According to a Bangkok Post reported, Thailand’s Excise Department will implement a system to make tax collection more efficient instead of raising taxes. Of course, that system will be a blockchain system with the expectation that it will help increase revenue and support national economic recovery.
Thailand’s Excise Department will use Blockchain to streamline tax payments next year
The department’s director-general, Lavaron Sangsnit, said increasing existing taxes would risk hindering Thailand’s economic recovery, so instead, the ministry has sought different ways to respond to Tax targets of the Ministry of Finance. According to him, blockchain will be used for tax collection purposes for the fiscal year 2021. The government aims to collect 530 billion Baht ($ 17.5 billion) for the fiscal year 2020, 3.3% less than the 548 billion Baht ($ 18 billion) collected in 2019.
The nation’s two other tax authorities, the Revenue Department and the Customs Department, will also begin implementing blockchain systems in their operations. According to Lavaron, tax evasion will be a lot more difficult with blockchain integration, because the three departments will be able to coordinate when conducting tax checks.
Last year, the Internal Revenue Service began developing a blockchain-based system to assess oil export taxes generated by the industry. That system is expected to launch in the first quarter of next year, according to the division manager.
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