Thailand Ready To Introduce VAT Refund For Tourists Via Blockchain
Thailand Revenue Department will launch the blockchain project, which will enable foreign tourists to demand VAT refunds through an application on Friday (Jan 17), stated the department’s Director-General, Ekniti Nitithanprapas.
Initially, the blockchain-based value-added tax (VAT) refund service will be embraced by stores at Suvarnabhumi Airport. The blockchain technology for VAT refunds will reduce the process in the document verification, and decrease the management cost as details of their buying at the shops will be accorded in real-time with the Revenue Department and the Customs Department.
When tourists bestow their passports to the store for the first time of their shopping, the shop will store information into the system. Their subsequent purchases at different shops will be attached to the network automatically when they present their passports to the shops.
The tourists can decide to get their refunds by credit cards or bank accounts. At the time of their flight, the Customs Department will give the money back through the channel recorded by tourists. The service will help decrease overcrowding at VAT refund counters.
Last year, 2.6 million foreign tourists demanded VAT refunds. Their possession of goods in Thailand was estimated at more than 46 billion baht. The new blockchain-based service is supposed to incite tourists’ spending in the country.
Any shops excited in joining the blockchain VAT refund project can appeal for the service free of charge. So far, six shops, including King Power Duty-Free Co., have adapted to operate the facility.
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