8SEPTEMBER 2024OPINIONIN MYWhen I started my career with the NYS Department of Taxation and Finance back in 2003, I would not have imagined the rate of today's rapidly evolving technological landscape in the field of finance, especially the indirect taxation space. The integration of advanced technologies such as state-of-the-art tax engines, artificial intelligence, machine learning, and big data analytics has revolutionized the way indirect taxation is done. In this piece, I want to explore the opportunities and challenges we face in the indirect tax space against the backdrop of technological advancements and the new norm. The Role of Technology in Indirect TaxationTechnological advancements have significantly impacted the field of indirect taxation, reshaped traditional ways, and introduced innovative solutions. The use of an advanced tax engine for real-time tax calculation, automation tools (RPA tools - UiPath, Blue Prizm or Automation Anywhere), data wrangling tools (Alteryx, Datameer, Python Panda etc.) that streamline routine tasks such as data entry, and report generation, allow tax professionals to focus on higher-value activities. Additionally, advanced software platforms equipped with machine learning algorithms can analyze vast amounts of transaction data to identify patterns, anomalies, and potential tax optimization strategies such as refund opportunities and product taxability mapping.The proliferation of cloud computing enables seamless collaboration between indirect tax professionals in the industry with service providers and taxing authorities, improving efficiency and flexibility. Digital platforms also facilitate real-time monitoring of regulatory changes and updates, ensuring compliance with evolving tax laws. Overall, technology has become an integral part of modern CAREER IN INDIRECT TAX IN THE AGE OF TECHNOLOGYBy Taiwo Ogundele, Senior Manager - Tax Systems, The Home DepotAdvanced technologies are revolutionizing how we do tax, enhancing efficiency, accuracy, and reducing customer friction
< Page 7 | Page 9 >