In collaboration with Blue J, the leading provider of predictive analysis tools, KPMG has created a set of AI tax analysis tools for the UK market. KPMG, which is one of the Big Four in the accounting industry, aims to enable its tax team by utilizing this AI technology to forecast tax scenario outcomes with 90%+ accuracy, reducing the time spent looking for and analyzing tax legislation and case law. The tool intends to speed up technical analysis to enhance decision-making on complicated tax issues for organizations dealing with the rising pace of legislative change.
The tool, according to KPMG, gives a structured approach to checking tax laws and case law, which was previously done by hand. This enables clients to quickly demonstrate good tax practice and offers documentary evidence of the tax analysis.
KPMG UK Chief Technology Officer, Tax & Legal, Stuart Tait said, “Our tax teams are dedicated to providing the best service to our clients, which is why we are passionate about investing in advanced technologies like those developed by Blue J to improve the speed and accuracy of our advice.” The company is ecstatic to be the UK’s first Blue J adopters and can’t wait to put this incredible technology to use. By implementing a better tech-enabled structure to show their high quality of work, the tool will allow KPMG to be entirely transparent and trusted.
The tool will also aid in the training of junior colleagues following the implementation of hybrid working, according to the company, because juniors may not have as much direct access to senior staff for coaching. This tool will assist them in navigating complicated issues and educating them on tax research, allowing them to advance fast in their careers.