Thailand Introduces Blockchain-Based Tax Refund System

Thailand has plans to develop its own blockchain-based tax system. Initially, Thailand‘s internal tax department has targeted oil exporters for the initial phase of this tax refund system. Blockchain tech will allow the department to access and verify data related to oil exports quickly. This system will speed up the refund process.

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Director-General Patchara Anuntasilpa claims to implement the system until mid next year. The department is in talks with Krungthai Bank (KTB) to set this system. The country further plans to add e-bank guarantees and annual fee payments distribution licenses.