System and method of determining tax liability of entity

A method of determining a tax liability of an entity, the method comprising using a computer system comprising a server arrangement and a database arrangement coupled in communication with the server arrangement, wherein the method comprises using the computer system for:

• (a) obtaining information pertaining to the entity;
• (b) performing natural language processing on the information pertaining to the entity to generate a conceptual representation of the information pertaining to the entity, wherein the natural language processing is performed based upon at least one natural language in which the information is available;
• (c) determining at least two tax jurisdictions towards which the entity has the tax liability, based upon the conceptual representation of the information pertaining to the entity, the at least two tax jurisdictions having different tax laws and regulations;
• (d) accessing, from a data repository, knowledge-based information and/or regulation-based information pertaining to tax for the at least two tax jurisdictions, and analysing the knowledge-based information and/or the regulation-based information to generate a conceptual representation of the knowledge-based information and/or the regulation-based information for the at least two tax jurisdictions;
• and
• (e) analysing the conceptual representation of the information pertaining to the entity, based upon the conceptual representation of the knowledge-based information and/or the regulation-based information for the at least two tax jurisdictions, to determine the tax liability of the entity towards the at least two tax jurisdictions,
• wherein the server arrangement, by analysing the conceptual representation of the information pertaining to the entity, reduces errors or inaccuracies present in the information pertaining to the entity.

A computer program product for determining a tax liability of an entity, the computer program product comprising a non-transitory machine-readable data storage medium having stored thereon program instructions that, when accessed by a processing device, cause the processing device to:

• (a) obtain information pertaining to the entity;
• (b) perform natural language processing on the information pertaining to the entity to generate a conceptual representation of the information pertaining to the entity, wherein the natural language processing is to be performed based upon at least one natural language in which the information is available;
• (c) determine at least two tax jurisdictions towards which the entity has the tax liability, based upon the conceptual representation of the information pertaining to the entity, the at least two tax jurisdictions having different tax laws and regulations;
• (d) access, from a data storage of the processing device, knowledge-based information and/or regulation-based information for the at least two tax jurisdictions, and analyse the knowledge-based information and/or the regulation-based information to generate a conceptual representation of the knowledge-based information and/or the regulation-based information for the at least two tax jurisdictions;
• and
• (e) analyse the conceptual representation of the information pertaining to the entity, based upon the conceptual representation of the knowledge-based information and/or the regulation-based information for the at least two tax jurisdictions, to determine the tax liability of the entity towards the at least two tax jurisdictions,
• wherein the processing device, by analysing the conceptual representation of the information pertaining to the entity, reduces errors or inaccuracies present in the information pertaining to the entity.