AI and Tax
Being a regulation in the country, corporate tax filing has to be efficient to avoid incurring unnecessary liabilities should the reported taxable income be inaccurate or past the due date. Artificial Intelligence (AI) has been introduced into taxation in recent years to help expedite the reporting and filing process through the automation of routine and repetitive processes.
3E Accounting’s Tax Technology
3E Accounting specializes in providing top-notch professional services such as incorporation, secretarial, accounting, tax etc. to its clients. As the first robotic accounting firm locally, it runs its business operations alongside with technology, such as integrating AI into taxation through its self-developed Robotic Process Automation (RPA) Robot. The RPA robot is able to link applications in the local desktop to the Internet (such as Excel and Chrome) to easily retrieve the Document Identification Number (DIN) for Form C-S/ C and tabulate them in an excel file automatically. Coupled with the ability to check for outstanding tax returns on the IRAS website, and the automatic selection of Year of Assessment after retrieving the excel data of the Tax Reference Number without any manual input, repetitive processes are being automated and accelerated.
As a leading robotic accounting firm in Industry 4.0 with the goal of completing AI implementations in all business processes by 2025, 3E Accounting’s efforts to integrate AI into taxation continues, with the new Tax Robot being scheduled to be launched in 2021. The Tax Robot will be programmed with Machine Learning Technology to automate the preparation of Form C-S/ C in accordance with IRAS rules. The robot will also extract key data from inputs such as financial statements and the fixed assets registers and recognize the relevant items and available claims automatically for tax computation. This will significantly speed up tax computation and form preparation procedures.
Benefits of AI-incorporated Tax
With the time savings achieved from the automation of various taxation processes, 3E Accounting’s productivity and efficiency are greatly enhanced, projecting to reach a 90% increment in the long run. The sped-up taxation process also enables 3E Accounting’s accountants to incorporate the income tax payable into the financial statements earlier, and financialize closing reports for clients sooner. Furthermore, freed up time can be better allocated to high-skilled tasks, such as providing clients with valuable insights and customized advice to better service them.
To uphold its reputation of being a leading robotic accounting firm that provides excellent professional services in all areas, 3E Accounting will continue to seek opportunities and develop robots that can further improve the firm’s efficiency and serve its clients with a heightened level of excellence.