Tracking Tax Payments in Thailand
Thailand Revenue Department will trace tax payments using blockchain. The department revealed its plans concerning blockchain technology and machine learning.
Countries across the world try to implement blockchain tech into their benefit. Tax is one of the most significant issues. A few days ago, we reported on the Polish Tax Amendment including payments from cryptocurrencies.
Tracking tax payments
Thailand is no different from other countries. In May, the Asian country set new crypto regulations. Now, the Thai Revenue Department wants to track tax payments using blockchain.
Ekniti Nitithanprapas, the Revenue Department’s director-general, spoke with journalists. He said that blockchain would be used to verify the validity of taxes paid. The technology will also speed up the process of a tax refund.
Machine learning will create more transparency and help reveal tax fraud. The department’s director explained that building tax collection system based on new technologies is the top priority of the government.
Nitithanprapas didn’t reveal when the new experiment with blockchain implementation might start.
Follow other departments
Last month, the Ministry of Commerce announced that it will test decentralized solutions in copyright, agriculture, and trade finance. The Revenue Department is following the path of the Ministry.
There are other organizations in Thailand, who tried to develop blockchain-based networks. In October, Siam Commercial Bank, the Thai oldest bank, teamed up with Accenture to release a platform for supply chains based on the blockchain.
A month earlier, another bank in Thailand – Kasikornbank partnered with Visa to deliver its clients blockchain solutions for cross-border payments.
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