ChatGPT has been hitting the headlines, but to what extent is artificial intelligence likely to impact on tax administration, compliance and advice? Tax administrations are already using AI to some extent and professional firms are also now starting to develop AI assisted tools. However, it is one thing for AI to review data and documents, and quite another for it to generate reliable tax advice in complex scenarios. Crossing that Rubicon will be challenging, but it will happen by degrees. We are on the threshold of a new era.
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ChatGPT has been hitting the headlines, but to what extent is artificial intelligence likely to impact on tax administration, compliance and advice? Tax administrations are already using AI to some extent and professional firms are also now starting to develop AI assisted tools. However, it is one thing for AI to review data and documents, and quite another for it to generate reliable tax advice in complex scenarios. Crossing that Rubicon will be challenging, but it will happen by degrees. We are on the threshold of a new era.
If you are not a subscriber, subscribe now to read this content.
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