A famous person once said that in life only two things are certain; death and taxes. It is, however, slightly annoying when, as an honest taxpayer, I see companies or individuals earning eye-watering amounts paying either negligible amounts or nothing at all! It seems, however, that India has had enough of it and is turning to AI for the solution.
In a report via TechPowerUp, India will become one of the first countries in the world to use AI machine learning to speed up tax submissions and, ultimately, look to catch those quickly who try and put in a few creative expenses claims.
The new AI machine learning will look to process trillions of financial transactions in a matter of hours. This will clearly be a huge step up from the current system where human eyes have to evaluate any submission made.
India has been using AI in its tax system since 2017. This new program, however, will specifically look to both identify and learn from the world of ‘creative accounting’.
With India having one of the worlds largest economies, working in their tax office must be something of a nightmare. The clear implication, however, is that if it is successful here, we may soon see it adopted in other countries and, if you’re an honest taxpayer, it may even speed up the process. Great news if you think you’re due a rebate!
If you are, however, one of those people who attempt to, for example, claim an 8K TV as a business expense… You might want to rethink your practices. You never know when an AI capable of learning and spotting such things might be giving your books an audit!
What do you think? – Let us know in the comments!
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