We now live in a digitalised world where technology is a primary function in our everyday. We have seen how technology has revolutionised the way we work, socialise, communicate and live. Artificial Intelligence (or AI as more commonly depicted) is the now and future of the digitalisation age and is likely to impact the way we work and most certainly will target the most complex of financial areas.
Tax will be no exception to the application of technology and AI has the ability to provide an resourceful function to authorities, businesses and people to be able to disseminate, comply and report more accurate data in a climate of major global tax reform and compliance. As the article suggests, issues such as transfer pricing is a major challenge for taxpayers and authorities with AI looking to aid all the relevant stakeholders (e.g. tax lawyers and advisers) to allow for a more efficient way in which they manage risk, analyse data and review ever changing law and procedures to create and apply tax strategies and compliance.
No doubt, as has been the fear with AI since its emergence, this will bring about questions on whether AI will replace people with jobs being lost across the industry. However, AI's ability to provide better work practices may not only provide a more efficient landscape where tax professionals can work and add value at a higher level but may also lead to further recruitment in the industry.
'The higher-level, higher-tech work that AI allows will encourage the best and brightest to enter the profession; it will help them learn faster and it will provide greater career satisfaction.’