Just like Ohio introduced a system to use Bitcoin to pay taxes, the Thailand government plans to use blockchain technology to verify tax payments and improve payment efficiency. The Thai government will be using distributed ledgers and machine learning to highlight any discrepancies in tax payments. Those illegal Thai prostitutes will not be evading taxes anymore!
Thai Businesses Evade Taxes With Multiple Accounts
It is not a secret that many Thai businesses like to dodge their taxes with multiple accounts. Thus, it has been difficult for the government to come up with new ways of making people pay taxes. Even Thai subsidiaries such as Philip Morris International Inc. have been caught red-handed. Moreover, illegal fields such as prostitution in Thailand still exist and go under-reported when it comes to taxes.
Blockchain Technology Will Make Tracking Taxes Faster
Despite all tracking difficulties, blockchain technology can change the situation. One of the promises of the new tech is that it claims to improve public transparency and facilitate faster transaction speeds. This tech will allow Thai officials to track payments at higher rates than before. The representative for the Thailand Revenue Department did not say when the new tax system will come into place; but, the country has already adopted blockchain in the Ministry of Commerce Department.
Thailand to Use Blockchain Technology
It looks like governments are joining the blockchain game, instead of pushing against it. They are using distributed ledgers to help further their own goals. Indeed, distributed ledgers can help the government track discrepancies in an individual’s or a small business’s tax reports, as blockchain transactions are verifiable and immutable. Let us hope that it also helps to change industry reports in fields such as Thai prostitution, so that they become more reportable and easier to track for the government to track.