Tax refund application launched in Thailand to boost tourism spending

Thailand will launch a mobile tax refund application later this month in an attempt to increase tourism spending, announced Finance Minister Uttama Savanayana.

Photo: Tan Kaninthanond
Photo: Tan Kaninthanond

Bangkok (VNA) – Thailand will launch a mobile tax refund application later this month in an attempt to increase tourism spending, announced Finance Minister Uttama Savanayana.

The Ministry will use blockchain technology in three projects, involving the Departments of Customs, Revenue and the Bureau of Public Debt Management, he reported.

According to the holder, cooperation between the Ministry of Finance and the bank Krungthai KTB will provide the general public with better access to government services, including Value Added Tax (VAT) refunds for tourists.

The implementation will encourage greater spending of visitors, as they will receive tax refunds faster, he explained.

At least two million tourists claim a VAT refund annually on purchases totaling about $1.65 billion.

Blockchain technology will also encourage people to buy government bonds online. People will be able to buy them through the Bond Direct application, which will also be launched later this year.

Uttama revealed that it had instructed the related agencies to finalize the Go Digital strategy within two weeks, so that concrete results can be delivered early next year.