EY launches Tax Technology and Transformation
By Digital News Asia August 22, 2017
- Will be provided to companies in response to the impact of existing and emerging technology
- Services will be provided with the support of EYTax.Tech, a customised suite of services
EY ANNOUNCES the creation of Tax Technology and Transformation, a dedicated group of more than 1,000 tax technology and performance improvement professionals in member firms across the globe that help organisations to redefine their tax functions and drive transformation for the digital age.
Tax Technology and Transformation services will be provided to companies in response to the impact of existing and emerging technology; the growing data burden that many businesses face; and driving efficiencies to create a cost-effective tax function.
The underlying objective of the new services is to help businesses navigate the digital age of tax transparency alongside new trends in tax compliance and tax audit methods, as well as help solve the most pressing challenges that businesses face.
Tax Technology and Transformation services will be provided with the support of EYTax.Tech, a customised suite of client-serving technology services.
“EY’s Tax Technology and Transformation services reflect the reality of today’s increasingly digital and borderless business landscape across the Asia-Pacific, including Malaysia. With the newly launched tax services, we are well-positioned to support organisations to develop the right competencies and capabilities as they transform their teams and build a future tax function that is both robust and able to leverage opportunities presented by disruptive technologies and digital business models,” says EY Malaysia tax leader Amarjeet Singh.
Tax Technology and Transformation will comprise the following:
- Digital tax transformation services
- Tax data and improvement services
- Tax analytics and reporting enhancement services
- Emerging tax technology services including robotic process automation (RPA), artificial intelligence (AI), blockchain, cloud solutions, data lake development and business intelligence innovation
- Tax technology programme mobilisation services
- Custom tax technology application development and deployment
- Tax technology strategy and road-mapping
- Post-transaction (M&A) tax function operational services
- Tax operating model transformation, including process improvement, risk and controls
EY Asia-Pacific Digital Tax leader Albert Lee says, “The pace of change in tax legislation, and the accelerated use of technology by governments as they automate their compliance and filing processes, are disrupting the traditional tax function. The creation of Tax Technology and Transformation recognizes the significant impact that emerging technologies such as AI, blockchain, RPA and advanced robotics will have on global business, as well as on our own tax practice. Increasingly, businesses are looking to professional services organisations to help them overcome technology-driven business challenges, and with Tax Technology and Transformation, EY will lead by example.”
“In this rapidly changing world, tax services increasingly require significant technology and transformation elements to achieve their objectives. Our investment in Tax Technology and Transformation professionals will see rapid growth in careers for science, technology, engineering and mathematics graduates, who combine technology and tax domain knowledge to experiment and incubate new ideas, then leverage those ideas for the benefit of our clients and our organisation. By 2020, we expect to have more than 5,000 professionals in Tax Technology and Transformation,” says EY Asia-Pacific managing partner - Tax Jim Hunter.