Fri, March 29, 2024

How Thai Authorities Plan to Use Blockchain Technology

Thailand's Tourism-Dependent Economy Will Rise In Q4

Authorities not only in Thailand but other countries as well are working hard to cope with various illegal activities. It is worth mentioning that the country’s tax collection agency will use blockchain technology to streamline tax payments in 2021.

Interestingly, the Excise Department will use this technology to improve its revenue collection instead of actually raising taxes. It makes sense as the local companies are struggling to cope with challenges. According to Lavaron Sangsnit who serves as the director-general of the department, new policies should not affect the recovery of the local economy, and that raising taxes could create problems.

People should take into consideration that, the country’s government aims to collect 530 billion baht ($17.5 billion) for the fiscal year 2020. Last year the government collected $18 billion. 

It is worth noting that the Revenue and Customs Departments will also incorporate blockchain technology into their operations in 2021. Notably, blockchain will help the departments stated above calculate tax liabilities, import duties, and prices. 

Interestingly,  the departments will combine blockchain-based collection data into a single database, which will supposedly make tax evasion more difficult. 

Blockchain technology and oil exporters 

It is worth mentioning that the Excise Department which is part of the Ministry of Finance started to implement blockchain technology for assessing tax refunds for oil exporters. The regime will require oil exporters to pay excise taxes as well as claims overpaid taxes after they have shipped the fuel. Importantly, using a distributed ledger will reportedly make the claims process for oil exporters faster as well as more transparent. 

As a reminder, oil plays a very important role in Thailand. The revenue that comes from exporting oil represents a crucial part of the Thai government’s budget, accounting for around 200 billion baht per year ($6.6 billion) or around two-thirds of all revenues collected annually. The new system for oil exporters should be fully operational by the first quarter of 2021. 

The coronavirus pandemic continues to dominate the headlines for more than half a year. It is not surprising as the pandemic is not over yet. In this situation, the country’s government should try not to raise taxes as at least some companies may cease to exist due to this factor. Nevertheless, it is important to collect taxes in a timely manner. 

As mentioned earlier, the country’s tax collection agency will use blockchain technology to streamline tax payments in 2021. This way it will be easier to reach this goal. Moreover, other countries should also pay more attention to blockchain technology when it comes to collecting taxes.

YOU MAY ALSO LIKE

Wibest – NZD/USD: New Zealand dollar notes and coins.

Quick Look: NZD/USD drops below 0.6000 due to a stronger USD and

Dollar edges back from a 16-month peak

Quick Look: The dollar strengthens against major currencies before the crucial U.S.

Ford

Quick Look: CVA Family Office LLC snaps up 4,559 shares of Ford

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in