Digitizing tax regulation monitoring with artificial intelligence
Over 300 Deloitte clients are now being offered an artificial intelligence (AI) platform, powered by Signal AI, to transform the way they monitor and assess changes to tax law and regulation.
The professional services network trained the AI to surface hyper-relevant regulatory updates, tax news, and market changes in real-time, by actively monitoring over 100 regulatory sources in over 100 jurisdictions.
The AI-enabled offering is the result of a collaboration between Deloitte UK and Signal AI, aiming to transform the way developments in tax regulation are monitored and managed. Here we look at how the new platform has digitized Deloitte’s tax regulation monitoring offering.
Tax Compliance and Risk
The publication of regulatory information is due to reach 300M documents by 2023. Firms large and small cannot manage the volume and complexity of tax changes across multiple jurisdictions. Failure to act can be reputational and financially costly. Tax professionals are therefore being asked to do more with fewer resources—to stay ahead of more risks, draw insights from more data, and track more regulations across more jurisdictions.
To address these challenges, they are transforming how they operate and manage processes by implementing new technologies, such as AI, robotic process automation, and natural language processing
Tax Leaders need reliable, comprehensive, and limitless access to global tax information to keep them ahead of compliance risk.
Automating Regulatory Monitoring
Deloitte and Signal AI have partnered to digitize the world’s tax knowledge and launch a market defying tax service. Through this collaboration, Deloitte will build curated feeds of high-value information for clients around the world, while offering them direct access to the AI platform.
This will enable clients to stay informed about changes proposed and enacted in law and regulation. The new solution extends a user’s perspective across industries and companies regarding risks and opportunities across their tax position.
Augmenting the Deloitte Offering
The artificial intelligence is able to recognize abstract concepts such as ‘indirect tax’, SAF-T, or Digital Services Tax, regardless of local terminologies, such as VAT (in Europe) or Sales Tax (in the US). It will then automatically update users through real-time email alerts and reports.
With over 300 clients now being offered the AI platform, Deloitte is transforming their offerings and the way they monitor and assess changes to tax law and regulation.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients.
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500® companies.