What happened: HM Revenue and Customs has awarded a £175 million contract to Quantexa, a UK-based financial data platform, to use artificial intelligence for identifying fraud and errors in tax returns.
Why it matters:
- Improved detection could reduce tax fraud and increase revenue collection.
- Taxpayers may experience more accurate assessments and quicker error identification.
MNN Take: HMRC is adopting advanced AI technology to enhance its ability to analyse financial data, aiming to make tax enforcement more efficient and precise.
Sources: BBC Business