BANGKOK, Nov 13 (TNA) – Thailand’s key finance agencies
including the Revenue Department and the Customs Department will launch the
project using blockchain technology on November 28.
Finance Minister Utama Savayanaya said on Wednesday that the
agencies were streamlining work processes toward utilization of the innovative
technology.
He said the blockchain technology would be used for
information associated with value-added tax and inspecting VAT refunds.
The Revenue Department and the Customs Department and the
state-owned Krungthai Bank will provide VAT Refunds for Tourists (VRT) via a
new mobile application (VRT Blockchain).
Uttama said after an agreement signing ceremony on the
project that the system would greatly speed up the process and reduce fraud as
over two million foreign tourists applied for tax refunds each year.
The tax-collecting agencies would increase working and
inspection efficiency by using blockchain technology, he said.
Uttama said blockchain technology would be used to handle
data involving budget procurement and bond issuance as well.(TNA)
