How to supercharge tax functions with Generative AI

Generative AI offers vast new capabilities, fuelled by recent advancements in supercomputing and the availability of large amounts of data. The goal is to develop this potential to empower tax professionals and improve the efficiency and productivity of tax teams. In practical terms, it can be used to acquire insights from different data sources, for analysing specific content and generating new content such as drafting reports and preparing tax computations. To realise these benefits, a structured three-stage approach is recommended which involves familiarising yourself to its particular uses, assessing specific applications that can drive the most value for an organisation and trialling these in a safe manner. With the necessary controls, governance and guidance in place, GenAI will be the future for delivering enhanced tax functions with a human at the centre.