Day #314 - Dynamic Taxing using AI

Flat tax slabs and income tax rates are the procedures followed today. With the digital economy, extensive data collected/monitored, new metrics we need to consider dynamic taxing based on several parameters. These parameters need to be chosen from the short term / long term perspective. Depending upon industry prospects/growth / economic factors these values can be adjusted for predicting/recommending tax. We need to collect several parameters to Predict taxing numbers.

Some of the parameters we can leverage are

• Manpower / Natural resources
• Renewable energy sources
• Direct skilled employment
• Indirect employment 
• Contribution to Innovation
• Technology adoption / Sharing for partners
• Contribution for long term growth / Longevity of the business /company
• Contribution to Education / R & D / IP
• Greenhouse impact
• Sector score
• Taxing based on domain/industry
• Profit margins, Balance Sheets, Supplier Balance Sheets / Company global profit margins
• %% of revenue saved with Automation / Robots
• %% of materials sourced/imported
• Export value / quantity of items / demand 
• Measure and change dynamically after ever quarter

Data needs to drive the decisions. We need to be more dynamic towards tax by understanding demand/market conditions/growth prospects/ecology and economic impact. To develop sustainable growth it needs to focus on both short term and long term benefits.

Ref - Link

Keep Thinking!!!