Thailand Introduces Blockchain-Based Tax Refunds for Oil Exporters
crazyfrog last edited by
The Excise Department in Thailand is poised to introduce a new way of refunding overpaid taxes to oil exporters by using blockchain technology.
On Nov. 25, director-general Patchara Anuntasilpa told the Bangkok Post that the Thailand Excise Department will change its current tax refund practice by introducing a blockchain-based tax payback system, which it hopes to implement by the middle of 2020.
One of three blockchain-based pilots
Patchara explained that the future tax payback system will require oil exporters to pay excise tax and claim overpaid taxes after they have shipped the fuel. Blockchain technology will make it more efficient for the department to inspect the tax payments, he added.
Currently, oil exporters are required to submit documents for a tax waiver, and the inspection is not as thorough as it could be, according to Patchara.
The Excise Department will reportedly collaborate with the Krungthai Bank to develop the blockchain-based tax refund system, which is one of three pilot projects. The other two projects involve e-bank guarantees, annual fee payment for liquor and tobacco, and playing card distribution licenses.
Oil and gas firm develops blockchain-based renewables platform
In September, the Thailand-based multinational energy conglomerate PTT and blockchain energy nonprofit Energy Web Foundation announced that they will build a blockchain-based renewables platform. The two parties were in the midst of developing a regional solution based on the Energy Web Chain, which will also be compliant with the International Renewable Energy Certificate (I-REC) Standard, which certifies renewable energy sources.
In 2018, Thailand reportedly produced about 28 million megawatt-hours of clean electricity, while just 0.16 million I-REC MWhs were issued. EWF CEO Jesse Morris said that the new blockchain-based platform will help to connect supply and demand for the certificates.
hola55 last edited by
It's great to see them trying to make a more innovative way for refunds.
supermario last edited by
Thailand's pretty advance with their technology too.
elixir last edited by
Sounds troublesome and efficient at the same time, in my opinion.
bell last edited by
Oil exporters are so important. Good that they're trying to make it easier for them to get refunds.
harrypotter last edited by
Thailand has some good ideas there they're working on.
So they're planning on changing the whole tax refund practice for all? Not just oilexporters then.
@hola55 if they work, great. If not, what a waste of resources.
@supermario It is. They're growing quite well and adapting to blockchain.
@elixir Is it more so than the current method though?
@bell They're planning to implement it further to tobacco too.
@harrypotter They can make it a globally-accepted practice.