Thai Government Trials Blockchain in Fight Against Tax Fraud
Government agencies in Thailand are testing blockchain tech as a means of tracking VAT in Thailand.
According to a report by Bangkok branch in Thailand on Monday, the IRS is considering implementing a blockchain to prevent fraudulent VAT refund claims. VAT is a form of consumption tax imposed on goods and services.
Ekniti Nitithanprapas, Sales Director, says the blockchain will help identify VAT invoices and helps eliminate things that are not real. The agency also plans to use emerging technologies such as machine learning, artificial intelligence and Big Data to prevent tax evasion and fraud.
The news comes after the Chinese tax authorities took similar measures in May. At that time, the Shenzhen Internal Revenue Service partnered with Internet giant Tencent to use block chains to prevent tax evasion.
The project aimed at eliminating fake invoices and creating digital invoices on block-chain platforms with proof of purchase of goods and services for the purpose of "improving the invoice supervision process."
Thailand has begun adopting block-chain technology in other areas. In June, the Bank of Thailand, the central bank of Thailand, said it had tried its own cryptocurrency to make transactions between banks faster and cheaper.
In July, the Thai Bond Market Association, a self-regulatory agency, said it is developing a private block-chain system to accelerate the settlement of corporate bonds in Thailand.
Image of revenue department through Shutterstock in Thailand
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