Blockchain to cut tax evasion, boost revenue from next year

[webfact]

Blockchain to cut tax evasion, boost revenue from next year

By The Nation

 

Lavaron Sangsnit

 

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.

 

Source: https://www.nationthailand.com/business/30399045

 

 

-- © Copyright The Nation Thailand 2020-12-07

 

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[yellowboat]

3 hours ago, webfact 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.

This sounds like a stretch.   Credit card companies just used databases for years, and they did fine.    Block chains work well when you have multiple payers buying products and services from multiple sources.  A common fare system for separately own transit companies comes to mind.  This sounds like somebody bought a sales pitch without doing any research. 

[herfiehandbag]

15 minutes ago, yellowboat said:

This sounds like a stretch.   Credit card companies just used databases for years, and they did fine.    Block chains work well when you have multiple payers buying products and services from multiple sources.  A common fare system for separately own transit companies comes to mind.  This sounds like somebody bought a sales pitch without doing any research. 

It's just a buzzword. I doubt whether the chap enjoying his five minutes of fame has the faintest idea what "Blockchain technology" is.

 

There again, to be honest, neither do I, until recently I always thought it was something to do with the Torpoint Ferry!

Edited December 7, 2020 by herfiehandbag

[J Town]

Why does the image of a chimp about to perform surgery with a ballpeen hammer come to mind?

[RichardColeman]

After the disaster of tourism in 2020 and no high season and 2021 not looking great in the first 6 months, I think they'll be collecting LESS tax per head than more, as every body either hides it or declares bankruptcy !

[Nadia6]

12 hours ago, herfiehandbag said:

It's just a buzzword. I doubt whether the chap enjoying his five minutes of fame has the faintest idea what "Blockchain technology" is.

 

There again, to be honest, neither do I, until recently I always thought it was something to do with the Torpoint Ferry!

Get used to it every country will adopt Blockchain Thailand surprisingly is a leader in the adoption of Blockchain 

[ThailandRyan]

17 minutes ago, Nadia6 said:

Get used to it every country will adopt Blockchain Thailand surprisingly is a leader in the adoption of Blockchain 

Thailand a leader...Not.  There are already many countries that have already adopted Blockchain, so do some homework please.

https://news.bitcoin.com/ukraine-russia-south-africa-nigeria-cryptocurrency-adoption/#:~:text=Ukraine%2C Russia%2C China%2C South,blockchain data analytics firm Chainalysis.

 

Edited December 7, 2020 by ThailandRyan

[EdrigoSalvadore]

Why use blockchain? It is a very slow type of database to use, and if not decentralized it is pointless. 100% Ridiculous.

 

[ThailandRyan]

9 hours ago, EdrigoSalvadore said:

Why use blockchain? It is a very slow type of database to use, and if not decentralized it is pointless. 100% Ridiculous.

 

Blockchain slow? Blockchain is not a database. Do some more homework. 

https://hackernoon.com/databases-and-blockchains-the-difference-is-in-their-purpose-and-design-56ba6335778b