I am about to review my team and I started to think about what their jobs might look like in the future.
Remembering that I always tend to dark side of things, my assessment looks something like this. I am interested in any or all feedback.
All compliance related jobs including due diligence will be primarily performed by technology. There will be some need for interpretation by humans but even that space will be challenged by analytics and will be diminishing.
Within 7-10 years
Basic scenario planning for structuring advice, TP and many other tax related assignments will be done by AI and a human advisor will be needed to make a selection between the scenarios being offered by the AI, based on various criteria which the machine is not subtle enough to handle (yet...). That human will need to have experience but where that experience comes from given my first comment above, I am not so sure.
Post 10 years
The AI will have enough data to be able to take account of most, if not all, of the factors previously dealt with by humans. The AI may even have a conversation with the AI of the relevant tax authorities to see whether what is proposed falls within their acceptable parameters. There will still be a need for some human involvement but it will be minimal.
This was written by Simon Clark
, Head of M&A Tax at KPMG Singapore.
Thank you Simon for giving us permission to reprint.