- AI-Driven Tax Revenue Increase: Austria’s Ministry of Finance reported an additional EUR 354 million in tax revenue for 2024, attributed to the use of artificial intelligence (AI) by its Predictive Analytics Competence Center (PACC) to identify tax fraud and compliance violations.
- Extensive Case Review: The PACC utilized machine learning and text mining techniques to analyze 6.6 million tax cases and 23.4 million compliance cases, uncovering various fraudulent activities, including false employee assessments and unreported vehicle sales by businesses.
- Future Plans for AI Expansion: The Ministry intends to broaden its use of AI, including generative AI, and enhance collaboration with national and international partners to improve the efficiency and effectiveness of tax administration in Austria.
Source Orbitax
Latest Posts in "Austria"
- Austria Clarifies Tax Deduction Rules for Subcontractor Services Involving Fraudulent Invoices
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- Austria Launches USP Portal for Business E-Government Services and E-Invoicing Registration
- Austrian Court Rules No Consumption Tax or Late Surcharge on Temporarily Leased Cross-Border Vehicles
- Questions to ECJ – Quick Fixes Under Scrutiny: Is an EU VAT ID a Substantive Requirement for Zero-Rating?
