[ad_1]
The Inland Revenue of Thailand revealed its plans to track tax payments using the blockchain and the learning of the maîhines, the local newspaper Bangkok Post reported on 5 November.
Ekniti Nitithanprapas, director general of the revenue department, told reporters that the blockchain will be used to check the validity of the fees paid and to speed up the process of tax reimbursement.
Automatic learning, in turn, will help reveal tax fraud and create greater transparency, notes Nitithanprapas. The official also noted that a digital tax collection system based on modern technology is one of the top priorities of the government.
Nitithanprapas, who also served as an international economic advisor to the country's Ministry of Finance Tax Office since 2015, did not disclose exactly when the Department's experiments with blockchain would begin or what particular solutions would be used.
The Thai revenue department is evidently following the path of the country's Ministry of Commerce in terms of technological adoption: last month the ministry announced that it will look at decentralized solutions in the areas of copyright, agriculture and commercial finance. The Thai official in charge of the project explained that the feasibility studies of the blockchain refer to the processing of digital IDs, management of IP registration and security, together with smart contracts.
The Thai financial industry also has an interest in implementing blockchain networks. In October, the oldest bank in Thailand, Siam Commercial Bank, worked with the global management consulting firm Accenture to release a blockchain supply chain platform.
In September, the fourth largest bank in Thailand, Kasikornbank, partnered with Visa's B2B Connect program to provide its customers with blockchain cross-border payment solutions.
[ad_2]Source link
