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
Sponsored

The use of generative AI tools in the tax profession

Sponsored by

sponsored-firms-kpmg.png
artificial-intelligence-7834467.jpg

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

Laura Hinton would have been the first-ever woman in that position
The former US Treasury official calls time on his government stint; in other news, the G-24 maintains pressure over international tax policy
Proposed regulations on corporate excise tax pose challenges on different fronts, experts tell ITR
The finalists for the 13th annual awards have been revealed
Mazars needs to do all it can to capitalise on TP as a growth area, ex-Deloitte TP director Jeremy Brown has told ITR
Sanjay Sanghvi and Raghav Bajaj of Khaitan & Co provide a practical guide for foreign investors looking to capitalise on Indian’s investment potential
The newly launched Tax Responsibility and Transparency Index will assess the ethicality of companies’ tax practices against global standards and regulations
The reported warning follows EY accumulating extra debt to deal with the costs of its failed Project Everest
Law firms that pay close attention to their client relationships are more likely to win repeat work, according to a survey of nearly 29,000 in-house counsel
Paul Griggs, the firm’s inbound US senior partner, will reverse a move by the incumbent leader; in other news, RSM has announced its new CEO
Gift this article