Thailand To Set Up Blockchain-Based Tax Refunds For Oil Exporters

Thailand’s excise department is looking to initiate a new way of refunding overpaid taxes to oil exporters by using blockchain technology.

On Nov. 25, the Bangkok Post reported that Thailand’s director-general, Patchara Anuntasilpa says that the excise department in Thailand will change its current tax refund practice by introducing a blockchain-based tax payback system. The report notes that it hopes to implement the new system by the middle of 2020.

Blockchain Will Make It Efficient To Inspect Tax Payments

Patchara explains that the tax payback system in the future will require oil exporters to pay the excise tax and claim overpaid taxes after they have shipped the fuel. He adds that blockchain technology will make it efficient to inspect the tax payments.

As of now, oil exporters are required to submit documents for a tax waiver, and the inspection is not as thorough as it could be.

The Excise Department will reportedly collaborate with the Krungthai Bank to develop the blockchain-based tax refund system. It is one of the three pilot projects. The other two projects involve e-bank guarantees, annual fee payment for liquor and tobacco, and playing card distribution licenses.

Blockchain-Based Renewables Platform

In September, PTT, a state-owned oil and gas company and Energy Web Foundation an energy nonprofit announced that it will jointly be developing a renewables platform based on blockchain. The aim is to develop a regional solution based on the Energy Web Chain. It will be compliant with the International Renewable Energy Certificate (I-REC) Standard and is public, “proof-of-authority” blockchain.

Recently, Thailand completed a blockchain trial for its national trade platform, conducted by the Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) in collaboration with NTT Data, a Japanese tech firm. The blockchain platform will be linked with other trade platforms in ASEAN to share digitized trade documents in the region.

Source: Bangkok Post | Cointelegraph

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