Tax


Research and Markets - Cognitive Systems & Artificial Intelligence in BFSI Market to Grow at a CAGR of 45.9% by 2022 - Key Players are IBM, Synechron, Micro Strategy, Infosys, Next IT Corp & Rocket Fuel

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The increasing usage of cloud-based solutions in the BFSI industry, rising demand for the data-driven solutions, increasing internet banking penetration, and scope of deriving market risk are fostering the market growth. The system replaces the human thought process with a simulated digital model that includes a self-learning system, which derives patterns by using data mining, speech recognition, and language processing techniques. The cognitive systems require AI platform to derive the complicated business issues. Globally, the growing demand for digital technology and changing customer demands have led the BFSI players to adopt cognitive systems and AI implementation in their operations to deal with ever-changing regulatory & compliance laws to face the market risk and understand both income tax & corporate tax laws in an efficient way.


Who Will Pay for the Future if Not the Robots?

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"So there's no sales tax revenue because there's no sales," says Joseph Henchman, vice president of state projects at the Tax Foundation. Cities and states get about 30 percent of their revenue from property taxes, 20 percent from sales tax, and another 20 from individual income taxes. "If revenues drop by a third"--the projected impact of automation--Henchman says, "that means services need to be cut back by a third, either through trying to be more focused or efficient with the services we do provide, or by actually having to pare back what government does." A robot tax isn't going to save jobs, but the idea is that it could help cushion the impact of mass automation by funding a universal basic income.



will-pay-future-not-robots

WIRED

"So there's no sales tax revenue because there's no sales," says Joseph Henchman, vice president of state projects at the Tax Foundation. Cities and states get about 30 percent of their revenue from property taxes, 20 percent from sales tax, and another 20 from individual income taxes. "If revenues drop by a third"--the projected impact of automation--Henchman says, "that means services need to be cut back by a third, either through trying to be more focused or efficient with the services we do provide, or by actually having to pare back what government does." A robot tax isn't going to save jobs, but the idea is that it could help cushion the impact of mass automation by funding a universal basic income.


Canada is North America's up-and-coming startup center

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As well as an enviable array of natural resources, Canada also boasts incredible support for entrepreneurs, both homegrown and international. Fast-forward to the nineties and the Canadian government expanded its Scientific Research and Experimental Development (SR&ED) tax incentive program to allow for assistance to companies performing research and development. Ryerson University's Digital Media Zone incubator is also a resource for early-stage companies worldwide, as are a range of University of Toronto incubators and accelerators. Other financial support includes 500 Startup's Canadian fund; the Scientific Research and Experimental Development Program, a federal tax incentive for companies conducting research; and the Industrial Research Assistance Program, which provides entrepreneurs with funding and advisory services to help them develop technology.


Ikea is betting on artificial intelligence

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The Trump tax plan: The White House set out its big tax reform plan, which managed to fit on a single page with some bullet points. North Korea: Trump's desired course of action is to resolve the nuclear standoff diplomatically. Push the button: Perhaps the strangest news out of Trumpland this week is the big red button that POTUS keeps on his desk. Which also brings us to the biggest controversy of the week -- does Trump enjoy Coke or Diet Coke?


Is a "robot tax" really an "innovation penalty"?

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Steve Cousins is founder and CEO of Savioke, which develops and deploys autonomous robots that work in human environments to improve people's lives. They continually deploy new technologies to improve productivity, laying off some workers while hiring others. When Gates talks about a robot tax, in essence, he's talking about financially penalizing companies that deploy the latest automation technology -- a sort of "innovation tax" -- which, to me, is a backward tax. The more profitable a company becomes due to automation and increased productivity, the more income taxes it should pay into the collective system.


GM to hire 1,100 workers in California to bolster self-driving car program; gets $8 million tax break

Los Angeles Times

Electric-bus manufacturer Proterra Inc. was approved for a $7.5 million tax credit in exchange for hiring 432 people in Burlingame near San Francisco International Airport and in City of Industry. The Proterra tax credit was approved despite concerns raised by the United Steelworkers union, which said the company is likely falling short of job-creation commitments promised to the state of South Carolina in exchange for tax incentives. Tax breaks were also approved for several technology companies, including the online streaming service Hulu, which sought $4.3 million in exchange for adding 410 workers in San Francisco, Santa Monica and Novato. Renovate America Inc., which provides clean-energy and energy-efficiency financing, will get a $5.5 million tax credit to hire 542 people in San Diego County and San Francisco.


E-Gov: In the age of Artificial Intelligence, time ripe for India to leverage Big Data

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AI techniques can be applied in large-scale public initiatives ranging from crop insurance schemes to tax fraud detection to enhancing our security strategy. Coming to the Skill India initiative, India has entered into partnerships with public and private sector organisations both in India and abroad, some of which start at the school level to facilitate knowledge exchange. This could prove to be a potentially ripe area to apply adaptive learning solutions to tailor education to different levels of receptiveness and allow students to learn at their pace. In the area of Smart City development, AI can and will play an integral part in analysing huge volumes of data, which would be generated by smart city components and also by users.


CenturyLinkVoice: It's Almost Tax Day... And The IRS Wants Your Data!

Forbes

While taxpayers track down receipts and start calculating deductions, the IRS is also busy – collecting, managing and analyzing a flood of data. In fact, the IRS' digital leadership enables it to often process and pay refunds well before required tax information deadlines. With a range of moving parts, the IRS remains dedicated to continuous improvement - all while meeting data compliance requirements in adherence with federal, state and local laws across all 50 states and U.S. territories. During the coming year, the government is exploring a range of proactive initiatives, including capturing taxpayer data from social networks, investing in machine learning for automated processes, and segmenting information to allow for new capital and resource efficiencies.