KymTax, an AI tool has been introduced by KPMG Australia to change how tax advice is delivered. This technology enables the tax experts of KPMG to quickly locate information from the vast collection of tax knowledge of the firm.
Worldwide, this is one among the first-ever tools which make use of AI for tax services. It functions like a personal researcher on taxes by helping experts comprehend intricacies of tax laws and also develop high-quality initial drafts about tax advice which can then be tailored according to different customers’ requirements.
It is essentially a research tool that can manage knowledge and generate content as well as respond to immediate questions regarding taxes while making presentations or writing emails.
According to John Munnelly who serves as Chief Digital Officer at KPMG Australia; KymTax represents revolutionary artificial intelligence software since it gives easy access for tax professionals towards wide-ranging and deep-rooted awareness possessed by KMPG regarding taxation matters worldwide. The system incorporates many years’ worths of internal documents related to taxes compiled within KPMG together with those obtained externally such as Australian Taxation Office database files in its attempt at drafting papers.
This particular AI tool was developed following an internal contest aimed at identifying potential uses for artificial intelligent systems throughout various departments within the Australian branch office of KPMG. Its creation involved collaboration between representatives drawn from Tax & Legal division (TL), Enterprise Division along with members belonging to Technology Group (TG) who worked jointly during every stage until completion which entailed thorough testing phases aimed at verifying whether indeed it operates properly plus safely too.
National Managing Partner for Tax & Legal services at KPMG Australia known as Ben Travers stated that team efficiency will be enhanced through time saved because manual researches may no longer be necessary thanks largely due this newly introduced system called “KymTax”. This allows professionals being able concentrate upon critical areas or tasks pertaining strategic advice offered clients ensuring always up-to-date with latest tax developments.
He stressed that KPMG does not utilize external platforms like ChatGPT but relies on its own resources when deploying such systems as this one namely KymTax where according him;- “Our experts provide guidelines then let artificial intelligence find summaries. It acts as personal research assistant every tax professional should have at KPMG”.
KPMG is a global network of professional firms providing audit, tax and advisory services located in 143 countries across the world employing more than 265 thousand people. Each member firm within the organization operates as an independent legal entity responsible for their own obligations under relevant laws and regulations.
Source: channellife
