PwC rolls out AI tax tool to staff

PwC rolls out AI tax tool to staff

Feb 21, 2024

Big Four firm PwC has given all UK tax staff an AI assistant to handle enquiries on legislation, cases and tax compliance

The artificial intelligence (AI) tool has been developed with partners Harvey and OpenAI, and is available to all 2,300 PwC UK tax professionals. The firm is also talking to clients about how their tax functions could use the tool directly.

The AI assistant will generate tax content as part of the delivery of services to clients, giving staff the ability to review documents, policy, legislation and general research.

The rollout is part of PwC’s wider strategy to lead the professional services market in the adoption of AI and technology, ensuring clients and staff benefit from the changing environment in which they operate.

Tax return production automation is also being considered as part of a wider technology strategy augmented by AI. This will lead to the use of chatbots to deal with client enquiries but not offer advice, PwC said.

The tax AI assistant tool cross references and has been trained on case law, legislation and other underlying sources with the data being regularly refreshed to reflect changes and updates to tax rules. The tool has been trialled across the firm since last October.

As a result, the model generates significantly higher quality and accuracy in the tax domain when compared to publicly available large language models (LLMs) and provides references to underlying data, allowing for transparent and accurate validation by tax professionals.

Laura Hinton, PwC’s tax, legal and workforce leader, said: ‘Generative AI is transformative and presents unprecedented possibilities for both our people and our clients.

‘Working with Harvey and OpenAI, we will be able to offer the most sophisticated tax AI enabled services and model in the market and further differentiate what we do.

‘Our approach will always be human led, tech powered and AI will complement our expertise, allowing our subject matter experts to deliver more robust and transparent insights to our clients.’

PwC stressed that the introduction of AI supported services would not lead to job cuts.

Winston Weinberg, co-founder and president at Harvey added: ‘By leveraging the cutting-edge technology of Harvey and OpenAI, we have created an AI asset that combines deep tax knowledge with natural language processing and generation capabilities.

‘This is a prime example of how AI can augment human expertise and transform the way professional services are delivered.’

Brad Lightcap, chief operating officer at OpenAI, said: ‘We’re seeing a surge in the practical application of AI being built on our platform. The innovative AI assistant built by PwC and Harvey is a prime example of AI’s power to supercharge the capabilities of knowledge workers and enhance the customer experience.’

Bivek Sharma, PwC UK CTO and global AI lead for tax, legal and workforce commented: ‘We are already seeing exciting results from using the tax AI model within our teams and we look forward to bringing the benefits of AI to our clients.’