NewTech-based tax services gain pace to ensure businesses comply with global digital transparency standards
Global consultancy EY among firms now offering advanced services that redefine how companies face new developments in tax, audit and compliance
Rigid new global initiatives to increase transparency of business data are giving rise to more advanced professional tax services, which employ innovative tools that include cloud computing, financial technology and artificial intelligence.
“Professional services firms of all disciplines are expecting their workforces to change, which will see many jobs displaced and new roles created for software programmers, data analysts and computer scientists,” Paul Haswell, a partner at international law firm Pinsent Masons, told the South China Morning Post.
“Existing providers who fail to embrace this technology driven future are doomed to obsolescence.”
EY, one of the world’s four largest professional services networks, on Monday announced the creation of a dedicated group of more than 1,000 professionals from its member-firms across the globe for its new tax technology and transformation practise.
Albert Lee, digital tax leader at EY Asia-Pacific, pointed out that the pace of change in tax legislation and the accelerated use of technology by governments for automating compliance and filing processes, are disrupting traditional tax preparations.
EY’s new practise will include a custom tax technology application development, a post mergers and acquisitions tax function, robotic process automation, artificial intelligence, blockchain, and tax analytics and reporting services.