The Thailand government is turning to blockchain technology to improve its tax collection, according to a top tax official.
Thailand’s economy, like every other country globally, has been adversely affected by the global pandemic. However, instead of raising the taxes, the Thai government has focused on streamlining its revenue collection. Blockchain technology has emerged as the solution.
The department’s director-general, Lavaron Sangsnit, revealed that the country’s Excise Department will integrate blockchain technology to administer revenue collection for the fiscal year 2021. The govermment believe that blockchain will enable the department to identify “the price, import duty, and tax liability of each imported product.”
The Asian country has already begun integrating blockchain in the oil industry, with the launch scheduled for the first quarter of 2021. Oil is the largest tax revenue generator in Thailand. The oil industry accounts for two-thirds of the Excise Department’s total revenue collection, approximately 200 billion baht ($6.7 billion) annually.