The use of generative AI tools in the tax profession
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

The use of generative AI tools in the tax profession

Sponsored by


After the initial hype, Lachlan Wolfers and Garth Roark of KPMG consider whether generative AI is seen as a fear, foe, or friend in the tax world, and explain how it could help practitioners

Generative AI tools have taken the world by storm. For tax professionals, this is no different, and it is necessary to evaluate how these generative AI technologies can, and might, enhance what tax professionals and organisations are capable of doing in the medium to long term.

An associated report linked to below explores:

  • Data, to information, to knowledge, to wisdom;

  • What fuels generative AI technologies?

  • Use cases of generative AI in the tax profession;

  • A word of caution; and

  • Where does the future of the tax profession lie?

The report explores how generative AI can assist across the tax function, and considers the future of the tax profession in a world inhabited by generative AI tools.

Areas of the tax function and how generative AI can help

Tax compliance

Generative AI tools (including working alongside traditional tax compliance tools) have the potential to streamline and render obsolete many of the very time-consuming aspects of any tax compliance process.

Tax controversy

In advance of tax controversy matters, generative AI can help tax professionals to identify, react to, and report on potential areas of controversy risk based on this information.

Tax advisory

Generative AI technologies can provide instant access to aggregated knowledge and insights, enabling tax functions to focus more on value creation and strategic activities.

Transactional activities

Generative AI can be a valuable collaborator in transaction work, helping tax professionals to access better information, make better-informed decisions, and communicate complex tax concepts and strategies more effectively to stakeholders with different backgrounds and levels of understanding.

Knowledge management

Generative AI can not only assist with the accumulation of this knowledge, but also in more effectively drawing insights or conclusions from it. And in a world in which changes in rules, regulations, and business models evolve at lightning speed, tax professionals may finally feel like they can keep up.

Business integration

Generative AI tools can help advance business integration by providing data analysis and insights closer to real time, generating simplified analyses and narratives for complex tax concepts and regulations, and producing tax impact analysis and personalised executive summaries.

Read the original version of this article on KPMG’s website: The use of Generative AI tools in the Tax Profession – After the initial hype – Fear, Foe or Friend?

Access more KPMG Future of Tax content here.

more across site & bottom lb ros

More from across our site

Barbara Voskamp is bullish on hiring local talent to boost DLA Piper’s Singapore practice, and argues that ‘big four’ accountants suffer from a stifled creativity
Chris Jordan also said that nations have a duty to scrutinise the partnership structures of major firms, while, in other news, a number of tax teams expanded their benches
KPMG has exclusive access to the tool for three years in the UK, giving it an edge over ‘big four’ rivals
But the US tax agency’s advice is consistent with OECD guidance and shouldn’t surprise anyone, other experts tell ITR
A survey of more than 25,000 in-house counsel reveals that diversity initiatives are a high priority when choosing external counsel
The report is aimed at helping 'low-capacity countries', the OECD has claimed
The UK tax agency appears to be going after easier, lower value targets, one lawyer has claimed
Criminal experts have told ITR that the case of Ulf Johannemann emphasises the fine line between tax avoidance and tax evasion
The ATO workers were among nearly 57,000 people who were duped into claiming fake GST refunds, while Kuwait signed a double taxation treaty with the UAE
However, ICAP may not provide the legal certainty of an APA and tax authorities will have limited capacity, experts argue
Gift this article