Today, the possibilities within technology, artificial intelligence and robotics seem almost endless. Almost as unfathomable are the possible impacts on the workplace – particularly in the finance industry. Therefore, the Business Energy and Industrial Strategy Committee (BEIS) launched an inquiry into automation’s future potential effects within business. Within this inquiry came the recommendations to tax workplace robots, which AAT thoroughly rejected. AAT represents over 140,000 members working in the accountancy sector and is certain that technology doesn’t have to be a dark cloud over the heads of British workers.
Like many other industries, accountancy is experiencing increased automation. However, there is an undisputable link between automation and productivity; hence, the phenomenon should be something to welcome, rather than fear. After all, rapid increases in the use of technology by accountancy firms large and small are already taking place – although adoption varies and much is driven by government-led changes such as Making Tax Digital (MTD). Ultimately, the aim of many of these changes is to support efficiency and confidence. 89 per cent of surveyed AAT members viewed advances in technology as positive for the accountancy sector; this demonstrates the potential for robots to help improve the workplace. AAT believes that if new technologies are introduced effectively and fairly, the plethora of potential advantages can be embraced.
So, taxing robots would be completely self-defeating and counter-productive. On the other hand, investment in technologies like automation will strengthen productivity and make companies in the UK more competitive.
Any change is often daunting for policymakers. But a primitive, 19th century approach would prove detrimental for businesses and employees alike. Sure, some jobs will be lost due to automation but jobs will also be created from it. In fact, artificial intelligence and robotics are predicted to create 7.2 million jobs, more than the amount they would eliminate, according to a report by PwC. So, can technology really create an economic boost? Here, the Government can play a huge role in maximising the benefits of the digital age and certainly could be doing a lot more to assist with employees wishing to enhance their skills and enter the world of the tech-savvy.
As AAT Head of Public Affairs & Public Policy, Phil Hall, says: “a robot tax would undermine investment, limit employee skills and income, and risks relegating British business and the British economy to second or third tier status.”
Let’s hope that parliament steps away from regulations which undermine the economy and moves towards those which empower us all.
