The Excise Department of Thailand is in talks with Krungthai Bank (KTB) on implementing the blockchain-based tax refund system. The effort is in regard to refund overpaid taxes to oil exporters in a manner that stems leakages, its chief says.
The Director-general Patchara Anuntasilpa said the system requires oil exporters to pay excise tax to the department and claim overpaid taxes after they ship the fuel. The technology will be adopted by the mid of next year.
According to Mr Patchara, the current practice requires oil exporters to submit documents for the tax waiver and the inspection is not as thorough as it could be. It might cost more time for the tax refund process. As per report, the excise tax exemption for oil exports amounts to 6 billion baht a year, and the new practice could create further costs to operators if the tax-collecting agency’s tax refund process is lengthy.
With the new system, the department could better inspect tax payments and prevent operators from smuggling exported oil for local sale while still enjoying tax benefits, not to mention, strengthening security and improve efficiency in data management.
Blockchain-based tax refund system is one of three pilot projects by the venture of the department and KTB, alongside e-bank guarantees and annual fee payment for liqueur, tobacco and playing card distribution licences.
What's Your Reaction?
A keen researcher who believes in enriching her knowledge. For Shuhada, the crypto world intrigues her sense and offers plenty of high delicious 'crypto cuisines'.