Thailand, like many other countries, is turning to blockchain technology to improve its financial stance. Ever since the launch of Bitcoin in 2012, there had been years of doubts and criticism about the technology being a bubble.
But now, countries and organizations have warmed up to the technology and looked at it as a solution to improve problems that the traditional banking system has created. Countries like China have been actively making plans to create and promote the digital Yuan and the European union’s plan to make a central digital euro to explore some benefits of the tech.
Thailand will use blockchain technology to generate revenue
A tax official of the country hinted the public on the current plans of the Asian country to infuse blockchain into essential parts to generate funds. The government revealed that it would be available within the first quarter of next year and will be integrated into systems. The global pandemic has affected all countries due to the decline in some activities that generates federal governments income.
Thailand is one out of hundreds of countries trying to return its economy to its previous state before the COVID-19. With the infections still rising, the Asian country tried to find an alternative to generate income to stabilize its economy. It has refused to increase tax pressure on its citizens by seeking to improve revenue collection through blockchain.
Bangkok Post, a trusted news source in the region, revealed that the excise department would use the tech to collect revenues by next year. A top executive in the department reported that both the customs and revenue department would use the new technology.
He further clarified that its use would help the departments quickly get some information on imported products like their prices and the taxes attached to the import. Lavaron Sangsnit, the executive, is also of the opinion that with the technology, revenue generated database will be easily accessed and collated from all departments.
The new integration will check tax evasion issues
In all part of the world, tax evasion is a severe problem, depriving the government of needed revenues to run its affairs and create economic stability. Thailand has suggested that blockchain could be the solution to check tax evasion in the area. The director-general believes that the central departments will spearhead the check against possible evasion and that the innovation would allow them to compare the tax returns in the oil industry.
He explained that oil was the primary tax generator in the country, and it would be checked before any other industry. The executive revealed that oil-products alone generated almost $7 billion in taxes for the country, and immense care must be given to it.
The central departments will audit accounts from tax generated industries to know if there are any discrepancies in that regard. Some countries have heavily increased taxes to reduce the effect of the pandemic. Still, it’s great to see that the Thailand government had refused to further burden its citizens by imbibing a more transparent tax auditing platform.
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