Thailand’s Revenue Department is testing using blockchain to track VAT payments. Because invoices will be verified, it will help root out fake invoices for fraudulent VAT refunds, the
Bangkok Post reports.
False invoicing is a significant problem in Thailand.
Two weeks ago the Revenue Department posted a notice on its website highlighting a 4-year prison term for fraudsters. In that case a buyer and seller jointly committed fraud by issuing fake tax invoices.
Mr. Pinsai Suraswadi, a spokesman for the Revenue Department, said: “Buyers of false tax invoices shall be charged with civil and criminal penalties. The fine is twice the tax amount on the invoice and the surcharge is 1.5 percent per month or a fraction of the month of the tax amount. The criminal penalties include prison sentence of three months to seven years and fine of 2,000 to 200,000 Baht.”
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