Thailand’s Revenue Department is planning to leverage blockchain technology and artificial intelligence to crack down on tax evasion, improve tax filing and refunds.
Tracking Defaulters Using New Technologies
The revenue department of Thailand is planning to adopt new technologies like blockchain and machine learning for probing cases of tax evasion according to the chief of the department.
The development was reported earlier by Bangkok Post. Ekniti Nitithanprapas, Director General of the department, said that blockchain technology would be used to monitor whether the tax had been paid correctly and to speed up the refund process.
According to Nitithanprapas, the agency also plans to leverage machine learning to gain an understanding of how taxes were being evaded and enable revenue officials to track such cases and create transparency.
The official had earlier mentioned that adoption of new technologies like blockchain and big data to digitize the tax collection process were high among his priorities.
Blockchain Friendly Thailand
Thailand has emerged as one of the most blockchain and crypto friendly nations around the world. The country has been quick to realize the potential of the technology and the economic benefits it can bring.
To attract start-ups planning to raise fund through ICOs, Thailand earlier in July put in place ICO regulations. The government has also legalized seven cryptocurrencies – Bitcoin, Ethereum, Bitcoin cash, Ethereum classic, Litecoin, Ripple, and Stellar.
The country’s financial regulator, Securities and Exchange Commission (SEC), has been vigilant in ensuring compliance to laws and keeping the Thai investors informed about the non-compliant firms and ICOs.
The government is not only keen to encourage investment in the country but is also eager to embrace blockchain technology. The Bank of Thailand had earlier announced its intention of using distributed ledger technology to develop and issue their own Central Bank Digital Currency (CBDC).
The project has been named as “Inthanon” and it is expected that the first phase would be completed by the first quarter of next year.
Earlier last week Live Bitcoin News has reported about how the government of Azerbaijan intends to use blockchain for housing and utilities. Dubai is another city that is fast moving in the direction of becoming the first blockchain powered city in the world.
What are your thoughts on the use of blockchain for monitoring of tax compliance? Let us know in the comments below.
Images courtesy of thairath.co.th, Shutterstock