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ResourcesCorporate and Tax AdvisoryThailand Tax LawChanges to Procedures for Tax Refunds in Thailand for Foreigners

Changes to Procedures for Tax Refunds in Thailand for Foreigners

Transcript of the above video:

As the title of this video suggests, we are discussing tax refunds for foreigners here in the Kingdom and there have been some changes procedurally with respect to how tax refunds are granted in the Kingdom as of 2019; so refunds for fiscal year 2018.

Recently some stuff came to my attention. I am just going to go ahead and list a few things that have changed with respect to tax refunds.  So now in order to get one's refund, it used to be that the Revenue Department would just issue checks and then you go ahead and deposit the check, wait for it to clear, move on with your life.  Now, you actually have to deal directly with Krung Thai Bank here in the Kingdom. Moreover, you get this specific kind of documentation that is dealt with internally within Krung Thai and they give you kind of like an ATM card, for lack of better term, and you use that card to go ahead and withdraw your money.  Apparently this card is also going to be useful in the future, so moving forward for example the refund for the year 2019, it can again be used next year at your Krung Thai Bank to go ahead and withdraw those funds if one gets a refund for their 2019 tax return

So the thing to take away from this video is that there have being some substantial changes with respect to the procedures associated with tax refunds issued in the Kingdom. Notwithstanding whether or not one is a customer of Krung Thai Bank, it now appears as though it is going to be mandatory to go ahead and use Krung Thai Bank's facilities in order to obtain one's tax refund here in the Kingdom.