Thai Revenue Department has revealed its plans of working on tracking tax payments using blockchain technology.
According to Ekniti Nitithanprapas, the Revenue Department’s director-general, blockchain will be used to verify the validity of taxes in order to speed up the tax refund process. Additionally, machine learning will help in revealing tax fraud, also adding more transparency and security, Nitithanprapas noted. It’s not yet announced when the system will be launched live.
The Thai Revenue Department is following the footsteps of the country’s Ministry of Commerce, which announced last month that it would run a pilot program of applying decentralized solutions in copyright, agriculture, and trade finance. According to the Ministry officials, the system will involve the processing of digital IDs, IP registration management, security, as well as smart contracts.
In further exploration of blockchain, Thailand’s finance industry also got involved in blockchain, partnering up with global management consultancy firm Accenture to release a blockchain platform for supply chains.
Additionally, according to one of the largest banks in Thailand, Kasikornbank, they’ve also stepped their foot into the door of crypto. Just about a month ago, on September 20, the bank has announced its partnership with Visa’s B2B Connect program in order to provide its customers with blockchain-powered solutions for cross-border payments.