Blockchain VAT refunds this month
The Finance Ministry plans to adopt blockchain-based value-added tax (VAT) refund service for foreign tourists, starting from the end of this month.
The blockchain technology for VAT refunds should speed up the process for tourists as details of their purchases will be immediately shared with the Revenue Department and the Customs Department once shops key in the information in the system, said Finance Minister Uttama Savanayana after signing a memorandum of understanding along with Krungthai Bank to apply the technology in three pilot projects.
Wichit Chantanusornsiri
