The Revenue Department of Thailand is testing blockchain to keep track of value-added tax (VAT) payments.
This is according to a report from media outlet Bangkok Post (BP).
Ekniti Nitithanprapas, the director general of the Thai Revenue Department, conveyed that the department “wants to use blockchain technology to prevent VAT refund fraud.” According to the report, the country is “on the path to becoming the first country to use the distributed ledger for tax probes if the technology is adopted.”
Nitithanprapas explained that “blockchain is expected to help verify VAT invoices” and “root out fake invoices for VAT claims,” defining “adoption of new technologies” as his priority.
Thailand’s revenue department has also “set its sights on adopting machine learning and using artificial intelligence to learn and study tax-cheating practices” to ultimately “compel more people to enter the formal tax system.”
The deputy secretary of the Thai Securities and Exchanges Commission, Tipsuda Thavaramara, has stated of late that Thai-based Security Token Offerings (STOs) would violate regulations if they were released in foreign markets.
Thavaramara relayed that the regulator hasn’t ruled “how to deal with STOs” yet. In addition, Thailand also seeks to legalize Initial Coin Offerings (ICOs), while also authorizing crypto exchanges and legitimizing cryptocurrency through regulation.
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