On Monday, the Bangkok Post reported that the Revenue Department of Thailand is now considering to implement the blockchain so as to prevent the the refund claims in the country in reference to VAT that are fraudulent.
VAT is basically a type of consumption tax that is levied by the government on the goods as well as services.
The Director General of the Revenue Department, Ekniti Nitithanprapas stated that this block-chain would be used to help in the verification of the invoices of refund claims of VAT in the country and thereby it would be eliminating any of the invoices that will not be genuine.
According to the reports the agency is also planning to get a hold of other technologies which are emerging in the current scenario.
These technologies include machine learning as well as artificial intelligence and Big Data so as to prevent any evasion of tax or frauds.
In May, the authorities of China have taken a move regarding the same and the news is in the wake of it.
During the same time, Tencent which is a giant in terms of technology partnered with the Shenzhen National Taxation Bureau so as to be able to use the technology of blockchain the fight which is against the evasion of tax.
This project exclusively aimed at creating invoices that are digital through blockchain as a genuine proof of the purchases made if the goods as well as services with the only intent of fighting against the fake invoices thereby reducing the chances of fraud.
Thailand has also started embracing the technology of blockchain in other areas as well.
The Central Bank of Thailand stated in June that the bank was then carrying out a proper trial of cryptocurrency of its own with an aim increasing the speed and decreasing the cost of the transactions which are interbank.
Source: CoinDesk, Investing
