Thai Excise Department to set up a blockchain-based tax refund system


The Excise Department of Thailand is preparing to set up a blockchain-based tax refund system for oil exporters.

The government agency is in talks with Krungthai Bank for developing the system, and plans to adopt it by mid-2020, according to a Bangkok Post report Monday.

Patchara Anuntasilpa, director-general of the department, told the news source that the blockchain-based system will help inspect tax payments thoroughly. The current system requires oil exporters to submit documents for tax exemption and the inspection is not as detailed as it could be.

Blockchain technology will let the department access and verify data related to oil exports (from refiners to depots to destination countries) quickly and accurately and is expected to speed up the refund process by three times and reduce export oil tax leakage, one anonymous source at the department was quoted as saying in the report.

The tax refund system is just one of the blockchain projects the agency is looking to work on with Krungthai Bank. It is also considering developing blockchain-based e-bank guarantees and annual fee payment for liquor and tobacco, among others. 

Last year, Thailand’s Revenue Department was also considering implementing blockchain technology to prevent fraudulent value-added tax (VAT) refund claims in the country. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC