New Blockchain Trials For Fighting Tax Fraud In Thailand

In the latest blockchain news coming from Thailand, the government’s Revenue Department is preparing to start trailing blockchain technology for better value-added tax payments around the country.

According to a Bangkok Post report, the government agency will likely implement blockchain so they can effectively prevent fraudulent VAT refund claims, which are a form of consumption tax that is used for taxing goods and services.

The director general of the Revenue Department, Ekniti Nitithanprapas, noted that the blockchain technology can help VAT invoices verification and permanently get rid of those who are not original or genuine. Also, the agency is also considering other emerging technologies such as artificial intelligence and big data in order to prevent tax evasion.
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The Thai government was inspired by a similar step taken from China back in May this year. The Chinese government partnered with the internet giant Tencent to use blockchain so they can effectively fight tax evasion.

The goal was to create a digital invoice that is held on the blockchain platform as a proof for the purchase of goods and services and eventually fight fake invoices and improve the entire process.

This is not the only area where the Thai government considers embracing blockchain technology. Back in June, the Bank of Thailand carried out a similar trial for its own cryptocurrency that aimed to speed up and lower the cost of the interbank transactions. Also, in July, the Thailand Bond Market Association which is a self-regulatory organization announced that they are developing a private blockchain-based system so they could deliver a faster corporate bond settlement.