Thailand Govt Eyes Blockchain to track taxes


As the saying goes, nothing in life is certain, but death and taxes. To be sure of the fees, blockchain will seal the agreement?

Last week, Thailand's revenue department would bring blockchain projects to the fold to track tax payments, helped by machine learning. As reported in Asia Timesblockchain technology will be used to help block tax avoidance and track redemptions, among other activities.

Ekniti Nitithanprapas, director general of the revenue department, said the blockchain will be used to verify the fees that have been paid, as well as speeding up the tax reimbursement process. The appearance of machine learning will be used in an attempt to uncover fraud.

There was no explicit timetable for when the blockchain initiative would debut and will be published, Cointelegraph reported, although officials said the move towards a digital tax collection system remains a priority for the government. There is a precedent for the effort to collect digital taxes, as the country's trade ministry said in October that it will bring decentralized accounting technology to trade in finance, agriculture and copyright activities. As expected, smart contracts are linked to these blockchain goals.

Blockchain projects led by the bank are making progress in Thailand. During the fall season, Kasikornbank, the country's fourth largest bank, said it had partnered with Visa's B2B Connect program to use blockchain along with cross-border payments.

Blockchain bread

Separately, a blockchain pilot focused on commodity trading – and financing – was completed at the start of the month. As reported by S & P Global, Transoil International and Solaris have completed a transaction concerning the grain of the Black Sea. The sale involved a shipment of 25,000 tons, in which the blockchain was used to simplify the processes ranging from the resolution of disputes to monitor transactions.

The announcement is among the latest in a series of supply chain-focused blockchain titles aimed at enhancing transparency in cross-border transactions. The transaction was completed using the blockchain-based platform provided by Cerealia, which stated that "an independent reviewer reviewed all the important details of the blockchain trade and validated the smart contract, digital signatures, signed documents and timestamps. [The auditor] it also confirmed that the data was encrypted, that no other data was stored and that all data is updated. "

News follows the previous autumn titles, when a quarter of the major agricultural companies announced joint efforts to digitize cross-border grain trade through the use of artificial intelligence (AI) and blockchain, observing post-marketing processes. negotiation, which are often manual (and expensive) activities.

At the beginning of the month, it was reported that the Chinese Tencent made some moves using the blockchain for commercial finance through its Tencent Financial Technology unit. The supply chain financing solution, known as WeChain, is focused on small and medium-sized enterprises (SMEs). The offer, according to BlockchainStocks, is the one that will allow WeChat users to access commercial financing through smart devices. Tencent is in collaboration with Linklogis to build the platform.

The management of Tencent has stated in the past that the company must focus more on B2B processes. Blockchain will bring data security and credibility to trade in financial processes, said eCommerceDailyNews.

Tencent's news arrives when HSBC India and ING Bank Brussels performed a blockchain-based commercial financing operation between Reliance Industries and Tricon Energy. Blockchain had been used to establish a Letter of Credit (LC) transaction for shipping between companies. The transaction, called sources, was carried out through the use of the Rca blockchain platform.



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