More than ever before, in this era of unprecedented economic uncertainty fuelled by the global pandemic, clients see EY Tax as a trusted business advisor on the front line of strategic and transformational decisions that improve their organizations’ resilience and long-term value. In this dynamic environment, we are building a better working world by enabling business decisions through insights on government policy, regulatory obligations and operations.
We continue to provide the market with leading cross-border tax and legal advice. Many companies are faced with challenging supply chain decisions given the changing geopolitical dynamics and shortages caused by the global pandemic. EY Tax has been providing them with real-time tax and legal advice, enabled by leading-edge technology and modelling tools, to empower sound decision making.
Increasingly, businesses are turning to co-sourcing their tax and finance and legal functions to maximize their own capabilities, build a strong, adaptable organization and fortify their bottom line. In a recent survey, 5 out of 10 organizations said they would choose to work with EY Tax, which includes 65,000 highly skilled professionals located in 145 jurisdictions around the globe who are deeply knowledgeable in tax, law and talent-related issues.
The EY Tax and Finance Operate solution and a growing number of other EY Tax managed services offerings, including Legal Managed Services and Payroll Operate, are driven by the EY Global Tax Platform (GTP), which runs on Microsoft Azure. GTP is the first cloud-enabled technology of its kind among the Big Four with global scope, and capability enhancements continue to be added to this market-leading platform. The 2020 Microsoft Partner of the Year Awards specifically recognized the GTP among EY teams’ global capabilities, services and solutions that combine innovation, robust skills and Microsoft technologies.
With the acquisitions of EY Riverview Law and Pangea 3 in FY19, EY became the first provider to offer global legal advisory, legal function consulting and a robust, industry-leading legal managed services (LMS) solution. Upon integrating these deals this year, EY Law was recognized by the Financial Times as a disruptor in the legal services space and named the leader in Acritas’ Global Alternative Legal Services Provider brand index.
In June 2020 an agreement was finalized to technology-enable EY global trade services and expand the EY global trade managed services offering through a transaction with software and content solution provider GTKonnect. Connected to GTP, this technology and the talent behind it will greatly strengthen EY’s credentials across many aspects of global trade.
The technological and operational transformations many organizations are now undertaking also require strategic workforce transformations to ensure their success. EY People Advisory Services (PAS) teams continue to help clients address complex workforce issues, including remote working resulting from the pandemic and physical-return transitions. EY’s Global Physical Return and Work Reimagined (PRWR) framework helps clients focus on short-term physical-return related issues as they simultaneously explore longer-term opportunities to transform their work environments and business operations for a seamless shift towards the “next normal”.
Even as we look to the future, EY teams are helping clients navigate the present as governments around the world take action to support businesses and stimulate their economies. The EY COVID-19 Stimulus Response Tool empowers clients by monitoring developments, determining their critical needs, prioritizing a plan and then tailoring actions for continued stabilization. The tool works in tandem with nearly a dozen regularly updated response trackers to display incentives relevant to a client, costs and benefits of a given incentive and the status of any application made.
Over the past fiscal year, we launched the first EY direct-to-consumer service with the enhanced and expanded EY TaxChat™. EY’s award-winning, on-demand mobile tax preparation app offers personalized service from a licensed EY professional. Designed to handle the growing complexities of tax filing, it appeals to time-pressed, mass-affluent individual taxpayers. The EY TaxChat mobile app is currently available in the US, UK and Brazil, with expansion into Australia and the Netherlands underway.