Regulation

Thai Government Trials Blockchain in Fight Against Tax Fraud

“According to a report from the Bangkok Post on Monday, Thailand’s Revenue Department is considering implementing blockchain to prevent fraudulent VAT refund claims in the country. VAT is a form of consumption tax levied on goods and services. Ekniti Nitithanprapas, director-general of the Revenue Department was quoted as saying that blockchain would help verify VAT invoices and in turn help eliminate any that were not genuine. The agency is also reportedly planning to tap other emerging technologies such as machine learning, artificial intelligence and Big Data to prevent tax evasion and fraud.”