KASIKORNBANK (KBank) has worked with the Revenue Department in debuting a deposit interest withholding tax data service via the e-Withholding Tax system on the Revenue Department’s website.
Both individual and business customers may conveniently request deposit interest withholding tax data 24 hours a day, without going to a Bank branch or keeping documents, allowing them to save time and commuting expenses. This initiative reinforces KBank’s status as a leading digital banking service provider while also supporting the Revenue Department’s e-tax service policy. The deposit interest withholding tax data will be available from July 10, 2021, onwards.
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Silawat Santivisat, KBank Senior Executive Vice President, said that KBank and the Revenue Department have for some time jointly offered e-Withholding Tax service for business customers with the aim of reducing their burden in preparing and filing withholding tax forms. Under the latest cooperative effort, the service has been further developed into the deposit interest withholding tax data service via the e-Withholding Tax system available for both individual and business customers. KBank is the first to offer this service in Thailand.
The deposit interest withholding tax data service via the e-Withholding Tax system on the Revenue Deparment’s website is offered to individual and business customers holding any type of deposit account with KBank in which the deposit interest is subject to withholding tax. Individual clients can request deposit interest withholding tax data to obtain tax refunds from the Revenue Department, while business customers can request such data to close their financial statements and file tax payment forms to the Revenue Department.
This service is designed to meet our customers’ needs during the current situation, as they will no longer need to visit a KBank branch to request withholding tax certificates, which was previously necessary.
Customers who do not wish to file a deposit interest withholding tax return can proceed as usual, in accordance with the Act promulgating the Revenue Code, B.E. 2481 (1938) Section 48(3)(a), which stipulates that income earners may elect not to include their interest income in the calculation of their annual income tax, as the Bank has already submitted their withholding tax data.
