The Currency Analytics
By David Drake
“In this world nothing can be said to be certain except death and taxes” goes one of the famous quotes of Benjamin Franklin.
In many countries, tax authorities continuously experience challenges with collection of taxes.
Governments have thus been actively seeking technological advancements to fill these tax gaps. This has led to exploration of blockchain's potential in improving tax systems.
According to the director general of Thailand's Revenue Department, the country is looking to integrate both blockchain and machine learning in its tax system.
Although the department did not reveal the time span within which full adoption will be achieved, the step taken to integrate these technologies is a strong indication of…
Thailand’s Revenue Department is not the only tax authority that has announced plans to use blockchain to solve existing inefficiencies in the tax system.
These instances demonstrate a growing interest in blockchain use by tax authorities. As a PricewaterhouseCoopers report notes, blockchain is not a silver bullet for solving tax…
As such, it is highly likely that more governments will adopt the blockchain management model.
Disclaimer: David Drake is on the advisory board for most of the firms mentioned or quoted in this article.