The Excise Department in Thailand is planning to announce a new blockchain-based refunding system, of all excessive taxes back to oil export companies. 

As reported on November 25, director-general Patchara Anuntasilpa revealed that the Thailand Excise Department will introduce new amendments to the existing tax refund protocol, using a new blockchain-powered solution, which it hopes to adopt by mid-2020. 

Patchara outlined that the newly-introduced practice is going to have oil exporting firms to fulfill their excise tax duty and claim overpaid taxes after they have shipped the fuel. The cutting-edge features of Blockchain will help enhance efficiency, in the process of examining the tax payments. 

As of now, it is compulsory that oil exporting firms submit required papers to obtain tax waivers, and the examination process of not 100 percent thorough yet, per Patchara. 

The Excise Department will reportedly forge a partnership with the state-owned Krungthai Bank to jointly design the above-mentioned tax refund initiative, as one of their 3 pilot programs. The remaining 2 projects are e-bank guarantees, annual fee payment for liquor and tobacco, and playing card distribution licenses.