according tobangkok postaccording to
bangkok post
According to news, the Thai Taxation Bureau plans to use blockchain technology, machine learning, etc. to conduct tax avoidance inspections. Its director general, Ekniti Nitithanprapas, said that blockchain technology will be used to verify whether taxes are paid correctly and speed up the tax refund process; machine learning will be used to study how companies avoid taxes, enabling tax officials to effectively track tax fraud and improve tax transparency.
From 2019, Thai SMEs are required to submit their single account financial accounts to the tax bureau when going through the commercial bank loan approval process. Under the single-account plan, the central bank has asked major banks to give more consideration to the Inland Revenue Department's financial statements when approving SME loans. The implementation of this plan will reduce the opportunities for most SMEs to obtain loans.Prior to this, it was more inclined to use multiple financial accounts and submit the smallest financial account to achieve tax avoidance purposes.Chatchai Payuhanaveechai, president of Reserve Bank of India, also said that out of the 600,000 registered SME legal entities across the country, 61 percent showed profits while the rest were in the red. While the current SMEs
Non-performing Loan Ratio (NPL)
It is not just the Thai tax department. While blockchain technology continues to spread to various traditional industries, new models of "blockchain + taxation" are also emerging around the world.
In August this year,KazakhstanIn August this year,KazakhstanLaunch of the first blockchain project to ensure tax transparency. Previously, it has introduced blockchain technology for value-added tax management.bank of israel(BOI) and the Ministry of Finance are also exploring a digital currency version of the shekel, the country's official currency. The move aims to prevent tax evasion by utilizing blockchain technology, such as tracking citizen transaction data in real time, while increasing transaction speed.
Mikayil Jabbarov, Minister of Taxation of Azerbaijan
It also publicly stated that the application of digital technology in tax management, especially the application of artificial intelligence and blockchain technology, has become a trend.Turning our attention to the domestic market, our country is also constantly exploring the implementation of "blockchain + taxation".In May this year, the Shenzhen State Taxation Bureau and Tencent jointly established"Smart Tax" Innovation Lab, will use blockchain technology to develop digital invoice solutions to avoid fake invoices and improve the invoice supervision process. In July this year, Guangzhou Municipal Taxation Department promoted"Tax chain" platform. Previously, the country's first blockchain electronic invoice was successfully issued on the "tax chain" platform. In view of the phenomenon of "black oil" tax evasion and tax evasion without invoicing of refined oil,
Wu Jian, Director of the Liuzhou Supervision Bureau of the China Banking and Insurance Regulatory CommissionLibraIt is believed that there is a strong "network structure" among the refining enterprises, transportation enterprises, warehousing, retail terminals and oil consuming enterprises. Through the embedding of blockchain technology, every link in the industrial chain can be covered to the greatest extent, and the possibility of tax evasion by oil refining companies can be avoided to the greatest extent.ConsenSysWhile the tax authorities of various countries are actively embracing blockchain technology, major blockchain start-ups are also constantly launching related products. New York Blockchain Startups
Started working on blockchain-based accounting and tax software after raising $7.8M; New York development studio
Also develops Balanc3, a tax system focused on ICO taxation.
