Reimagine your tax function with GenAI
A selection of high-impact use cases
GenAI has the potential to unleash innovation, permit new ways of working, amplify other AI systems and technologies, and transform enterprises across every sector.
GenAI can play a significant role in unlocking efficiencies and creating value within tax departments. Here are some examples where GenAI could be used:
Document Automation:
- Contract analysis: Generative AI can assist in reviewing and extracting relevant information from legal documents, contracts, and agreements, ensuring compliance with tax regulations and identifying potential risks or opportunities.
- Data extraction: Automate the extraction of financial and transactional data from diverse sources, facilitating faster and more accurate data processing for tax reporting.
Tax Compliance and Reporting:
- Regulatory compliance: Keep track of changing tax regulations and ensure compliance by leveraging AI to interpret and understand complex tax codes and laws.
- Automated reporting: Streamline the process of generating and filing tax reports by automating data compilation and report creation based on the latest tax regulations.
Tax Compliance and Reporting:
- Regulatory compliance: Keep track of changing tax regulations and ensure compliance by leveraging AI to interpret and understand complex tax codes and laws.
- Automated reporting: Streamline the process of generating and filing tax reports by automating data compilation and report creation based on the latest tax regulations.
Risk Assessment and Management:
- Anomaly detection: Use generative AI for anomaly detection in financial data, helping to identify irregularities or potential areas of risk that may require further investigation.
- Predictive analytics: Employ predictive modeling to analyse future tax risks and plan for potential challenges based on historical data and current trends.
Transfer Pricing:
- Analysis of intercompany transactions: GenAI can assist in analyzing and reviewing intercompany transactions to ensure compliance with transfer pricing regulations and policies.
- Documentation automation: Automate the creation of transfer pricing documentation by generating comprehensive reports based on financial data and relevant regulations.
Tax Strategy
Utilize generative AI to model different tax strategy scenarios, considering various factors and parameters to optimize tax strategies and mitigate liabilities.
Interested in more use cases? Explore this collection of use cases to recognize how Generative AI can address enterprise challenges in new ways, permit more and greater capabilities across business functions, and deliver advantages in efficiency, speed, scale, and capacity.
