look news india
Mumbai: While the use of GenAI is increasing in the functioning of companies in the country, the use of GenAI is also expected to increase in tax related work. A survey found that 92 percent of tax experts in the country believe that GenAI has strong potential to transform tax-related tasks and accelerate tax operations. However, limited understanding of new technologies and shortage of skilled talent are becoming challenges.
This was the opinion of 20 percent tax experts in 2023, which has now increased rapidly. Nearly 70 Chief Financial Officers of reputed companies in India have opined that GenAI will accelerate tax-related tasks.
The report said that among the country’s tax professionals who are moving towards adopting GenAI, 15 percent are actively developing strategies and running pilot projects.
45 percent of CFOs are estimating how useful GenAI can be to their operations, indicating India’s positive attitude towards adopting the emerging technology. However, 45 percent of tax experts surveyed said that lack of skilled talent and limited understanding of GenAI’s capabilities are challenges to its use.
A tax expert is of the opinion that JanAI is an effective tool in changing the way tax practitioners work in the country. The advent of Artificial Intelligence (AI) has made it possible to work only four and a half days a week. A report quoted JPMorgan Chase CEO Jamie Dimon as saying that the future workforce will benefit from shorter working hours due to the implementation of AI.
Despite the perception that AI will make mass employment disappear, he stressed that the technology will speed up business operations and improve the work-life balance of employees.
The report said they estimated that 60 to 70 percent of existing work could be automated through AI, resulting in employees working only four and a half hours a week and a drastic reduction in working hours.
