By THE NATION
“Digital platform and blockchain technologies can improve te system security and reduce time when accessing complex information,” he said. “The Excise Department will work with Krung Thai Bank (KTB) in using these technologies in 3 pilot projects to improve the security, accuracy and transparency of the tax collection and refund system.”
The director-general further explained that the three projects are fuel-tax refunds, e-bank guarantees and license renewal for liquor, tobacco and playing cards.
Meanwhile, Payong Srivanich, president and executive director of Krung Thai Bank, said that the bank has opted for blockchain technology to enhance the data collection and refund of export tax on oil and petroleum products due to its superior data management efficiency compared to the traditional database system. “Furthermore, blockchain can ensure highest transparency and traceability throughout the process from refinery to warehouse and export destinations,” he said. “Exporters will benefit from reduced waiting time when they file for fuel tax refunds. It will be roughly 3 times faster than going through the normal process.”
“As for the e-bank guarantee service, entrepreneurs can submit their assets as excise tax collateral via a digital platform 24/7, which enables them to seamlessly manage their cash flow and reduces redundant filing procedures and waiting time,” said Payong. “Finally, the new license renewal service will feature faster and more convenient renewals for selected products. Entrepreneurs can simply input their license number at any 1,100 branches of KTB nationwide to get their license renewed immediately without having to come down to the Excise Department as in the past.”