By Staff Writer
The Revenue Department and the Comptroller-General’s Department of Thailand are set to launch a pilot project using blockchain technology in the next few weeks, aiming at streamlining work processes, according to Bangkok Post.
Finance Minister Uttama Savanayana said, the innovative technology will help in dealing with a lot of things like provide information associated with value-added tax and inspecting VAT refunds to reduce fraud and also connect data from three tax-collecting agencies (the Revenue Department, the Customs Department and the Excise Department) using blockchain technology to increase working and inspection efficiency.
Mr Uttama believes blockchain technology will be a boon to the Finance Ministry.
In fact, the Finance Ministry plans to harness big data to manage the information of the 14.6mn smartcard holders, including their debt, he said, adding that 29,763 recipients of the welfare scheme are indebted based on National Credit Bureau data.
When state welfare recipients can make payments through the mobile app; it will encourage small merchants to purchase smart cards and it shall encourage small shops to set up in communities said Mr Uttam.
Mr Uttama also instructed Prasong Poontaneat, the permanent secretary for finance, to establish a unit tasked with overseeing state welfare issues.