With companies embracing their own payroll management system, and financial software across the world improving to become reliable tools for use in key functions, the Thai government has decided to take their own shot with more modern developments.
Early in November, the Thai Revenue Department revealed that it had plans to track tax payments via blockchain and machine learning. According to Ekniti Nitithanpraps, the Revenue Department’s Director-General, stated to local reports that blockchain will be used in order to confirm the validity of taxes paid, as well as to speed up the Revenue Department’s refund process.
Machine learning, meanwhile, will help reveal tax fraud and create more transparency in the department’s taxation process, according to Nitithanprapas. The official also stated that a digital tax collection system that was improved via the utilization of modern technologies is one the Thai government’s biggest priorities.
There are no details as to when the Department’s experiment with blockchain would being or which specific steps and solutions it would use. Nitithanprapas, who has also been Thailand’s International Economic Advisor of Fiscal Policy Office for the Ministry of Finance since 2015, did not divulge any details.
The Thai Revenue Department is following the Ministry of Commerce’s ways of tech adoption. Around October, the Ministry of Commerce revealed that it would be trying out decentralized solutions when it comes to copyright, agriculture and trade finance, as well other financial systems, like many a payroll management system or the like. The Thai official responsible for the project explained that there will be feasibility studies, with a focus on digital IDs, IP registration and security, as well as with smart contracts.
Thailand’s finance industry also has a good stake in deploying blockchain networks; Siam Commercial Bank, the oldest bank in Thailand, recently partnered with global management consultancy firm Accenture in order to release a blockchain platform for supply chains. The partnership started in October 2018.
Preceding that, however, Thailand’s fourth largest bank, Kasikorn bank, entered with partnership with Visa’s B2B connect program in September. This partnership was formed in order to provide customers with blockchain-powered solutions for cross-border payments.