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Thailand Tourist Taxes Will be Refunded via Blockchain From Nov. 28th

Abstract : Foreign tourists visiting of Thailand will be able to claim refunds of any value-added tax (VAT) levied on purchases via a blockchain-based app and have the funds sent straight to their credit card or mobile payment app.

ChainDD
ChainDD

Nov 18

According to report by icoexaminer,as from the end of this month, foreign tourists visiting of Thailand will be able to claim refunds of any value-added tax (VAT) levied on purchases via a blockchain-based app and have the funds sent straight to their credit card or mobile payment app.

Local reports state the service will go live on 28th November and comes after the signing of a memorandum of understanding (MoU) between the Thailand Ministry of Finance and Krungthai Bank.

As per the report, in addition to reducing the Ministry’s management cost and applicant's paperwork by introducing blockchain payments, the Thai Government has also increased the ceiling on VAT claims from GBP 12,000 to GBP 30,000 per tourist.

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