Thai Revenue Sector Plans To Track Tax Payment Utilizing Blockchain

According to local news outlet Bangkok. the Thai Revenue Department has revealed its intentions to track tax payments utilizing blockchain and machine learning.

The Revenue Department’s director-general, Ekniti Nitithanprapas disclosed to the reporters that blockchain will be utilized to verify the validity of taxes paid and to accelerate the tax refund procedure.

Also, Nitithanprapas noted that Machine learning will help reveal tax scam and generate more straightforwardness. The official also notices that a digital tax collection system based on modern technologies is one of the government’s main objectives.

Three years ago, Nitithanprapas was also International Economic Advisor of Fiscal Policy Office for the country’s Ministry of Finance, did not reveal specifically when the department’s experience with blockchain was going to start or which particular answer would be applied.

The Thai revenue department is clearly following the way of the country’s Ministry of Commerce in terms of tech adoption – the Ministry declared a month prior that it will try out decentralized solutions in copyright, copyright, agriculture, and trade finance. The Thai official in charge of the project explained that blockchain feasibility studies would refer to processing digital IDs, IP registration management, and protection along with smart contracts.

Thailand’s finance business sector has a stake in deploying blockchain networks. Last month, Slam Commercial bank which is Thailand’s oldest bank and it has partnered with Accenture, a global management consultancy firm to release a blockchain platform for supply chains.

In September, Thailand’s fourth-biggest bank, Kasikornbank associated with visa’s B2B connect the program to give its customers with blockchain backed solutions for cross-border payments.