The tax profession is set for significant growth in AI adoption with 41% of tax practitioners planning on investing in new automated tax technology. If a sharp increase in AI adoption does take place, then it raises the obvious question of whether slower-moving tax firms will be left in the wake.

Nearly half (45%) of professionals worldwide across both the tax and legal sector said their biggest hope for AI is that it will help them improve productivity and efficiency at work. The recent Thomson Reuters Future of Professionals report also found that 30% of tax firms worldwide predicted there would be greater reliance on AI by 2025.