Government of Singapore Investment Corporation (GIC)

Identified Problem

The GIC tax team spends a lot of time reviewing emails from professional services firms to monitor changes in tax laws worldwide. This process is time-consuming, with 10-20% of the team’s time being used to review the emails and understand the implications of the information received. There is a need to be more efficient in their daily work, and to ensure that no changes in tax law relevant to GIC are missed.

AI Solution

An AI system was built to help the team manage the large volume of information and to improve the accuracy and completeness of their monitoring. The AI model categorizes information, and its outputs are compared to human categorizations to tune its accuracy.

Key Features

• The AI system helps to monitor changes in tax law.
• The AI model categorizes information, which is then compared to human categorization for accuracy.
• The system was hardened and containerized with the help of the GIC technical team.
• The web has been scraped to get the right data to train the models when there was insufficient data

Benefits of AI Solution

• The AI system helps the team to be more efficient in their daily work.
• The system provides a completeness check to ensure that no relevant tax law changes are missed.
• It reduces the amount of time spent on reviewing emails from professional services firms.

Impact of AI Solution

• GIC provided the experience of what is required for a product to be rolled out and maintained operationally.
• The project demonstrates the importance of a combined team to roll out the product on time.