Bank interest comparison
Re: Bank interest comparison
So far, I have paid the resident tax rate of 6% on my one year deposits (at two different banks). The tax is automatically deducted by the bank from the interest payments.
AFAIK, the non-resident tax rate on bank interest is 14%.
This document also states these rates:
https://home.kpmg/content/dam/kpmg/kh/p ... beyond.pdf
"A person is a resident of Cambodia if the person is “domiciled in” or has a “principal place of abode” in Cambodia, or the person is present
in Cambodia for more than 182 days in the current tax year."
Perhaps some banks standard procedure is to consider all foreigners as non-residents. If you are a resident, I would go back and try to have the status changed.
AFAIK, the non-resident tax rate on bank interest is 14%.
This document also states these rates:
https://home.kpmg/content/dam/kpmg/kh/p ... beyond.pdf
"A person is a resident of Cambodia if the person is “domiciled in” or has a “principal place of abode” in Cambodia, or the person is present
in Cambodia for more than 182 days in the current tax year."
Perhaps some banks standard procedure is to consider all foreigners as non-residents. If you are a resident, I would go back and try to have the status changed.
Re: Bank interest comparison
Re: Bank interest comparison
I have TD with Prassac. The rate of tax for resident is 6%, not 4%. I had to go to my sangkat and register with them. I had to show my lease and the guy from Prasac had to come to my apartment to check I lived there! Then he confirmed with the sangkat that I did, they checked the lease. After about an hour and 5 x $5 notes being passed from desk to desk, I got a piece of paper that enabled Prasac to class me as a resident. If you want to see it I'll PM it to you, but I'm sure it's nothing special, just a proof of residence.
Re: Bank interest comparison
That’s just weird.Doc67 wrote: ↑Fri Apr 15, 2022 12:52 pmI have TD with Prassac. The rate of tax for resident is 6%, not 4%. I had to go to my sangkat and register with them. I had to show my lease and the guy from Prasac had to come to my apartment to check I lived there! Then he confirmed with the sangkat that I did, they checked the lease. After about an hour and 5 x $5 notes being passed from desk to desk, I got a piece of paper that enabled Prasac to class me as a resident. If you want to see it I'll PM it to you, but I'm sure it's nothing special, just a proof of residence.
People of the world, spice up your life.
Re: Bank interest comparison
That's not weird, Prasac were very keen to take my money and one of their staff knew exactly what to do and sorted it out with the Sangkat the same day, including explaining about the 5 x $5 tea money to get it done that day, instead of waiting for weeks.mannanman wrote: ↑Fri Apr 15, 2022 1:33 pmThat’s just weird.Doc67 wrote: ↑Fri Apr 15, 2022 12:52 pmI have TD with Prassac. The rate of tax for resident is 6%, not 4%. I had to go to my sangkat and register with them. I had to show my lease and the guy from Prasac had to come to my apartment to check I lived there! Then he confirmed with the sangkat that I did, they checked the lease. After about an hour and 5 x $5 notes being passed from desk to desk, I got a piece of paper that enabled Prasac to class me as a resident. If you want to see it I'll PM it to you, but I'm sure it's nothing special, just a proof of residence.
You want to hear weird? He texted me for about 2 weeks afterwards asking me if I was doing ok and generally behaving like he was my new best friend. That was the weird part!
Re: Bank interest comparison
And I was thinking that the FPCS came into place covering the expats residential situation.Doc67 wrote: ↑Fri Apr 15, 2022 1:42 pmThat's not weird, Prasac were very keen to take my money and one of their staff knew exactly what to do and sorted it out with the Sangkat the same day, including explaining about the 5 x $5 tea money to get it done that day, instead of waiting for weeks.mannanman wrote: ↑Fri Apr 15, 2022 1:33 pmThat’s just weird.Doc67 wrote: ↑Fri Apr 15, 2022 12:52 pmI have TD with Prassac. The rate of tax for resident is 6%, not 4%. I had to go to my sangkat and register with them. I had to show my lease and the guy from Prasac had to come to my apartment to check I lived there! Then he confirmed with the sangkat that I did, they checked the lease. After about an hour and 5 x $5 notes being passed from desk to desk, I got a piece of paper that enabled Prasac to class me as a resident. If you want to see it I'll PM it to you, but I'm sure it's nothing special, just a proof of residence.
You want to hear weird? He texted me for about 2 weeks afterwards asking me if I was doing ok and generally behaving like he was my new best friend. That was the weird part!
I have had problems in the past with the Sangkat, I could not pass the multiple $5 around the desks until I paid $100 at the police station.
By the way did you pay your new friend?
Always "hope" but never "expect".
- Clutch Cargo
- Expatriate
- Posts: 7743
- Joined: Mon Mar 26, 2018 3:09 pm
- Reputation: 6001
Re: Bank interest comparison
I have just savings accounts with ABA and Acleda. I haven't done any term deposits.
The ABA one pays me yearly interest and deducts 4% withholding tax.
The Acleda one pays me monthly interest and the last time I was charged withholding tax was in April 2021 where they charged me 4.5% on that particular month's interest. So that's a mystery as to how it works and I couldn't find info on their website.
The ABA one pays me yearly interest and deducts 4% withholding tax.
The Acleda one pays me monthly interest and the last time I was charged withholding tax was in April 2021 where they charged me 4.5% on that particular month's interest. So that's a mystery as to how it works and I couldn't find info on their website.
-
- Similar Topics
- Replies
- Views
- Last post
-
- 4 Replies
- 1974 Views
-
Last post by AndyKK
-
- 2 Replies
- 1225 Views
-
Last post by phuketrichard
-
- 0 Replies
- 1791 Views
-
Last post by CEOCambodiaNews
-
- 19 Replies
- 3606 Views
-
Last post by Jerry Atrick
-
- 33 Replies
- 8112 Views
-
Last post by armchairlawyer
-
- 8 Replies
- 2598 Views
-
Last post by Anchor Moy
Who is online
Users browsing this forum: Amazon [Bot] and 222 guests