Sun Sep 15 16:10:18 UTC 2024: ## Tax Professionals Embrace Technology to Focus on Strategic Insights

**Mumbai, India** – Tax professionals are increasingly leveraging technology and data skills to streamline their operations, according to Priyanka Chaudhry, EY Global Delivery Services Tax Leader. This shift allows them to dedicate less time to mundane tasks like data mapping and focus more on critically evaluating and reviewing results, ultimately driving greater value for clients.

“A huge part of what we do relates to tax compliance,” Chaudhry said, noting the rapidly evolving landscape of tax legislation, particularly with the implementation of Base Erosion and Profit Shifting (BEPS) rules. “We are seeing a significant increase in the volume of tax compliance tasks, and we need to balance the workload effectively.”

To address this challenge, EY is heavily investing in data skills and automation, particularly for managing the hundreds of data points required for BEPS compliance. “Our approach starts with a foundational understanding of common BEPS rules,” Chaudhry explained. “However, each country will adopt these rules differently, so staying ahead of these changes is crucial.”

The company is also exploring the use of Artificial Intelligence (AI) and Generative AI (GenAI) to enhance tax processes. AI can be used to analyze data and provide holistic insights, while GenAI can aid in tasks like goods classification and client-specific data tagging.

“We are using AI to analyze data and deliver tax advice, which gives a comprehensive view of the situation,” Chaudhry said. “In the global trade space, we are investigating how GenAI can be used to classify goods, review classifications, and even test the accuracy of these models.”

This technological advancement allows tax professionals to anticipate potential trends and proactively address potential issues. “If my VAT liability this month is an outlier compared to previous months, I can investigate further,” Chaudhry explained. “This approach can be applied to transfer pricing or corporate income tax results as well, prompting us to ask different and better questions.”

As technology continues to transform the tax landscape, professionals are expected to play an increasingly strategic role, leveraging data and AI to provide valuable insights and guide clients through the complexities of tax compliance and optimization.

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