The Thai Revenue Department has bared its plans to monitor tax payments with the use of blockchain and maсhine learning.
This is according to a report from local news outlet Bangkok Post.
Ekniti Nitithanprapas, the Revenue Department’s director-general, reportedly said that blockchain would be utilized to verify the authenticity of taxes paid and to hasten the tax refund process.
Machine learning, in its turn, would help reveal tax fraud and make for more transparency, Nitithanprapas also said. The official went on and said that a digital tax collection system founded on contemporary technologies is one of the government’s top urgencies.
Nitithanprapas, who has also been functioning as International Economic Advisor of Fiscal Policy Office for the country’s Ministry of Finance since 2015, did not exactly say when the Department’s experiment with blockchain was going to commence or which specific solutions it would use.
The Thai Revenue department is following the path of the country’s Ministry of Commerce when it comes to the adoption of nascent technology – the Ministry recently declared that it would test decentralized solutions in copyright, agriculture, and trade finance. The Thai official responsible for the project expounded that blockchain feasibility studies would point to processing digital IDs, IP registration management, and security, as well as smart contracts.
Thailand’s finance industry also has a stake in rolling out blockchain networks. In October, Thailand’s oldest bank, Siam Commercial Bank, collaborated with global management consultancy firm Accenture to release a blockchain platform for supply chains.
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