Blockchain technology attracted the governments’ attention during the past few years. Although it was young and new technology in its early days, it’s getting mature over the time. In fact, many institutions and governments are realizing the potentials and capabilities of blockchain technology. Therefore, they are intending to use this revolutionizing technology in different sectors. Blockchain provides an immune, transparent and secure platform to store data or perform financial transactions. As a result, governments and institutions also attracted to use this technology for different purposes such as voting, chain supply, insurance, and taxes. In the latest news from technology world, Thailand will use blockchain to collect taxes in 2021.
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Thai tax collectors aimed to create streamline of revenue using blockchain
The main reason that Thailand intended to use blockchain is that it helps the government to prevent tax evasion. In fact, Thailand’s tax collection agency would use blockchain technology in order to streamline tax payments by the next coming year.
Thailand’s economy is experiencing a gradual recovery. Meanwhile, the Excise Department will use blockchain in order to improve its revenue collection.
The Bangkok Post reported that, Lavaron Sangsnit, the director general, emphasized that new policies do not have to affect on the national economic recovery.
In fact, the government planned to collect 530 billion baht, which is roughly $17.5 billion in the year of 2020. This amount is almost 3.3% less than 2019.
Thailand will use blockchain to collect taxes; More departments in Thailand will use blockchain technology
Moreover, the Revenue and Customs Department will employ blockchain as well. Sangsnit believes that this technology could help these departments in order to calculate tax liabilities, prices and import duties.
In fact, these three different departments intended to prevent tax evasion by combining the blockchain-based collection data into a single database.
Moreover, the Excise Department started to use blockchain for evaluating tax refunds for oil exporters. In fact, using blockchain technology made the process much faster as well as bring transparency.