19SEPTEMBER 2024CAREER IN INDIRECT TAX IN THE AGE OF TECHNOLOGYAdvanced technologies are revolutionizing how we do tax, enhancing efficiency, accuracy, and reducing customer frictionreduced customer friction. This diversification opens avenues for tax professionals to specialize in niche areas and develop niche expertise. Tax technology and tax systems are becoming more and more roles specifically created to address the technology need for indirect tax teams across the board. Furthermore, technology-driven tax solutions enable indirect tax professionals to work nationwide. Virtual collaboration tools and cloud-based platforms facilitate r communication and project management, creating opportunities for international tax consulting and advisory services. Challenges and ConsiderationsDespite the opportunities presented by technological advancements, aspiring tax professionals must navigate certain challenges in the digital age. Firstly, the rapid pace of technological innovation requires tax professionals to continuously update their skills (upskill) and stay abreast of emerging trends. Failure to adapt to new technologies can render traditional skills obsolete and limit career prospects.There is also the challenge of being too reliant on technology at the expense of developing technical tax knowledge. An indirect tax professional should know the legal basis for the logic behind the tool and process deployed when automating a process or adopting a technology. There are also concerns that increasing reliance on automation may create job displacement in the indirect tax space. Routine tasks previously performed manually are now being automated, leading to a shift in the skill set required for tax professionals. However, rather than displacing jobs, technology is reshaping roles, emphasizing the need for critical thinking, analytical skills, Problem-solving and strategic insight. ConclusionIn conclusion, the combination of tax and technology offers exciting opportunities for individuals in the indirect tax space. Advanced technologies are revolutionizing how we do tax, enhancing efficiency and accuracy, and reducing customer friction. Indirect tax professionals with the right skills and expertise can leverage technology to unlock new opportunities, specialize in niche areas, and navigate the complexities of the digital tax landscape. However, it is imperative for aspiring tax professionals to remain adaptable, continuously update their skills, and uphold the underlying tax technical know-how in the face of evolving technological advancements. By embracing technology while maintaining a commitment to developing deep tax technical knowledge, indirect tax professionals can thrive in this age of technology. At the end of the day, we are still taxing people and have ethical standards to adhere to.
< Page 9 | Page 11 >