Finance

AI can help fight global tax evasion, Mint Group CEO says

Thursday, 23 September 2021 20:40
AI can help fight global tax evasion, Mint Group CEO says

(Ecofin Agency) - Artificial Intelligence is increasingly emerging as an attractive option for improving performance in various sectors. While tax revenues have been declining in recent years, this technology may help reverse the trend.

Tax authorities around the world, including Africa, can use artificial intelligence (AI) to improve tax revenue collection, Dennis Lupambo, CEO of Mint Group, a South African consulting and IT solutions firm, suggests.

According to him, governments could set up a system for collecting taxpayer data intended, in particular, to fight tax evasion. The system will be built on the model of customer data platforms used by companies. Dennis Lupambo said AI could also reduce the need for cumbersome audits and help detect anomalies in terms of declared income and undeclared assets.

“By tapping these sources of information and combining it with the power of AI and machine learning, the tax authority will be able to segment and predict which taxpayers to investigate,” he explains.

A study conducted by the United Nations Economic Commission for Africa (UNECA) indicates that improving tax governance and efficiency could generate up to $110 billion in new tax revenues between 2020 and 2025.



 
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