VAT refunds for foreign tourists now on Blockchain platformRevenue Department News
The Revenue Department invites shops to apply for “Thailand VRT,” an application developed by the Revenue Department and alliance partners to be the first blockchain – based VAT refund system for tourists in the world. The VAT refund system will run via Blockchain system, in order to increase the efficiency of VAT refund for tourists.
Mrs. Sommai Siriudomset, acting Principal Advisor on Strategic Tax Administration as spokesperson of the Revenue Department, revealed that “each day, the Revenue Department receives on average more than 5,000 VAT refund requests from tourists, with a total value of approximately 5 million baht per day. As over 75% of these requests are filled manually by the tourists, the Revenue Department has adopted Blockchain technology to provide VAT refunds to foreign tourists. This will facilitate VAT refunds for tourists, help them get VAT refunds quicker and provide incentives for foreign tourists to come back and spend more in Thailand, which in turn will result in the increase of investment and employment. Moreover, it will be easier for entrepreneurs who use this system as it will be easier for them to manage tax returns correctly, quickly and able to produce documents in electronic forms, helping stores to reduce the process, document work, and storage costs.
An applicant who will be qualified to use this system must be an entrepreneur who has registered with the Revenue Department to sell goods to tourists (VAT Refund for Tourists/VRT), does not have a history of issuing or using unlawful tax invoices and can link electronic data with the Revenue Department instantly (Real Time).
Entrepreneurs who are interested in the system can apply by submitting the form requesting approval to issue VAT refund request (P.P.10) via electronic methods” at VAT Refund for Tourists Office located at 17th Floor, the Revenue Department, Soi Phaholyothin 7, Phaholyothin Road, Phayathai, Phayathai, Bangkok.