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The fight against tax fraud: Thai government is considering the use of Blockchain

the In the fight against tax crime is considering the Thai government to resort to the Blockchain. In order to prevent fake tax refund claims, the Treasury pla

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The fight against tax fraud: Thai government is considering the use of Blockchain
the In the fight against tax crime is considering the Thai government to resort to the Blockchain. In order to prevent fake tax refund claims, the Treasury plans Tests of Distributed Ledger technology (DLT). This would make Thailand the first country in the world, which the crypto-technology integrated in its tax administration.

By Phillip Horch
On 7. December 2018 share Facebook Twitter LinkedIn xing mail

According to a report in the Bangkok Post Blockchain for verification of VAT refund claims (so-called "VAT Refund") to be used. The plane, according to the tax office-the chief Ekniti Nitithanprapas fraud in the use of Artificial intelligence and Big Data to detect Patterns in the tax. To make the criminal practice of illegal recovery of tax in the country in the end.

Blockchain in Thailand on the rise

The chances are good, followed the country but recently a conservative, but advanced Blockchain-policy. So Thailand makes use of the Blockchain for example, in the financial industry. After the Thai Central shared Bank "Bank of Thailand" (BOT) in August, with investment in the Kryptos sector, she wants to have for the first quarter of 2019, the development of a crypto-currency is completed. Eight national commercial banks were invited to participate.

Also in the area of money laundering, the Southeast Asian Kingdom, shows itself to be progressive. Instead of regulations and prohibitions, the anti-puts-money-laundering-authority on Innovation: in the Future, the crypto police to have a digital Wallet for confiscated currencies.

Blockchain against tax fraud in China tested

First experience with a DLT, as a means to combat tax evasion, there are already in China: In Shenzhen, the Internet group Tencent by the city Council with the development of an "Intelligent Tax" ("intelligent control"). This is intended to detect tax fraud. Furthermore, it is planned to make payment processes through the introduction of digital payment technologies more transparent.

It is to be hoped that Thailand adopted a more crypto friendly laws. So it would track in a controlled, but open for many applications. In this, the state benefits from Blockchain and adapts its security architecture at the same time offensive.

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