Today, data analytics solutions offer benefits to practically every field of expertise imaginable. If deployed wisely, data analytics can play a large role in obtaining insights into large amounts of data. Fortunately, in the field of taxation, data happens to be in abundance, be it structured data stored in ERP systems or unstructured in the form of court decisions and contracts. This blog aims to set some expectations for students of Tax & Technology with regards to the use of data analytics within their upcoming profession.
Posed by parents to adult children worldwide, this frustrating question might be the most difficult for any young-adult to answer. Yet this is the question I, myself, pose to students when they call for advice on the Tax and Technology curriculum. Why do I reiterate this inevitable question? Partly because I am truly interested in knowing more about the student, but also because I realize that the impact of technology on tax has created ever-expanding job opportunities...
Technology plays an increasingly important role in practice of fiscal law. We are not only referring to the question of how all kinds of technological developments are taxed, but also in the use of technology in the field of compliance and the digitization of tax law. There are a number of developments that make this possible, namely the reduction in data storage costs (Kryder's Law), the availability of ever-faster processors (Moore's Law) and breakthroughs in the field of artificial intelligence (fourth spring)...