Dear Valued Customers,

Thai Revenue Department (RD) has issued a Director-General Notification (No.346) on 3rd of May, 2019, which provided guidelines on how to obtain income tax exemption on interest earned from savings deposit. Eligible customers whose information has been submitted to RD will be able to obtain income tax exemption on interest earned from savings deposit under RD conditions. BOCT is thus required to submit information on interests paid to savings accounts deposit in compliance with the agreed resolutions between Thai Revenue Department, Bank of Thailand (BOT), Association of Thai Banks Association (TBA) and Association of International Banks (AIB) in order to maximize customer convenience.

For those customers who do not intend to obtain income tax exemption are required to inform BOCT not to submit relevant information to RD in writing by filling out a “Notice of Intent to Decline Submission of Information on Savings Deposit Interest to the Revenue Department” at any of our branch offices in person. As a result, BOCT is liable to deduct 15% withholding tax as required by RD from interests paid to saving deposit. It shall be effective upon 7 working days have lapsed from the date receipt of such Notice. Customers shall present below documents to our Customer Service Representatives.
In case of contacting the bank by yourself.

• National Identification Card or other identification documents of the account holder and
• Savings account passbook (all Savings accounts opened with BOCT)

In case of not contacting the bank by yourself

• Power of Attorney (with Stamp Duty THB 10)
• A copy of National Identification Card of Delegator with authorized signature
• National Identification Card of the Attorney
• Savings account passbook (all Savings accounts opened with BOCT)

A Notice of Intent to Decline Submission of Information on Savings Deposit Interest to the Revenue Department is now available in all BOCT branch offices. It needs to be filled out only once and remain effective until you inform us to make change. If we receive your Notice of Intent before 14th of May, 2019, withholding tax will be deducted from the interest paid in June for the first half year of 2019.

Yours Sincerely,

Bank of China (Thai) Public Company Limited (BOCT)
May 10,2019