According to local news source Bangkok Post, the Thai Revenue Department will employ blockchain technology and machine learning to monitor tax payments.
The agency Director General, Ekniti Nitithanprapas made this known to reporters and pointed out areas where blockchain could help ease their workloads such as validation of paid taxes and refundment of taxes.
Mr. Ekniti affirmed that if the Revenue Department embrace blockchain technology for this purpose, then the processing of taxes can be faster and with little room for errors like the current model.
Another new-edge technology that will be used for tax collection in Thailand is machine learning. According to the top official, ML will help the agency to study how citizens evade taxes. Armed with this information, tax workers can accurately track tax fraud and bring more transparency into the space.
Even though Ekniti did not provide any timeline on when the country will start experimenting with blockchain and ML, he said that building a digital tax collection system was one of his ‘priorities’.
Efforts To Deploy Blockchain Technology In Thailand
In recent times, there has been no shortage of efforts to introduce blockchain technology in Thailand. The Thai Ministry of Commerce revealed last month that it had begun studies that will show how the invention can apply to copyright, agriculture, and trade finance.
Also in October, Siam Bank, the oldest financial institution in the country announced that it would use blockchain for its supply chain after partner with global management consultancy company, Accenture.
It is expected that more firms operating within the Thai region will open their eyes to the numerous opportunities that blockchain could bring to their enterprise.