The Tax Reform in Brazil is about to transform the country's fiscal landscape, bringing technology to the forefront. With the digitization of various government entities, tax authorities are making use of applications, software and Artificial Intelligence (AI) to enhance oversight and compliance with tax regulations. In this context, it is imperative that companies and professionals adopt AI-based tools to mitigate risks and ensure compliance with new regulations
The changes in tax legislation, driven by the Reform, have generated an avalanche of information that evolves rapidly, making it challenging for companies and professionals to stay updated and understand the impact of these changes on their operations. Studies indicate that technology is crucial for driving productivity and innovation in various sectors, including the tax-related. In fact, the digitization of tax practices has shown significant benefits in terms of compliance, efficiency and revenue growth
A recent report from the Thomson Reuters Institute provides a detailed view of the readiness of corporate tax professionals for the Reform in Brazil. The research, titled "Tax Reform in Brazil: insights, challenges and opportunities for corporate tax professionals, highlights that the biggest challenges faced by professionals include workload overload and the costs associated with adapting tax management systems to the new model. Although they do not completely eliminate the challenges, technology and AI are seen as key allies to ease the transition
The report also emphasizes that adapting to the Reform will require tax management systems that offer greater automation, precision in calculations and agility in the implementation of new SPEDs and electronic tax documents. Accountants and professionals in the field should invest in technology to improve efficiency and minimize human errors during this transition period
The research also reveals that at least 50% of respondents expect a significant increase in investment in their tax departments in the first four years of the reform, with 40% expecting that this investment will continue until the end of the transition period, in 2033. For a successful transition, it will be necessary more than adapted digital systems; organizations must develop integrated and strategic action plans
In addition to implementing advanced technologies, it is crucial for companies to stay updated with the new regulations, train your professionals and promote internal and external collaboration with specialists and consultants. Following this approach, tax professionals will be better equipped to lead their organizations through the transformations brought about by the Tax Reform in Brazil
