Blockchain tech will reportedly be utilized by the tax collection department of Thailand, in a bid to make the tax payment process better in 2021.
Specifically, the Excise Department has reportedly turned to blockchain as a viable solution, in an effort to boost its revenue collection, rather than actually bringing up the tax level, as the nation’s economy is still getting back on track.
director-general Lavaron Sangsnit reportedly remarked that new policies should not have any impact on the process of getting the national economy back on track, and that tax increase may affect the currently fragile situation.
The authorities reportedly plan to reel in 530 billion baht ($17.5 billion) for this business year, lower than the 548 billion baht ($18 billion) secured last year by 3.3%.
In 2021, the Revenue and Customs Departments reportedly looks to finalize the incorporation of blockchain into their systems. Sangsnit reportedly revealed that blockchain will provide assistance for these agencies, regarding tax liabilities calculation and duties and prices import.
The three agencies will reportedly put together the gather collection information into a joint database, which is expected to create significant hardship for tax evasion.
In 2019, the Excise Department initiated the implementation of blockchain for oil exporters-focused tax refunds assessment. The regime will need payment from oil exporters, regarding excise taxes, as well as claiming overpaid taxes in the post-fuel shipping stage.