Thailand to Launch a Blockchain-based Tax Refund System
Main page News, Cryptocurrency
Hot topic
26 November
116 116

Thailand's internal tax department is reportedly developing a new blockchain system for tax refunds to oil exporters, local news source Bangkok Post has reported making reference to statements by Patchara Anuntasilpa, the department's director-general.

The agency is reportedly negotiating with local bank Krungthai Bank to develop this system, whose launch is expected to happen by mid-2020.

This new system will allow officials to carry out an exhaustive analysis of the taxes paid by oil exporting companies and calculate whether they are eligible for a tax refund. The current system forces these companies to provide a large amount of documents, which makes the analysis process slow, tedious and not as comprehensive as it should be.

Blockchain tech will allow the department to access and verify data related to oil exports (from refineries to depots to destination countries) quickly and accurately, and is expected to speed up the refund process.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error
Close