Thailand’s tax collection agency plans to streamline tax payments next year using blockchain technology, Cointelegraph reports, citing local media.
The Excise Department will use the tech to improve its revenue collection as an alternative to raising taxes as the kingdom’s economy slowly recovers from the pandemic.
According to a Bangkok Post report, director-general Lavaron Sangsnit said the new policies should not undermine the domestic economic recovery and that raising taxes could have a negative impact.
The government aims to collect 530 billion baht ($17.5 billion) for the fiscal year 2020, 3.3% less than the 548 billion baht ($18 billion) collected in 2019.
In 2021, the Revenue and Customs Departments will also incorporate blockchain technology in their operations. Sangsnit said the tech will help them calculate tax liabilities, import duties and prices.