TAX INTELLIGECE IS THE WAY FORWARD!
Demis Hassabis, the founder of DeepMind famously said, if you can solve intelligence, you will be able to solve all the problems in this world. Two things have become very clear by now, one that majority of the problem statements at least at the planning, strategy and actionable and precise data / information level can be sorted out. Second and more important, is that ChatGPT and variety of the other models have proven their capability and this grandiose plan is certainly doable. It will not be wild goose chase, which has been the case till some years back.
If is taken from what real intelligence can deliver at its digital best, with near complete integration, the present scenario can still be termed as nascent. What has to be married is the state of art tech practice; big data analytics / machine learning /AI with the best of domain knowledge and futurism inbuilt in both and operationally becoming one seamless flow, delivering in a manner, as if no effort gone into it. The most natural way. Today the domain has expanded to include the tech expertise without which nothing can delivered but unfortunately the professionals don’t seem to be interested in it. Tectonic change in the understanding of intelligence has to take place to bring in totality of transactions, across activities and sectors, and finding insights and meaning out of it, to deal with the routine issues in an extraordinary manner and creating newer avenues of operations.
It would need newer management and digital processes, substantiated to a level, wherein it generates comfort and confidence in the domain professionals. Information sufficient enough to conduct a successful raid would become a thing of the past. Real time and seamless information on activities pre-decided as per domain requirements, legally enabled and facilitated can be a modest beginning. The concept of data points at a humongous level would be a necessity, the current near physical operations should in no way be debilitating. Use cases would keep tumbling down with scary regularity. The end goal, as an example, anyone who needs to pay x amount of income tax based on his earnings and transactions, ends up paying it. The capability to evade should dwindle at an alarming speed.
What can be the starting point of this exercise? Government databases have the whole world of digital transactions of every type documented for posterity. It’s connect in a professional and precise manner to the mine of public data, can be a minefield for the wrong doers and the tax evader. With exponential technologies and tools at our command today, this trajectory can be transformative in bringing income tax regime as near to reality. Large parts of drudgery for income tax officials would end. Data is the new oil and artificial intelligence the new electricity.
ADOPTION OF TECH ENABLED TRANSFORMATIVE INTELLIGENCE CAN BE CHALLENING, BUT HAS LEFT THE DOMAIN PROFESSIONALS WITH NO CHOICE.
Have a nice evening.