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Home » Reader question » Reader question: Savings in Thailand regarding tax filing
Reader question: Savings in Thailand regarding tax filing
Dear readers,
I have had a (savings) account in Thailand for six months. I mainly use this account to pay less bank costs than with ATM withdrawals. Now I have a question about the upcoming income tax return (wealth tax).
My Thai account is currently almost empty (THB 140) and in January I will transfer money again from the Netherlands. Is there any point in completely emptying this account before December 31st and therefore not mentioning on my tax return that I have a Thai account? Or do I have to declare that THB 140 in savings abroad if I don't empty my account?
And would this have any consequences with my bank (Bangkok Bank)? They told me that I don't have to pay bank charges if I have an average of THB 2000 in my account in the year and that I can have it empty for half a year, but their English was limited and I'm not completely sure.
And if I want to transfer money from the Netherlands before the end of the year and therefore have a few thousand euros in my account in Thailand, how do they settle this with exchange rates, etc?
Yours faithfully,
Fred
you can take out a fikst account and you also get some interest
can be for 11 months 8 months depending on the offer
Yes that will be a super amount that has to be paid in tax on an amount of THB 140 such amounts are not even passed on.
The 2014 tax return states: were your, tax partner's and minor children's assets worth more than EUR 42.278? No: you do not need to complete questions 20 to 23. Question 20b is about bank and savings balances and premium depots abroad, by completing question 23. Foreign bank and savings balances and premium depots, specifying the bank country code and amount on the account as at 31-12-2014.
AOW pensioners with less joint property than 42.278E for 2014 can therefore maintain a tax-free bank account in Thailand with transfers of funds from the Netherlands as long as the total amount remains less.
Fred, you don't have to worry at all about the levying of income tax on your Dutch or Thai bank accounts by the Netherlands when living in Thailand. The levy on this has been allocated to Thailand (Article 11, paragraph 1 of the Tax Treaty between the Netherlands and Thailand). Now the 2nd paragraph does have an addition to this in the sense that in the source country it is also possible to levy based on a fixed rate. The Netherlands does not make use of this option. If it does wish to do so, national legislation must first be amended.
Gerardus Hartman, I read in your response that you received a question on your screen about savings, etc. in the Netherlands or abroad.
If, like Fred, you also live in Thailand, that can only indicate one thing: you have downloaded the wrong tax program. The tax return for non-residents only has 1 question when it comes to box 1 – savings and investments:
“In 2014, did you have (rights to) immovable property in the Netherlands or rights to profit in a company in the Netherlands?”
These rights are, again in accordance with the tax treaty, taxed in the Netherlands. But that's it.
Just as an addition: I assume that Fred is a resident of Thailand (already had a Thai bank account for six months) and is therefore a 'foreign taxpayer'.
I think Fred lives in the Netherlands so different rules apply. So one of us is reading it wrong.
No Johan, neither of us read it wrong. The questioner does not indicate this in his question. But that such a question is asked in Thailand blog makes me suspect that he lives in Thailand. Then there could be some doubt about where this is taxed: in the Netherlands or in Thailand. See also my addition to the first response.
If you live in the Netherlands, then it is clear that you fall under the scope of Dutch tax legislation and there can then be no doubt about where savings are taxed (I think).
But maybe the questioner can be more clear about this.
Yes, I just live in the Netherlands and only have this Thai account to be able to withdraw money cheaper.
In the Netherlands I have savings so I will have to pay wealth tax anyway.
So my question is whether it makes sense to keep my Thai account off the books. Because Henry can say that such amounts are not even passed on, but I just want to do everything according to the rules.
So far I have not seen an answer to my questions.
Then the matter is now completely clear Fred and you can read the answer to your question in a later response from me. You rightly question some responses, which indicate that there is no exchange between Thailand and the Netherlands (and vice versa) on this point. But I wrote it already: “what is not yet can come”. And something like this can be arranged very quickly. The Tax Treaty between the Netherlands and Thailand has an article regulating the obligation to exchange information in tax matters. The Ministry of Finance is on a "war path" when it comes to foreign savings accounts of Dutch taxpayers. And rightly so!
Several millions of taxpayers' money has been raked in in this way lately.
By the way, you yourself already indicate that you want to act entirely in accordance with the legal provisions. And that seems very sensible to me. See what else can happen my later post.
Incidentally, I also see that it is now only a very small amount, which is on the Thai account and it has little or no significance for your tax return for 2015. Please note that this even concerns the balances as at 1 January 2015. And then this Thai account may not even have existed. But you may want to expand this in the future to avoid recording costs. And then it is certainly important to include the Thai account in your Dutch income tax return!
It seems clear to me: you live in NL, then you must also declare assets on foreign accounts (regarding box 3). If you don't, you're evading tax. But what kind of amount are we talking about; how much do you want to transfer? 10 or 20.000 euros? If that is above the exemption limit, you save 1,2%, so 120 to 240 euros in tax if you start evading… Do you want to become a tax evader for that? With the risk that you might one day be caught and have to pay a fine?
I know that the tax pays special attention to large amounts that are withdrawn in cash at the end of December (by people who want to reduce their box 3 assets as of the reference date of 1 January).
It cannot be ruled out that they also pay attention to large amounts that are transferred abroad.
I have deregistered from NL and only have to declare my box 3 possessions in NL.
Do Thai banks pass on credit balances of foreigners?
Johan, that hasn't happened yet, but you just have to think 'what hasn't happened can come'.
By the way, I would never post such a suggestive comment in a public blog or forum. If you, as a 'domestic taxpayer', conceal savings etc. held abroad and the Tax and Customs Administration gets the finger behind this (which happens more and more often), then 'Leiden is in burden'. Or say the whole of the Netherlands. If this is of any significance, you can count on an additional tax assessment and an offense fine of 100%. The voluntary disclosure scheme has come to an end.
Then you can only hope that this fine will be settled in the form of an 'administrative fine' and will not be taken to criminal law, because then not only the Netherlands will be in charge, but the whole of Europe.
As a tax specialist, specializing in international tax law, I will never make a suggestion in that direction to Dutch clients (yes: I also have a few of them). Because if that can be demonstrated by the tax authorities, then I can count on the same fine as my client. And my company WA is not designed for that!
Wouldn't you better leave such capital in a safe place. That way you won't get any problems.