Tax Authorities in Thailand Turn to Blockchain Technology
In trying to fight the evasion of taxes, the tax collection body in Thailand has turned to blockchain, among other technologies, to help it succeed. Ekniti Nitithanprapas, the GM of the department of revenue, has stated that the government organization will start employing blockchain technology to verify if owed taxes have been paid in full or not.
A distributed ledger system is going to be implemented in order to speed up the process of refunding taxes by the department, which is a part of Thailand’s Ministry of Finance. Nitithanprapas, who became GM at the beginning of the year, noted that his highest priority is implementing a blockchain system, as well as, a machine learning system to be used in the collection of taxes.
Fighting Corruption with Blockchain
This decision comes after a seminar hosted by the country’s Institute of Justice talked about how blockchain has the possibility to be used as a way to enhance transparency and fight crimes of corruption by the government, as per Torplus Yomnak, a corruption researcher.
Yomnak also stated that the technology can be used to promote control in both the public and the private sectors. Within the public sector, the technology can ensure transparency of the declaration of assets by officers and servants of the state.
More Applications by Government Entities
Furthermore, another government organization in Thailand decided to look into the benefits of blockchain technology starting from a month prior to the current announcement. The Ministry of Commerce has announced that it has been learning about the technology and hopes to explore it further by creating related feasibility studies to see how it can be implemented in financial trading and the registration of intellectual properties.
Blockchain technology is being considered by the office of trading policy and strategy within the ministry, as a possible solution by way of reducing costs and speeding up the financial trading process. It will also to support some administrative projects when registering intellectual properties. The study includes various topics which include how smart contracts work, also a look into the law for IP and interviews with stakeholders.
Early on this year, the stock exchange in the country launched a crowdfunding network, that’s based on blockchain technology aiming at startup companies. That crowdfunding platform, which is referred to as LiVE, provides small firms with access to direct funding from institutional investors or venture capitalists. The platform is looking to give businesses the chance to expand and be connected to larger entities that they may align with in the future by using blockchain technology.