovable property” screens.
At the top of the screen you will most likely already see a check mark next to “Bank and savings accounts” and perhaps also one or more other sections, such as “Investments”. At the bottom of the screen you will find the question: “On January 1, 2019, were these assets worth a total of more than € 30.360 (2020 € 30.846) or with a tax partner € 60.720 (2020 € 61.692). If this is not the case, select “no” and you will no longer be asked to answer any questions on this screen and you will automatically be taken to the next screen. If you check “yes”, you will see the pre-filled details of the bank accounts with the question at the end: “Did you (or your partner) still have a bank account?” If that is the case, click “Yes”. Then enter the name of the bank, the country and the balance of your Thai bank account as of January 1, 2019. You confirm the information on this screen by clicking on “Agree” at the bottom right of the screen. You will then automatically see the next declaration sheet on your screen.
Successful filing,
Lammert de Haan.
Hi Lambert,
So if I understand it correctly, you don't have to state anything if your total assets in TH and NL are below the exemption limit.
In NL we have a maximum of € 5-6000 in the savings account and in TH only the desired Thb 400,000.
We enjoy the rest as much as possible.
Thanks in advance
You understood that correctly, John.
At the bottom of the screen "Bank accounts and other assets" you answer the question "Were these assets worth more than € 1 resp. € 2019” with “No” and you automatically end up on the next screen of the declaration. You then have no capital to be taxed for box 30.360 – savings and investments, as this capital is lower than the amount to be exempted.
The amount to be exempted of € 30.360 resp. € 60.720 is already declared by the Tax and Customs Administration itself because you have already indicated in the tax return whether or not you have a tax partner.
I have had a home and bank account in Thailand for years and never declared…
If you live in Thailand then there is nothing to worry about. However, I suspect that you, like Johan, live in the Netherlands. Why else would you mention this anonymously in Thailand Blog?
In the Netherlands, the number of criminals is increasing day by day. You also fall into this category. Tax evasion (because that is what we are talking about after all) is an economic offense and is punishable by a (often high) fine or imprisonment. And that there is appreciation for this is an incomprehensible thing to me.
The chance of being caught for these types of economic crimes is increasing. Within the EU, complete data exchange with other countries already takes place. The number of bilateral treaties is also constantly increasing. Pursuant to Article 26, paragraph 1, of the “Treaty for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income and on Capital” concluded by the Netherlands with Thailand, the Dutch tax authorities offer the possibility to request the information you require from the Thai Revenue Department, in particular to prevent fraud. How long would it take until a bilateral treaty has been concluded between the Netherlands and Thailand to ensure the annual exchange of bank information? I suspect that this will certainly come to fruition within 12 years. And if that is the case, you can expect major problems.
As of January 1, 2019, the so-called "disclosure scheme" for previously concealed income from savings and investments abroad has been abolished. If this form of fraud is now discovered by the tax authorities, you can count on additional tax assessments for the past 12 years, plus a fine of 300% and tax interest. And then you are lucky that it is completed within the regime of administrative fines. If it is jacked up to criminal law, then you are “further from home”. That may be the penitentiary "De Marwei" in Leeuwarden, but certainly not in Thailand!
But don't worry: after all, you have a Thai savings account and a house located there that can be sold. If this is still not enough to pay the 12 additional tax assessments, plus the fines and tax interest, you may still have your own home in the Netherlands (which you must then convert into cash).
If you still declare this income and you continue to cooperate fully with the investigation by the Tax and Customs Administration, there is a chance that the fine will be reduced.