The use of generative AI tools in the tax profession

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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 organizations are capable of doing in the medium to long-term.

In this publication, we explore:

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
Where lies the future of the tax profession?

The use of Generative AI tools in the Tax Profession

After the initial hype — fear, foe or friend? Download the publication to learn how generative AI can assist across the tax function, as well as the future of the tax profession in a world inhabited by generative AI tools.

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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 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 personalized executive summaries.

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Tax Reimagined

In an era of rapid technological advancement and increasing regulatory complexity, tax leaders are challenged with modernizing their tax functions while maintaining compliance and efficiency. KPMG Tax Reimagined professionals can help organizations transform their tax functions through a holistic approach that integrates people and process optimization, technology implementation, and strategic advisory.

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KPMG's Global Tax & Legal Technology professionals leverage cutting-edge technology to transform tax and legal functions. By integrating advanced tools such as data analytics, automation, and artificial intelligence, we hep to enhance efficiency, compliance, and strategic decision-making.

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Lachlan Wolfers

Head of Global Indirect Tax Services, and Global Head of Data, Tax & Legal

KPMG International

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