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Will robots replace tax staff

Will robots replace tax staff

Tax Technology
Despite the recent trend towards AI and machine learning, tax departments aren’t likely to be run by robots anytime soon. However, robotic processes in tax are quite valuable and can drive efficiencies in both cost and time economy. Robotic Process Automation (RPA) simply gives us the ability to do more with the same resources. It allows tax staff to let go of the repetitive, tedious, and low-value tasks that take up the better portion of the day so that attention can be focused on more important things. The shift away from mundane tasks enables optimized workflows and allows you to spend more time on planning and analysis, which is more accretive to shareholder value. After implementing a robotic solution, what would tax people be doing? Despite today’s available plug-ins and digital…
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Seven impacts of US tax reform

Seven impacts of US tax reform

Tax Policy
President Trump’s tax reform plan was released on April 26, 2017, and despite coming with the subtitle “The Biggest Individual and Business Tax Cut in American History” it was a succinct one-page list of bullet points. While we should expect more details in the coming weeks as draft legislation hits the House floor by the end of August, the one-page list and the subtitle gave us some clues on the general direction of the reform: huge tax cuts. The cornerstone of the tax reform plan is cutting the federal corporate tax rates from 35%, the second highest among the OECD countries, to 15%. The stated policy objective behind this cut, and other disclosed aspects of the reform, is to encourage US multinationals to repatriate to the US cash and income that is currently…
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Understanding legislative intent behind tax advantages

Understanding legislative intent behind tax advantages

Tax Policy
I recently got into a debate on corporate tax avoidance with some students who were members of the Tax Justice Network. Their main argument was that tax laws are created specifically to cater to certain corporate interest groups at the expense of the society. While there might be some truth to it, I find that it a rather simplistic understanding of how or why tax advantages for certain groups are created. To better understand corporate tax avoidance (which I distinguish from tax evasion--or illegal tax planning) a more comprehensive understanding of the legislative intent behind certain laws is necessary. Just because a multinational is disproportionately benefiting from a particular law, does not make the law wrong. The legislature in Canada has created certain laws that are intended to benefit Canadian multinational corporations,…
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