Bangkok, THAILAND – Looks like Thailand is hopping on board the blockchain for taxes. Thailand’s Revenue Department has recently revealed their plans to adopt blockchain and machine learning to track tax avoidance, according to director-general Ekniti Nitithanprapas.
He revealed that blockchain technology will be utilised to verify whether taxes were paid correctly and to speed up the tax refund process. Machine learning will be used to study how taxes are evaded, enabling revenue officials to detect and track tax fraud in a more efficient and transparent manner.
Ninithanprapas has held the mantle of International Economic Advisor of Fiscal Policy Office for the country’s Ministry of Finance since 2015. He also announced that adoption of new technologies, big data and blockchain, and pursuing a digital tax collection system were his priorities.
Thailand has hit several milestones in blockchain and crypto regulation over the past year to become an outstanding example of what clear and concise regulation could do for the nascent industry. September saw Thai banking giant Kasikornbank partnering with Visa’s B2B Connect program to provide blockchain-powered solutions for cross-border payments.
Thailand currently imposes a 15% capital gain tax on crypto profits, although there is still plenty of wiggle room as it is left to individuals to report the gains. Earlier in May, the government had mulled over the possibility of applying a staggering 22% duty on crypto transactions and profits but was quickly scrapped.