EY today announces the opening of the EY Advanced Technology Tax Lab, the first in what will become a global “Tax Lab” network dedicated to solving complex tax issues through the application of advanced technologies. The Tax Lab is led by Jeff Saviano, EY Global Tax Innovation Leader.
Based in Cambridge, Massachusetts, the opening of the Tax Lab reinforces an EY commitment to help clients navigate the evolving tax landscape as new technologies enter the market and mature at unprecedented speed, impacting entire business models, value chains and the tax function.
Jeff Saviano, EY Global Tax Innovation Leader, says:
“Exponential growth in emerging technologies is powering the economy and creating vast opportunities for value creation. The EY Advanced Technology Tax Lab serves as an instrument of tax industry transformation, strengthening the EY ability to reimagine and change a centuries-old business.”
The EY Global Tax Innovation team launched the EY Advanced Technology Tax Lab strategy to achieve breakthroughs in tax problem-solving and to commercialize new solutions grounded in advanced technologies, while staying ahead of the tax technology curve. The inaugural lab focuses on the convergence of disruptive technologies that are driving business growth, such as blockchain, advanced data analytics and artificial intelligence (AI) — with a particular focus on machine learning and natural language processing. EY clients and startups will also be invited into the lab to participate in cooperative prototyping and solution development.
Kate Barton, EY Global Vice Chair – Tax, says:
“The EY Advanced Technology Tax Lab is a key driver of the EY tax technology strategy, helping companies to future-proof their tax departments and serving as a strong voice in the tax community to redefine the type of work that tax professionals do best. The Tax Lab will attract leading computer scientists to achieve technology breakthroughs and incubate new solutions, forging and extending the EY commitment to exceptional client service.”
Integral to the work of the EY Tax Lab is a new research collaboration with Massachusetts Institute of Technology (MIT) and computer scientist Alex “Sandy” Pentland, one of the most-cited scientists in the world and leader of the MIT Connection Science and Human Dynamics labs.
Alex “Sandy” Pentland, Professor of Media Arts and Sciences and Media Lab Entrepreneurship Program Director, MIT, says:
“Traditionally the tax profession has not been deeply involved in solving problems through rapid testing and iteration, but it is now quickly adapting to the digital world around us all. We have seen the impact technology and rapid innovation can bring to other fields and are bringing the same scientific approach to tax.”
In collaboration with MIT, the EY Global Tax Innovation team is examining the relationship between people and computers to understand how machines can boost the effectiveness of tax professionals, resulting in a collective intelligence.
Pinpointing the emerging technology developments that will have the greatest impact on the tax industry — and taking new, innovative approaches to address them — is a major focus of the Tax Lab. Furthering the EY purpose of building a better working world, the Tax Lab will develop a governance model of AI systems for tax purposes, and help governments better understand the externalities of tax policy with AI systems.
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