Generative AI will enhance effectiveness of tax functions: Report

Most of the CFOs as well as finance and tax leaders in India believe generative AI (GenAI) will significantly enhance the effectiveness of their tax functions, said a study on Thursday.

Globally, 87 per cent of leaders echo this sentiment, underscoring GenAI’s potential to revolutionize tax functions worldwide, said a EY Tax and Finance Operations (TFO) Survey 2024.

Based on insights from 1,600 leaders across 32 countries and 18 industries, including 70 CFOs and tax leaders of leading Indian corporates, the global survey highlighted key challenges in the tax and finance domain.