Blockchain VAT refund app will increase foreign tourists' spending in Thailand by 10%

It is estimated that the world's first APP to provide tourists with a blockchain VAT refund through an application will increase foreign tourists' consumption in Thailand by 10%. Thai Finance Minister Uttama Savanayana said Savanana said the plan was jointly developed by four national institutions under the Thai Ministry of Finance and Krungthai Bank (KTB). This blockchain-based service shortened the VAT refund period from about one month to 1-3 days. The shorter process should encourage foreign shoppers to spend more on VAT-containing consumption. It is reported that in Thailand, foreign tourists spend 46 billion baht (about 1.5 billion U.S. dollars) annually to purchase goods and services subject to VAT.