The Excise Department in Thailand is poised to innovate a new mode of refunding overpaid taxes to oil exporters by using blockchain technology.

On November. 25, director-full general Patchara Anuntasilpa told the Bangkok Post that the Thailand Excise Department volition change its current taxation refund practice past introducing a blockchain-based tax payback system, which it hopes to implement by the middle of 2022.

I of three blockchain-based pilots

Patchara explained that the future tax payback arrangement will require oil exporters to pay excise tax and claim overpaid taxes after they have shipped the fuel. Blockchain engineering will go far more efficient for the department to audit the tax payments, he added.

Currently, oil exporters are required to submit documents for a revenue enhancement waiver, and the inspection is not as thorough as it could be, according to Patchara.

The Excise Department will reportedly interact with the Krungthai Bank to develop the blockchain-based tax refund system, which is 1 of three airplane pilot projects. The other 2 projects involve due east-bank guarantees, almanac fee payment for liquor and tobacco, and playing card distribution licenses.

Oil and gas firm develops blockchain-based renewables platform

In September, the Thailand-based multinational energy conglomerate PTT and blockchain energy nonprofit Energy Web Foundation announced that they will build a blockchain-based renewables platform. The ii parties were in the midst of developing a regional solution based on the Free energy Web Concatenation, which volition also exist compliant with the International Renewable Energy Document (I-REC) Standard, which certifies renewable energy sources.

In 2022, Thailand reportedly produced about 28 meg megawatt-hours of clean electricity, while just 0.16 meg I-REC MWhs were issued. EWF CEO Jesse Morris said that the new blockchain-based platform volition assist to connect supply and demand for the certificates.