Thailand’s Revenue Department is trying out blockchain technology as a way to stop tax fraud.
The Bangkok Post reported the east Asian nation’s taxman is conducting a blockchain trial to help verify invoices on the consumption taxes known as Value Added Tax (VAT) and eliminate false invoices. No details were given on the trial, but one government official used the example of a company buying products from a second company and issuing VAT invoices. With blockchain, both firms can confirm the transactions.
The publication said the agency is also planning to use other emerging technologies, including machine learning and artificial intelligence, to “boost efficiency and enlarge the taxpayer base.”