EY and Automation Anywhere (AA) are developing RPA based tax automation solutions for the Indian market.
The ongoing tax reforms in India such as the Goods and Services Tax (GST) regime, faceless assessment and the upcoming GST IRN compliance regulations is disrupting organizations.
In order to keep pace with the dynamic regulatory environment, Corporate tax functions need to fast track their technology adoption curve and adapt to the emerging API driven compliance environment as the new normal. To help tax functions cope with these changes, EY and Automation Anywhere are building and deploying RPA solutions to automate high volume tax compliance processes across various industry sectors.
The ongoing Covid19 crisis is also an important learning for many organizations to be prepared for an unprecedent time like these and accelerate their transition to digital technologies. “CFOs are now seeing more value in making digital bots as an integral part of their tax workforce”, said Sameer Prakash, Partner and National Leader – Intelligent Tax Automation, EY India. He added, “Deploying tax-related RPA helps to drive cost efficiency, prevent credit leakages, reduce tax compliance risks making it an important element in the digital transformation journey of any organization.”
Using Automation Anywhere’s intelligent automation platform, EY has developed a library of ‘’ready to deploy Tax Bots’’ that automate GST, withholding tax and transfer pricing related processes.
“Corporates are looking for technology solutions that can help their tax function to efficiently manage their taxes as per the government guidelines. Automation Anywhere’s Intelligent Digital Transformation platform along with EY will increase the potential of customers to transform the way tax departments generally function by automating mundane, labor intensive and repetitive tasks and letting the employees focus on insight driven activities.” said Milan Sheth, EVP-IMEA, Automation Anywhere.
As per Murali Raj, CIO of HIL Ltd., who is one of the early adopters of RPA, HIL started their organization’s RPA journey with tax processes and we are seeing results and business value early in the journey. By bringing in bots to take on the human-intensive and repetitive work, we have been able to create new efficiencies and build a higher level of agility in our tax compliance processes.”
Automation Anywhere ’s Bot Store is the first digital workforce marketplace and has the largest selection of Bots employing RPA. EY and AA are deploying use cases on the Bot Store which shall be coming up shortly.