Latest technologies like AI and Robotics are increasing the efficiency of every sector such as healthcare, defense, and transportation. But now, AI and robotics technology is also being used by the governments for taxation services.
Tax is the most important way of generating revenue for a government. Hence efficiency and accuracy in its system is much needed. AI in taxation is helping to collect taxes from citizens in a short interval of time. It is also revealing to the government about the number of defaulters that have not filed the tax. AI is making taxation services of any country more smoother and faster.
Currently, AI is doing two major jobs for the government. Firstly, it is helping the governments to analyze the tax scams by checking or monitoring the financial data of the citizens. Secondly, it is improving the tax filing process by processing documents, reports and others.
AI-enabled apps of the tax firms are allowing the taxpayers to file their income tax electronically as soon as possible. Robots are filling account numbers and spreadsheets on behalf of the taxpayers for the governments.
Most of the companies are now visiting a tax firm to file their income tax returns. Tax firms use accounting software to prepare their tax files. These accounting software are now AI-enabled which automatically enters some confidential information such as financial data of a company. AI is reducing the effort of tax professionals and helping them file clients’ taxes quickly and efficiently.
As the new year has started, many governments are announcing the starting data of their respective tax season. AI and robotics will play an important role in this tax season as well, just like earlier tax seasons.