26/11/19 07:06 UTC-5

In Thailand, with the help of blockchain, they are ready to refund oil taxes

OtherA Thai company will refund oil taxes via blockchain
A Thai company will refund oil taxes via blockchain

The excise department in Thailand developed a solution, based on a distributed ledger, for tax refunds that were overpaid to oil suppliers.


A new way of the Excise Department

The head of the Department, Patchara Anuntasilpa, said that tax refunds will be made on the basis of the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
and the system should work by the middle of next year. According to his comment, the innovation should provide a more effective verification of the payment of excise taxes after sending oil.

To implement the new system, the department will cooperate with Krungthai Bank. Another couple of projects related to the blockchain, as the cryptocurrency news reports, which are being developed, are associated with bank electronic guarantees, licenses for playing cards and the annual tax on alcohol and tobacco. An oil and gas company is also creating a renewable energy platform.

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#Thailand #taxes #Excisedepartment #oil #blockchain #technologies #system

Editor: Alyona Deryabina