BANGKOK (NNT) – The Ministry of Finance has launched a blockchain technology project to enable foreign travelers to claim value-added tax refunds via a mobile application. The move is expected to increase tourist spending in the country by 10%.
The Finance Minister, Uttama Savanayana, said the Revenue Department has joined hands with related agencies to launch the blockchain-based VAT refund service for foreign tourists. They can claim their VAT refunds via the “Thailand VRT” app. The project aims to improve operational efficiency and offer more convenience for tourists who wish to claim VAT refunds.
At present, Thailand is the only country in the world that uses the blockchain technology for VAT refunds. The project will stimulate tourist spending, as the Ministry of Finance aims to attract 6,000 vendors in the first quarter of this year. So far, 11 vendors have registered with the ministry to join the project.
