Tax Refund System by Excise Department in Thailand to Use Blockchain

The Excise Department is working with Krungthai Bank to develop a blockchain-based tax refund system.

This department is also seeking ways to integrate blockchain technology in the tobacco, liquor, and other industries. Blockchain technology has found many use cases around the world, and Thailand has found a new option, a tax refund system.

According to reports from The Block, the Excise Department in Thailand is planning to implement a system for oil exporters that would be based on blockchain technology. The system is likely to be worked on between the government agency and Krungthai Bank, though it won’t be adopted until mid-2020.

The director-general of the department, Patchara Anuntsasilpa, told the Bangkok Post that the blockchain-based system will make it easier to inspect tax payments. With the currency system, multiple documents are necessary for oil exporters to receive tax exemptions, and there’s limited inspections for validation.

By adding blockchain technology, the department will have the access to data involved with oil exports, which they can verify accurately and quickly, showing all of the details from the refiner to the destination.

Blockchain technology would make the refund process about three times faster than it currently is, and the export oil tax leakage would see a substantial reduction, according to an anonymous source. However, the agency’s venture into blockchain technology for tax refunds isn’t the only way that it is getting involved with Krungthai Bank.

Among other projects, the Excise Department is looking to create e-bank guarantees with blockchain technology, as well as annual fee payments for liquor, tobacco, and other industries. Last year, blockchain technology was also discussed by the Revenue Department as a way to stop fraudulent value-added tax (VAT) refund claims in Thailand.

Thailand is one of the many countries that has found ways to use blockchain technology, and the most recent endeavor has the Excise Department getting involved. How will the new tax refund system work for oil exporters? Will other industries see a positive impact as well?

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Author: Krystle M

Brazil’s Atlas Quantum, a Bitcoin Trading Firm, Has 1 Day to Give Back Investors’ Money Over $250K of BTC

A court in Brazil has given 24 hours for a company operating in automated bitcoin to refund the money to the two investors it has. In the past few years, Atlas Quantum platform as allegedly faced a lot of difficulties withdrawing funds and making profits since the securities regulator in the country took strict action against it in August.

In a BelnCrypto Brazil report, the Atlas Quantum will have to deposit a total of $250,000 in bitcoins to refund its two aggrieved investors. One of these investors has been in and out of court on the issue since the 4th of September, 2019.

This company is based in Brazil and is responsible for identifying prices and differences in in price in cryptocurrency trading across the various trading avenues on behalf of its customers. The company will then buy a digital asset at the lower price and sell it to customers at a higher price to make a profit.

Reis explains:

“For one, two or three people it is possible to do the operation on time. However, as there are many clients, it is difficult to get the same values ​​for all and, in this case, the investor can lose money.”

According to the bitcoin expert Guilherme Reis, this type of business can truly generate huge profits. Although, the methods are less effective the more people do not buy the bitcoin. Suddenly there are huge amounts of pressure to sell and still make profits to appease the investors. Lack of the necessary withdrawals has led the company’s investors to take the drastic measures.

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Author: James W