Abdi Aidid and Benjamin Alarie are the authors of The Legal Singularity: How Artificial Intelligence Can Make Law Radically Better, which is shortlisted for the Donner Prize. Both are professors at the University of Toronto Faculty of Law.
To understand the scale and impact of such changes, it helps to reflect on past adjustments. In 2001, Bill C-22 altered the landscape by reducing the inclusion rate from 75 per cent to 50 per cent. This legislative shift required recalibration of numerousprovisions, from the treatment of bad debts to capital cost allowances for depreciable properties.
AI becomes crucial in scenarios where tax laws are revised, as it can swiftly adapt to new regulations and provide updated insights and strategies without the lag that typically accompanies human analysis. For taxpayers and professionals, this means more reliable and efficient compliance strategies, optimized financial planning and a better understanding of the tax implications of their decisions.
As with many emerging technologies, AI is a double-edged sword: Sophisticated taxpayers, equipped with AI tools, could potentially exploit loopholes and ambiguities in tax legislation at unprecedented speeds and scales. The very technology that promises to simplify tax compliance could also accelerate the pace at which tax-avoidance schemes are developed and executed.
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