EY has announced 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 EY Tax Lab operates in collaboration with renowned Massachusetts Institute of Technology (MIT) 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.
Based in Cambridge, Massachusetts, the opening of the Tax Lab reinforces an EY commitment to help clients and the market 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.
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.
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.
Commenting on the opening of the Advanced Technology Tax Lab, Philippos Raptopoulos, Partner, Head of Tax Services, of EY Cyprus, said: “EY stands at the forefront of tax advisory services and at the same time fully understands how digital technology transforms business today. By creating the Advanced Technology Tax Lab, we seek to apply this expertise to solve complex tax issues and help transform the tax industry, while at the same time enhancing our services portfolio and allowing our clients to strengthen their tax functions.”