Thai Revenue Department To Use Blockchain To Track Tax Payments
The tax office will pair blockchain technology with machine learning, according to the director-general.
Thailand’s Revenue Department will use blockchain technology along with machine learning to improve the tax verification process and study methods used for tax evasion, per a November 5 article in The Bangkok Post.
It reports that Ekniti Nitithanprapas, director-general of Thailand’s Revenue Department, wants to utilize blockchain technology to help verify that the correct person paid the correct amount in taxes as well as to decrease the time it takes for citizens to receive a tax return.
Nitithanprapas stated that the Thai Revenue Department will look to machine learning to study the methods used to evade taxes. Thai officials hope this will allow them to more effectively uncover and track cases of tax fraud.
Nitithanprapas also mentioned that early adoption of emerging technology such as blockchain and the implementation of a “digital tax collection system” are among his top priorities.
Thail officials seem to be putting a lot of value on blockchain technology as of late. At the beginning of October, The Bangkok Post reported that the Thai Commerce Ministry had launched a feasibility study to research how blockchain technology could be applied to copyright management, agriculture, and trade finance. According to the article, Thai officials hope that the implementation of blockchain technology in these industries will “boost the country’s competitiveness and credibility.”
In June, Thailand’s central bank announced it had been researching how blockchain technology could improve efficiency and authentication in the area of supply chain finance and was even looking into the benefits of issuing a central bank digital currency.
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