At the heart of WTax’s ability to stay ahead in the rapidly evolving world of withholding tax recovery is its cutting-edge technology and innovative solutions.
With a clear goal to build the fastest and most extensive withholding tax reclaim service in the world, Dr. Ashley Gritzman, CTO at WTax, shares insights into the company’s tech-driven approach, the challenges they face, and the exciting advancements on the horizon.
Read on for the full interview and an inside look at WTax’s innovative journey.
Dr Ashley Gritzman, WTax’s Chief Technology Officer
How Does WTax Stay Future-Proof?
Scaling with Technology
Leveraging AI for Transformational Impact
Addressing Client Pain Points
What Sets WTax Apart?
1. Claim Maximisation and Quality Control
2. Technology Infrastructure and Document Management
3. Dedicated In-House Team
The Future of WTax’s Technology
Final Thoughts
How Does WTax Stay Future-Proof?
Staying future-proof in the withholding tax industry requires constant innovation and a proactive approach to technology. Ashley explains that WTax’s in-house software development team plays a crucial role, ensuring they remain at the forefront of the industry.
“Technology is at the heart of everything we do at WTax,” says Ashley. “That’s why we’ve chosen to take full ownership of this critical aspect of our business by building and maintaining our tech in-house.”
This approach enables WTax to rapidly adapt to industry changes and maximise the benefits of emerging technologies like AI. “We believe you cannot build a winning business by outsourcing tech that is fundamental to driving competitive advantage and long-term success,” Ashley adds.
Through ongoing investment in technology, WTax continues to push the boundaries of how fast we can process claims, empowering clients to unlock their refunds sooner and maximise the potential of their recovered funds.
Scaling with Technology
To scale effectively, WTax leverages advanced tech tools and proprietary systems that streamline each stage of withholding tax recovery. This approach ensures that WTax can handle increasing claim volumes with precision and efficiency, setting a high standard in the industry.
The process begins with robust data analysis. “Our proprietary rules engine, developed over a decade of research, allows us to navigate the complex landscape of withholding tax regulations across multiple jurisdictions,” Ashley explains. This system has analysed over 25 million transactions to date, showcasing WTax's capacity to process reclaim data at scale.
Following this, the focus shifts to processing and preparing claims. The platform tracks and collects over 4.3 million documents spanning more than 750 distinct document types. WTax’s scalable technology is designed to handle thousands of claims each month, showcasing its ability to manage even the most complex and high-volume recovery processes as demand continues to grow.
Leveraging AI for Transformational Impact
The latest advancements in artificial intelligence have catalysed WTax’s technological evolution, particularly with the rise of large language models (LLMs) such as ChatGPT. Ashley, who brings over a decade of experience in machine learning and holds a PhD in the field from Wits University in South Africa, reflects on his early experience with AI: “Prior to the explosion of LLMs like ChatGPT in 2023, when AI was used to improve the efficiency of existing processes, the gains were often marginal, and very few businesses could genuinely use AI to generate new revenue.”
When Ashley joined WTax at the beginning of 2023, he initially found few AI applications that stood out as transformative. However, everything changed in late 2023 when breakthroughs in LLMs marked a “step change” in AI’s potential. “It felt like going from 0 to 1,” Ashley explains. “Suddenly, we had tools that could unlock drastic improvements in processes that had long seemed stagnant.”
This confidence in the transformative power of AI led WTax to establish an in-house AI team dedicated to researching and implementing these advancements at an unparalleled pace. “We operate at lightning speed: we might watch the release of a new AI model in the evening, and by lunchtime the next day, we’ve tested and integrated it into our platform.”
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The AI initiatives currently underway include: |
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Document Processing |
Quality Control |
WTax Chat Bot |
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AI-driven OCR allows WTax to process thousands of documents within seconds, enhancing accuracy and reducing processing time. |
AI helps verify the accuracy of documents from clients and custodians, flagging any discrepancies or errors that could impact claim success. |
WTax is developing an internal chatbot, enabling staff to access the company’s extensive knowledge base quickly, thereby improving response times and detail in client communication. |
By integrating AI across these areas, WTax can prepare and submit claims faster, enabling clients to receive refunds more quickly—benefiting all parties involved.
Addressing Client Pain Points
A key aspect of WTax's tech strategy is addressing common client pain points through sophisticated tech solutions:
- Timing of Reclaim Submissions: Many clients face delays in reclaiming withholding taxes. WTax’s data engine and document collection tools are designed to speed up submissions, ensuring clients receive their reclaims as quickly as possible.
- Incomplete Coverage: Some clients may not realise that they’re missing out on reclaim opportunities. WTax’s claim rules engine and data engine ensure that all eligible claims are identified, maximising recoveries.
- Administrative Burdens: Withholding tax recovery often involves large amounts of paperwork and complex processes. WTax alleviates this by offering prepopulation of claim forms, digital signatures, and assistance in obtaining tax certificates, minimising the administrative load for clients.
- Lack of Transparency: Clients need a clear understanding of their reclaim statuses. WTax’s sophisticated reporting portal provides real-time updates, while customised reporting formats cater to the unique needs of each client.
As Ashley notes, "Our technology is designed to tackle these complexities directly, ensuring our clients can focus on their core activities while we handle the complexity of withholding tax recovery."
What Sets WTax Apart?
WTax’s combination of leading technology, proprietary knowledge, and relentless focus on improving the withholding tax recovery process maximises value for its clients. Several key factors contribute to its competitive advantage, which sets WTax apart in the withholding tax recovery industry:
The Future of WTax’s Technology
WTax is positioned at the cutting edge of technology in the withholding tax industry, continuously expanding its capabilities to better serve clients. As Ashley explains, “We’re enhancing our integrations with custodians and tax offices, and we’ve already automated submissions for several tax authorities.”
This forward-thinking approach has led WTax to develop new products and services, leveraging its vast historical data to innovate. For instance, WTax’s claim monetisation product enables clients to sell their claims for immediate cash, bypassing the lengthy wait for traditional refunds.
“Our tech team is bigger and more productive than ever,” Ashley notes. “The platform we’ve built provides a solid foundation for even more ambitious advancements.” WTax’s future strategy will continue to build on its early successes with AI, integrating these tools to further increase processing speed and streamline submissions, ensuring that clients receive refunds even faster as demand grows.
Final Thoughts
With Ashley and his team driving WTax’s tech strategy, the company is well-positioned to remain at the forefront of the withholding tax recovery industry.
From AI integration to large-scale automation, WTax’s technological advancements are set to continue revolutionising the way withholding tax reclaims are processed, ensuring clients receive the fastest and most extensive service in the world.
If interested in learning more about our services, speak to a withholding tax specialist today.
This article serves as part of an ongoing series to highlight the exceptional teams at WTax. Follow us for more insights into our various other departments, showcasing the full spectrum of our capabilities and commitment to excellence. See our previous spotlights on WTax's Service Department here, the Tax Technical Department here and the People and Development Department here.
