Thailand is turning to blockchain technology to improve its revenue collection, a top tax agency official has revealed. The country has already begun integrating blockchain in the oil industry, with the launch scheduled for the first quarter of 2021.
Thailand’s economy, like every other country globally, has been adversely affected by the coronavirus pandemic. However, instead of raising the taxes it levies, the Thai government has focused on streamlining its revenue collection as it seeks to rebuild the economy. Blockchain technology has emerged as the solution, local newspaper Bangkok Post reports.
As per the paper, the country’s Excise Department will integrate blockchain technology to administer revenue collection for the fiscal year 2021. The department’s director general, Lavaron Sangsnit revealed recently that the revenue and customs divisions will both integrate blockchain technology.
Sangsnit believes that blockchain will enable the department to identify “the price, import duty and tax liability of each imported product.”
He stated, “The technology can help thoroughly assess revenue collection for each department and integrate revenue collection of the three government departments into a single database. With blockchain, tax evasion should be difficult because the three departments will conduct tax audits in coordination with each other.”
Read more: https://coingeek.com/thailand-turns-to-blockchain-to-improve-revenue-collection/
