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Thai tax collectors will streamline their processes with blockchain technology in 2021

Thailand’s tax authority will use blockchain technology to optimize tax payment next year.

The excise department will use blockchain technology to improve tax collection rather than actually increasing itas the Thai economy is still gradually recovering.

According to a report by the Bangkok Post, CEO Lavaron Sangsnit emphasized this The new policy should not affect the recovery of the economy and that higher taxes could slow the still fragile situation.

Thai tax collectors will streamline their processes with blockchain technology in 2021
Thai tax collectors will streamline their processes with blockchain technology in 2021

The government plans to raise 530 billion baht ($ 17.5 billion) by fiscal 20203.3% less than the 548 billion baht ($ 18 billion) raised in 2019.

In 2021, the tax and customs departments will also incorporate blockchain technology into their operations. Sangsnit said blockchain will help these departments calculate tax obligations, import duties and prices.

The three departments will combine the blockchain-based acquisition data in a single databasewhich supposedly will make tax evasion more difficult.

Last year, The excise department started implementing blockchain technology to assess tax refunds for oil exporters. The regime mandates that oil exporters pay excise duties after the fuel is shipped and claim overpaid taxes. According to reports Using a distributed ledger makes the application process faster and more transparent for oil exporters.

Oil export revenues are an important part of the Thai government’s budgetThis equates to about 200 billion baht per year ($ 6.6 billion), or about two-thirds of all revenue generated annually.

Sangsnit said that This new system for oil exporters should be fully operational in the first quarter of 2021.

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