Thailand’s Revenue Dept Promotes Digitization and Blockchain

Asia Blockchain Review
June 18, 2019

The Revenue Department in Thailand has called on businesses to switch from paper-based documentation to using digital systems in order to reduce costs and enhance efficiency.

Thailand State Agencies Promote e-Invoices and e-Tax Filings

According to the Bangkok Post, the Revenue Department has urged businesses to use electronic receipts and electronic tax invoices to lower the costs associated with tax compliance.

Department Director-General Ekniti Nitithanprapas explained, “Entrepreneurs who issue paper-based tax invoices shoulder a total cost of around five baht per card. If they use the e-tax invoice system, the cost will be less than one baht per card.”

To this end, the department has inked a Memorandum of Understanding (MoU) with the state-run Electronic Transactions Development Agency (Public Organization) to promote the use of e-receipts and e-invoices.

According to Ekniti, the private sector can greatly increase its competitive edge and waste less time on tax invoice calculation and accounting by switching to e-invoices and submitting tax filings through online systems.

Tourist VAT Refunds to be Powered by Blockchain

The country imposes 7% value-added tax (VAT) on all sales of goods and services, but tourists are eligible for tax refunds on select goods at participating stores displaying the ‘VAT Refund For Tourists’ sign. Currently, tourists must apply for these refunds by presenting paper tax invoices to Customs and Revenue officials at airport departure terminals.

However, the Revenue Department has disclosed plans to adopt blockchain technology for a platform to process VAT refunds for tourists.

The move marks the latest push by the Thai government to promote digital business operations. In April 2019, the Cabinet approved a double tax deduction to incentivize businesses to make the digital transformation. With this measure, businesses can choose whether to invest in an electronic system or engage a service provider for digital solutions.

Source: https://www.bangkokpost.com


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