Generative AI Transforming Tax Functions Globally: Insights from EY Survey

A recent EY Tax and Finance Operations Survey highlights the transformative potential of Generative AI in the tax sector. The study, which surveyed 1,600 leaders globally, including 70 from India, reveals a growing confidence in GenAI's capability to enhance tax functions and address industry challenges.

Generative AI (GenAI) is poised to revolutionize the tax function landscape globally, according to a recent EY Tax and Finance Operations (TFO) Survey 2024. The survey, encompassing insights from 1,600 finance leaders worldwide, emphasized that 87% express confidence in GenAI's transformative potential.

In India, 94% of CFOs and finance leaders believe GenAI will significantly enhance the effectiveness of tax functions, marking a substantial increase from 19% in the previous year. Indian tax experts are already advancing in their GenAI journey, with 47% exploring its capabilities through pilot projects and strategic initiatives.

Despite the optimism, talent shortages and a limited understanding of GenAI's full potential remain barriers. Nonetheless, tax professionals are encouraged to integrate AI-assisted methods to streamline routine tasks, such as data collection, thus allowing more focus on strategic priorities.

(With inputs from agencies.)