Most CFOs in India believe generative AI will enhance effectiveness of tax functions: Report
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.
It said, «94 per cent of CFOs and finance and tax leaders in India believe generative AI (GenAI) will significantly enhance the effectiveness of their tax functions — a remarkable increase from just 19 per cent in 2023, highlighting a growing recognition of GenAI's potential in the tax landscape.»
The survey 2024 also showed that Indian tax leaders have already begun to make strides in their GenAI journey, with 14 per cent actively developing strategies, launching pilot projects, and exploring early-stage Gen AI applications.
Another 47 per cent are in the exploratory phase, investigating and experimenting with GenAI's potential to enhance their operations, surpassing the global average of 40 per cent.
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