Impact of Tax Automation and AI on the Tax Profession
Duration: 2 hours
Price: R195.00
Impact of Tax Automation and AI on the Tax Profession
Presenters : Professor Rashied Small
Professor Rashied Small, an esteemed expert in the field, shed light on the significant impact of technology on the tax profession. He detailed the innovative functionality of auto-assessment, exploring how it is revolutionising the roles of tax practitioners and taxpayers alike, also sharing best practices for effectively managing and reviewing assessments to ensure accuracy and compliance. Prof. Small provided important insights into anticipated advancements in artificial intelligence and highlighted the benefits they offer, equipping attendees with practical strategies for handling discrepancies and maintaining compliance. Moreover, participants learned about integrating auto-assessment with existing systems, requesting reviews, and proactively preventing discrepancies in tax processes.
Auto-Assessment Process
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Traditional vs. Auto Assessment:
- Manual data collection and submission in traditional assessments.
- Introduction of auto-assessment to streamline processes and reduce manual intervention.
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Implementation and Functionality:
- Phases of auto-assessment implementation and key stakeholders involved.
- Features of the auto-assessment system, including data sources and automation of calculations.
- Integration with existing tax systems and e-filing platforms.
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Steps in Auto-Assessment:
- How data is collected, processed, and assessed automatically.
- Communication of assessment results to taxpayers.
- Role of AI and machine learning in enhancing accuracy and efficiency.
Roles and Responsibilities
Tax Practitioners and Taxpayers:
- Changes in roles due to auto-assessment.
- Ensuring accurate and complete information is provided.
- Reviewing auto-assessment results thoroughly.
- Responding promptly to discrepancies or errors.
- Keeping records and supporting documentation for verification.
Requesting a Review
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Criteria for Review:
- Inaccurate or incomplete information used in the assessment.
- Inappropriate estimates used by SARS.
- Omission of significant income or expenditure.
- Different interpretations of tax legislation.
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Process:
- Steps for submitting a review request.
- Supporting evidence required to justify the review.
- Expected timelines and outcomes of the review process.
Strategies for Managing Auto-Assessments
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Best Practices:
- Techniques for ensuring accurate information submission.
- Identifying and correcting assessment errors.
- Proactive measures to prevent discrepancies in future assessments.
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Beating SARS at Its Own Game:
- Strategies for taxpayers and practitioners to handle auto-assessments effectively.
- Best practices to ensure compliance and accuracy.
Future of Auto-Assessment
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Predictions and Advancements:
- Next generation of auto-assessment systems.
- Potential advancements in AI and machine learning.
- Increased integration with financial and regulatory systems.
- Continuous improvement and adaptation to changes in the tax environment.
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Expected Benefits:
- Enhanced accuracy and consistency in assessments.
- Streamlined processes and reduced manual intervention.
- Improved compliance and reduced administrative burden.
Competencies Developed
After watching the webinar, you will be able to:
- Validate and audit auto assessments.
- Utilise digital and technology proficiencies to offer beneficial tax services to clients.
- Fulfil the burden of proof responsibility.
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