Chile Looks to Incorruptible Tax Collection Using DLT

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Chile Looks to Incorruptible Tax Collection Using DLT

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Chile’s Treasury Department is looking to blockchain technology in order to streamline its tax collection programme.

The Chilean Government has taken this step due to losses incurred over time in the process of collecting taxes. The new programme under consideration would use DLT to create an incorruptible automatic quadrature system hosting multiple nodes.

The current system has resulted in losses in revenues at the end of each month as the Treasury Department shares information with three other organizations which adds further complexity. The new blockchain based measures will ensure that collected taxes will be redirected to the municipality through the banking system. Any interference in this process will be detected and rejected as all client information will be stored in incorruptible nodes.

Ximena Hernández, the Treasurer of General Treasury of the Republic stated that greater effectiveness and efficiency was the aim of the new updated DLT measures. He said:

“Nowadays the Digital Transformation will allow us to be much more efficient, more effective, to have greater proximity to our taxpayers and thus also to our own users. We will be able to give a better service.”

Both the Philippines and Thailand have integrated DLT solutions into their tax collection programmes over the past months. In the UK, member of parliament Eddie Hughes, an outspoken promoter of blockchain and cryptocurrency, has raised eyebrows among his more conservative peers and suggested that citizens should be given the option to pay their council taxes to local authorities in cryptocurrencies such as Bitcoin or Ether.

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