fbpx

Thailand’s Revenue Dept Promotes Digitization and Blockchain

Asia Blockchain Review
June 18, 2019

The Revenue Department in Thailand has called on businesses to switch from paper-based documentation to using digital systems in order to reduce costs and enhance efficiency.

Thailand State Agencies Promote e-Invoices and e-Tax Filings

According to the Bangkok Post, the Revenue Department has urged businesses to use electronic receipts and electronic tax invoices to lower the costs associated with tax compliance.

Department Director-General Ekniti Nitithanprapas explained, “Entrepreneurs who issue paper-based tax invoices shoulder a total cost of around five baht per card. If they use the e-tax invoice system, the cost will be less than one baht per card.”

To this end, the department has inked a Memorandum of Understanding (MoU) with the state-run Electronic Transactions Development Agency (Public Organization) to promote the use of e-receipts and e-invoices.

According to Ekniti, the private sector can greatly increase its competitive edge and waste less time on tax invoice calculation and accounting by switching to e-invoices and submitting tax filings through online systems.

Tourist VAT Refunds to be Powered by Blockchain

The country imposes 7% value-added tax (VAT) on all sales of goods and services, but tourists are eligible for tax refunds on select goods at participating stores displaying the ‘VAT Refund For Tourists’ sign. Currently, tourists must apply for these refunds by presenting paper tax invoices to Customs and Revenue officials at airport departure terminals.

However, the Revenue Department has disclosed plans to adopt blockchain technology for a platform to process VAT refunds for tourists.

The move marks the latest push by the Thai government to promote digital business operations. In April 2019, the Cabinet approved a double tax deduction to incentivize businesses to make the digital transformation. With this measure, businesses can choose whether to invest in an electronic system or engage a service provider for digital solutions.

Source: https://www.bangkokpost.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
G20 Leaders: Crypto Assets Do not Pose a Threat
G20 leaders reaffirmed at the Osaka summit late last month that digital currencies are no threat to ...

July 17, 2019

Thai Business School, Blockchain Advisory Jointly Offer Blockchain Course
NIDA Business School, a leading graduate-level institution in Thailand, is collaborating with a bloc...

July 17, 2019

Blockchain Firm ConsenSys Secures $10M from South Korea’s SK Group
The investment from South Korea’s largest telecom comes as Asia’s fourth largest economy gets more i...

July 17, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us