Thailand’s Excise Department has joined hands with Krungthai Bank (KTB) to adopt the distributed ledger technology or Blockchain for a refund of export tax on oil and petroleum products, according to the Ministry of Finance. Exporters of oil and petroleum products will benefit from this initiative.
KTB President Payong Srivanich said the bank has established the infrastructure for electronic payments for government agencies as well as utilizing blockchain to improve the services of the government agencies, especially the Ministry of Finance.
Payong said the technology helps optimize the efficiency of procedures and reduce work processes at lower costs. He added that blockchain enables people to gain access to the government agencies’ services and information faster, safer, and ensures traceability with transparency.
Apart from the tax refund blockchain, the Excise Department also adopts the e-Bank Guarantee service through a digital platform. Also, retailers of alcohol, tobacco and gaming products will be able to renew their licenses at any KTB branch nationwide.
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