Thailand is interested in using Blockchain info for Tax purposes
According to the Bangkok post report the Thailand Revenue Department, made an announcement that they will be using the Distributed Ledger Technology together with machine learning in order to avoid tax probes.
The Authorities have been busy with this in order to use blockchain info from the DLT technology to stop tax evasions. This was according to sources that are close to the matter.
The Thai Revenue Department has made it clear that it will be making use of Blockchain info from the technology developers along with machine learning in order to carry out tax avoidance acts.
Mr.Ekniti Nitithanprapas as the director of the Revenue Department has revealed that the agency will be using Blockchain info which would be gathered for their verification system in order to see whether workers have been paying the correct amount of taxes. This will also be speeding up the tax refunds processes.
In addition to this, the chief of the Revenue Department has hinted at Artificial Intelligence as one of the leading factors, that will be used to study the methods that are being used for tax evasion.
This will proactively track down tax fraudsters, and will also foster more transparency in the system.
The financial secretary Prasong Poontaneat commented on the developments happening in the Blockchain space.
She thinks that the need for a reliable financial account cannot be overemphasized, as this will allow businesses to build trust and bring in a new competitive edge.
Mr. Ekniti has also earlier stated that the adoption and integration of new technologies such as the implementation of Artificial Intelligence (AI) will work directly with the Distributed Ledger technology.
This is a top priority for his administration team as it will make things easier for the nation to have a digital tax collections system.
Thailand economy looking to develop on cryptocurrencies with DLT
Unlike other Asian countries like China which are regulating bitcoin and other digital currencies to the bin, and keeping a strong look on the Blockchain technology, Thailand has not yet warmed up to the idea of decentralized money like crypto.
However, Thailands authorities have been able to create a welcoming environment for nascent technologies to thrive in.
Back in early June of 2018 the Bank of Thailand which is considered the nations Apex Bank, made an annnouncement that it will move in collaboration with 14 local fiancial institutions.
This will be in order to investigate Blockchain info provided by the technology’s applications into the Thailands Banking ecosystem which they hope will revolutionize the sector.
As state by the Governor of the Bank of Thailand, Dr. Veerathai Santiprabhob:
“We are working in unison with the financial industry to integrate DLT into a vast array of banking applications”
According to a report, the Bond Market Association (TBMA) has revealed that it was actively studying the DLT developments as they are focused on developing a state-backed cryptocurrency called Bond coin, which will be targeting the securities market, settlements and clearance houses in the nation-state.
What are your thoughts about these developments happening in the industry? Do you think the blockchain info which will be obtained can be good enough to fight tax evasion? Please feel free to leave your thoughts down below.