Blockchain to cut tax evasion, boost revenue from next year
Tax collection by the Excise Department will be boosted by blockchain technology from next year, said director general Lavaron Sangsnit.
Blockchain will be introduced early next year for taxation of imports, then for exported oil products in the first quarter.
The department is seeking ways to boost revenue without raising taxes by adopting new technology to enhance collection systems, Lavaron said.
The use of blockchain will enable the departments of Excise, Customs, and Revenue to share information on a real-time basis on taxable products, making it harder to evade tax, he added.
Exported oil products account for two-thirds (Bt200 billion) of annual excise tax revenue, said the director general.
Excise tax collected in the first two months of fiscal year 2021 were slightly up on the annual target of Bt600 billion, he added.
