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Technology and the future of the tax profession

18 January 2022 / Paul Aplin
Issue: 4824 / Categories: Comment & Analysis
68578
Beyond MTD

Key points

  • New technologies like AI open banking and blockchain will affect the tax profession.
  • The importance of accurate data recording as close to real time as possible.
  • Real time transaction recording could lead to being able to tax closer to real time.
  • Human professional skills will be even more important in a digital world.
  • Tax authorities around the world are embracing data analytics and AI.

Last November I delivered the ICAEW Tax Faculty’s annual Hardman lecture. In it I looked at some of the challenges and opportunities technology presents to the tax profession. This article is largely based on what I said.

And before readers think ‘this is just going to be more about MTD’ don’t worry it isn’t and those three letters will appear only once more after this paragraph. The impact of technology on the way we do tax will extend way...

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