Thailand blockchain VAT refunds
- Dec 14, 2019 | Richard Asquith
Thailand has launched a blockchain-based VAT refund regime for tourists.
The new distributed ledger technology, will also underpins cryptocurrencies, will be used by shops to record retail sales to foreigners. This is accessed by the Revenue Department and the Customs Department to provide near-immediate refunds when the shopper enters their preferred payment provider refund channel.
Blockchain technology can reduce the document verification process and the use of 10 million forms a year, lower cash management costs and slash congestion at VAT refund counters.
The VAT refund for foreign tourists is one of three Thai projects that have adopted blockchain technology. The others are scripless savings bond issuance and letters of credit (LC) for electronic procurement.