The Thai Taxation Office Plans To Use Blockchain Technology

by Coinworldstory

According to the Thai media “Bangkok Post”, the country’s tax bureau plans to use blockchain technology and machine learning to investigate tax avoidance.

The Commissioner of Inland Revenue, Ekniti Nitithanprapas, told reporters that blockchain technology will be used to verify the effectiveness of taxation and speed up the tax refund process.

At the same time, Nitithanprapas pointed out that one of the government’s top priorities is to adopt emerging technologies and digital tax systems.

It is understood that since 2015, Nitithanprapas has been an international economic consultant for the Fiscal Policy Office.

In terms of technology applications, the Thai tax authorities are clearly following the example of the Ministry of Commerce. Last month, the department announced that it would test blockchain-based solutions in areas such as copyright, agriculture and trade finance. The Thai official responsible for the project explained that the feasibility study of the blockchain will involve digital id, IP registration management and security, and smart contracts.

Thailand’s financial industry is also actively deploying blockchain networks. In October last year, Thailand’s veteran bank, Siam Commercial Bank, and the global management consulting firm Accenture launched a blockchain-based supply chain platform.

In September, Kasikorn Bank, Thailand’s fourth-largest bank, announced a partnership with Visa’s B2B Connect project to provide customers with cross-border payment solutions based on blockchain.

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