Thai finance agencies to adopt blockchain technology to enhance efficiency

Source: Xinhua| 2019-11-14 00:03:22|Editor: Mu Xuequan
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BANGKOK, Nov. 13 (Xinhua) -- Thai Finance Ministry on Wednesday announced that its key finance agencies will be adopting blockchain technology and artificial intelligence starting from November 28.

"These finance agencies under the ministry will begin to streamline work processes utilizing innovative technology to target time efficiency and eventually eliminate papers piling up at work," said Finance Minister Uttama Savanayana. "The Revenue Department and Customs Department will be adopting blockchain technology end month."

The blockchain technology would be used for information associated with value-added tax and inspecting VAT refunds, said Uttama.

The finance minister also said that the two departments and state-owned Krungthai Bank will provide VAT Refunds for Tourists (VRT) via a new mobile application called VRT Blockchain.

The blockchain system will help speed up the process and reduce fraud as over two million foreign tourists applied for tax refunds each year, said Uttama.

Also, the tax-collecting agencies would be able to maximize its working and inspection efficiency by using blockchain technology, he said, adding that the technology can help handle data involving budget procurement and bond issuance as well.