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Giving tax the attention it deserves through technology can significantly reduce risks for organizations.
Multiple disruptions, including regulatory, social, political and technological changes, are posing newer risks and opportunities for businesses, more so for tax functions, which are at an inflection point. However, tax law changes are struggling to keep pace with technological changes and new laws are increasingly being enforced. Not giving tax the attention it deserves on digital issues could increase the risks for organizations.
Tax operating model
of financial services companies are making changes to their tax operating model, according to the 2023 TFO survey.
The power of EY: unlocking tax efficiency in an era of digital transformation
Our recent Tax Technology Transformation survey shows that companies have a large appetite for increasingly complex analytics, even when they cannot adequately perform the basics.
- 98% of companies with global headquarters in countries with digital tax administrations (DTA) are organizing their response to DTAs in a centralized and globally consistent manner.
- 50% of companies struggle with basic analytical reporting capabilities.
- The majority of companies still spend 40%-70% of their time on data cleansing.
Tax-specific technologies may make it possible to answer the mandates of the global digital economy with changing tax data flows, data analytics and data requirements. The digital tax function is evolving at a rapid pace and has become a strategic component of enterprise transformation. Therefore, there is a need for the tax functions to undertake timely and accurate compliance and go digital to be able to undertake more value-adding functions for the business.
The path to an intelligent tax function begins with a strategic plan, one that maps a new way of working, and incorporates new skills and technology. It uses well-proven solutions to address persisting issues and leverages the potential of newer technologies to make a quantum leap in capability to be ready for tomorrow.
EY Navigate
A financial wellness service that helps employees manage their financial journey.
EY TaxChat™
Virtual, one-on-one tax guidance and on-demand preparation from an EY tax professional. Fees start at $199.
Global Tax Investing Services
A suite of tax technology tools to manage and monitor global investing tax requirements.
Global Withholding Tax Reporter (GWTR)
Discover your one-stop information source for withholding tax rates and rules around the globe.
Rapid Security Analyzer (RSA)
Simplifying capital gains, dividends and interest withholding complexities globally through the use of an automated tool.
Corporate Actions Tax Analyzer (CATA)
Proactively identify and review publicly available, complex corporate actions and understand their tax implications.
Passive Foreign Investment Company (PFIC) Analyzer
Identify PFICs with speed, consistency and confidence.
Rapid Reclaim Analyzer and Recovery Service
Discover opportunities to reclaim withholding tax.
Per Se Analyzer
Quickly and accurately identify the per se status of publicly traded foreign and US holdings.
Customer Tax Operations and Reporting Services
Connecting tax operations from end-to-end to meet customer and global regulatory demands. Our suite of leading technology-enabled solutions simplifies complex operations, data, reporting and analytics, workflow and governance in a secure, cloud-based environment.
Global Tax Platform (GTP)
Multinational organizations need access to real-time global data that offers clear insights into opportunities, obligations and risks. The EY Global Tax Platform (GTP) redefines how tax operates, offering an innovative end-to-end platform that supports all your tax business solutions.
Electronic Tax Form Validator (eTFV)
Connecting tax operations from end-to-end to meet customer and global regulatory demands. Our suite of leading technology-enabled solutions simplifies complex operations, data, reporting and analytics, workflow and governance in a secure, cloud-based environment.