EY strengthens tax services with launch of Tax Technology and Transformation
Singapore, 10 August 2017
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 organizations 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 understanding how to make data an asset; 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 helping to solve the most pressing challenges that businesses face. Tax Technology and Transformation services will be provided with the support of EYTax.Tech™, a customized suite of client-serving technology services.
Tax Technology and Transformation will comprise the following:
- Digital tax transformation services
- Tax applications-as-a-service
- 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 program mobilization services
- Custom tax technology application development and deployment
- Tax technology strategy and road mapping
- Tax systems implementation and configuration
- Post-transaction (M&A) tax function operational services
- Tax operating model transformation, including process improvement, risk and controls
Albert Lee, EY Asia-Pacific Digital Tax Leader, says:
“The pace of change in tax legislation, and the accelerated use of technology by governments as they automate their compliance and filing processes, is 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 organizations to help them overcome technology-driven business challenges, and with Tax Technology and Transformation, EY will lead by example.”
Mrs. Chung-Sim Siew Moon, EY Singapore Head of Tax, Ernst & Young Solutions LLP says: “Digital is both a dynamic and pervasive disruptor and springboard to the future. Tax functions need practical advice to quickly step up and understand their organization’s digital maturity, identify digital priorities, create a holistic and strategic approach to their current framework and justify the returns on digital investments. Particularly as Singapore strives to remain attractive to foreign investors, it is important that companies here continue to keep pace with developments globally such as digital. Thus, tax functions can benefit from our Tax Technology and Transformation on how to optimize and leverage technological advancements to operate within the new confines of these attributes, and achieve tax effectiveness and operational efficiency.”
Jim Hunter, EY Asia-Pacific Managing Partner - Tax, says:
“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 organization. By 2020, we expect to have more than 5,000 professionals in Tax Technology and Transformation.”
Notes to Editors
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young Solutions LLP, a member of the global EY organization.
About EY’s Tax Services
Your business will only succeed if you build it on a strong foundation and grow it in a sustainable way. At EY, we believe that managing your tax obligations responsibly and proactively can make a critical difference. Our 50,000 talented tax professionals, in more than 150 countries, give you technical knowledge, business experience, consistency and an unwavering commitment to quality service — wherever you are and whatever tax services you need.