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.
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 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 incentives
As tax incentives (such as R&D credits) play an increasingly important role in the global tax environment, AI can help organisations identify opportunities to claim incentives and gather and analyse the underlying data required for the incentive claims.
Transactional activities
Generative AI can be a valuable collaborator in transaction work, helping tax professionals to access better information, make more 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 narrative for complex tax concepts and regulations, and producing tax impact analysis and personalised executive summaries.
Get in touch
Generative AI is fast becoming a key tool for the tax profession. If you have any queries on how you can maximise this opportunity for your business, please contact Tom Woods or James Kelly of our Tax team.
We look forward to hearing from you.
Tom Woods
Partner, Head of Tax
KPMG in Ireland
James Kelly
Partner
KPMG in Ireland