The Excise Department of Thailand is hoping the mixing of a blockchain system can assist it to boost revenues and assist the nation’s economic recovery.
In line with a recent official report by the Bangkok Post on Monday, the department will implement a system to form tax receipt collection more efficient, instead of raising taxes.
The Excise Department, which falls under the purview of the country’s Ministry of Finance, is liable for taxes on sales of certain goods and commodities manufactured or sold within the country.
Lavaron Sangsnit, the department’s director-general, said raising existing taxes would risk hindering Thailand’s economic recovery, so instead the department searched for alternative ways to satisfy the finance ministry’s tax targets.
Blockchain technology is going to be employed for the aim of tax income collection for the 2021 financial year, he added.
The nation’s two other tax agencies, the Revenue Department and Customs Department will also begin rolling out blockchain systems in their operations, consistent with the report.
Lavaron added that the tax evasion would be tons harder with the blockchain integrations, as the three departments will now be able to coordinate when conducting tax audits.
Earlier last year, the Excise Department began developing a blockchain-based system for assessing the tax returns of oil exports due to the massive revenue generated by the industry. That system is predicted to roll call at the primary quarter of next year, consistent with the department chief.