Recent reports have confirmed that Thailand will be considering the Block Chain Technology in order to curb VAT fraud involving oil export. According to Ledger Insights reports, the Excise Department of Thailand confirmed its tie-up with the Krungthai Bank for utilizing distributed ledger technology for tax refunds to the exporters of oil and for controlling VAT fraud.
Blockchain will help the excise department to track the export route, which includes the movement from refinery, shipping dock to the destination country. Availability of all the documents will also help in easier trade verification.
Leichtenstein and Uruguay have also released reports stating their plans of adopting blockchain for government use cases. The Uruguay Digital Party has joined hands with one blockchain platform provider, Aeternity.
