Tax authority wants to rationalise revenues with Blockchain

Thailand: Tax authority wants to rationalise revenues with Blockchain

Blockchain is designed to make tax evasion in Thailand more difficult.

The Thai tax authority wants to use block chain technology to rationalise tax payments next year.

The tax authority wants to use Bitcoin Profit scam block chain technology to improve its way of collecting taxes instead of increasing taxes. The Thai economy is gradually recovering.

According to a report in the Bangkok Post, Director General Lavaron Sangsnit stressed that new policy measures should not hinder the recovery of the country’s economy and that tax increases could bring the still fragile economy to a standstill.

The government has set itself the goal of raising $17.5 billion for the fiscal year 2020, which is 3.3 percent less than in 2019, when $18 billion was raised.

In 2021, the tax and customs authorities will also integrate block chain technology

Sangsnit said Blockchain will help these departments calculate tax liabilities, import duties and prices.

The three departments intend to combine block-chain-based surveys into a single database. This should make tax evasion more difficult.

Since last year, the tax authorities have been implementing block chain technology to assess tax refunds for oil exporters. This requires oil exporters to pay excise duties. Overpaid taxes can then be recovered once they have delivered the oil. The use of DLT technology should make this process faster and more transparent for oil exporters.

Revenues from oil exports make up a crucial part of the Thai government’s budget and amount to about US$ 6.6 billion per year. That is about two thirds of all annual revenues.

Sangsnit said this new system should be fully operational for oil exporters by the first quarter of 2021.

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