Use of AI in Tax Compliance
Presenters : Mark Silberman
Overview
Artificial intelligence and automation are transforming the tax landscape, with SARS at the forefront of this evolution through advanced data collection and integration initiatives. Over the past year, SARS has concentrated on EMP501 reconciliations, IT3T trust distributions, ITR14 shareholder disclosures, and beneficial ownership disclosures. These efforts are creating a cohesive compliance ecosystem aimed at identifying risks and enforcing regulations more effectively.
To stay ahead, tax practices must adapt to these developments and embrace proactive innovation. This entails building bespoke AI systems, integrating all companies and trusts within a unified framework, and ensuring complete compliance for every client. By adopting a comprehensive data integration approach, tax practices can enhance efficiency and minimise risks across their operations.
Join us for this essential webinar to discover how to align your practice with SARS’s advancements and future-proof your operations.
Video Content
During this video, Mark will cover:
- SARS’s automation initiatives, including pre-populated returns, automated risk assessments, and AI-driven compliance monitoring.
- SARS’s collection and integration of critical data from EMP501 submissions, IT3T trust distributions, ITR14 shareholder disclosures, and beneficial ownership records.
- The implications of SARS creating a comprehensive compliance overview by linking these data points.
- The necessity for tax practices to connect all companies and trusts within a single system to achieve full compliance.
- The benefits of developing AI systems tailored to tax practices to streamline operations, automate processes, and enhance decision-making.
- Adopting a risk-based approach to navigate this interconnected data environment.
- Leveraging AI to understand tax legislation, stay updated on compliance requirements, and meet SARS’s evolving standards.
- Integrating multidisciplinary capabilities within accountancy practices to address new regulatory challenges.
Competencies Developed
- Understanding SARS’s automation initiatives and their impact on tax compliance.
- Developing and implementing AI systems to stay ahead of SARS’s technological capabilities.
- Establishing unified systems for monitoring compliance across all companies and trusts.
- Employing a risk-based approach to minimise financial and reputational exposure.
- Automating tax processes to improve efficiency and accuracy.
- Managing and integrating data effectively to meet regulatory requirements.
- Preparing for the AI-driven transformation of tax practices.