Tax and Law in Focus

This episode of the EY Tax and Law in Focus podcast, hosted by Susannah Streeter, explores the transformative impact of generative AI (Gen AI) on the legal sector. Our panel includes Jeff Soar, EY Global Law Leader; Saskia Vermeer-de Jongh, Partner in HVG Law and AI and Digital Law Leader; and Heather Deane, former EY Americas Law Managing Director, now Director at The Clean Fight, an accelerator for climate tech start-ups.

The discussion highlights the strategic implications for legal departments and broader business operations as the use of GenAI grows. Key topics include the various roles legal departments will play in GenAI governance and adoption, from advising businesses on compliance with rapidly changing laws and regulations to using GenAI tools to enhance efficiency and free up time for higher-value tasks. The panelists stress the importance of proactive risk management and the establishing of robust GenAI governance frameworks to ensure ethical and legal compliance.

The episode delves into the differing regulatory approaches, with the EU focusing on human rights and product safety, the UK leveraging existing legislation with a principle-based approach and the US emphasizing corporate responsibility and self-regulation.

Additionally, the conversation addresses the disillusionment some feel about GenAI and the necessity for a cultural shift within legal departments to embrace what it has to offer, along with the importance of ongoing training and support from data scientists and engineers for legal teams. 

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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

This two-part episode of the Tax and Law in Focus podcast, hosted by Susannah Streeter, delves into the far-reaching effects of generative AI (GenAI) on the tax sector. To address this pressing topic, the podcast welcomes Marna Ricker, EY Global Vice Chair – Tax; Catalina Garcia Cure, EY Global Tax AI Leader; Daren Campbell, EY Americas Tax Technology and Transformation Leader; and Matthew Duncan, Head of Thought Leadership on the Future of Work, Microsoft. The conversation focuses on how GenAI is poised to revolutionize tax functions.

The discussion emphasizes GenAI’s role in enhancing efficiency by automating data-heavy tasks and its potential to transform compliance by increasing accuracy and reducing error rates. Notably, GenAI’s capability to process and analyze real-time data is highlighted as a game-changer, allowing tax professionals to shift from traditional compliance to a more strategic and advisory role within their organizations. The panelists explore various applications of GenAI, from improving day-to-day operations to reshaping strategic planning and forecasting in tax functions.

They also address the cultural shift needed to integrate GenAI successfully, including the necessity for ongoing training and adjustment in workplace dynamics. It discusses the practical steps tax leaders can take to harness its potential effectively, providing a roadmap for integrating artificial intelligence (AI) into tax practices for enhanced decision-making and strategic advantage.

This two-part episode of the Tax and Law in Focus podcast, hosted by Susannah Streeter, delves into the far-reaching effects of generative AI (GenAI) on the tax sector. To address this pressing topic, the podcast welcomes Marna Ricker, EY Global Vice Chair – Tax; Catalina Garcia Cure, EY Global Tax AI Leader; Daren Campbell, EY Americas Tax Technology and Transformation Leader; and Matthew Duncan, Head of Thought Leadership on the Future of Work, Microsoft. The conversation focuses on how GenAI is poised to revolutionize tax functions.

The discussion emphasizes GenAI’s role in enhancing efficiency by automating data-heavy tasks and its potential to transform compliance by increasing accuracy and reducing error rates. Notably, GenAI’s capability to process and analyze real-time data is highlighted as a game-changer, allowing tax professionals to shift from traditional compliance to a more strategic and advisory role within their organizations. The panelists explore various applications of GenAI, from improving day-to-day operations to reshaping strategic planning and forecasting in tax functions.

They also address the cultural shift needed to integrate GenAI successfully, including the necessity for ongoing training and adjustment in workplace dynamics. It discusses the practical steps tax leaders can take to harness its potential effectively, providing a roadmap for integrating artificial intelligence (AI) into tax practices for enhanced decision-making and strategic advantage.

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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

BEPS 2.0 represents a monumental shift in global taxation. Multinational enterprises face multiple challenges, including adapting their tax operations, data acquisition, and infrastructure in response to these changes.

 Brian Foley, EY's Global Tax Accounting and Risk Advisory Services Leader; Jason Yen, Tax Principal in the International Tax and Transaction Services Practice at Ernst & Young LLP; and Jay Wright, Tax Partner in the US National Tax, Accounting and Risk Advisory Services Practice at Ernst & Young LLP, discuss the intricate technicalities of Pillar Two, emphasizing its role in establishing a global minimum tax rate of 15%.

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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

Decentralized Autonomous Organizations (DAOs) offer a new and seamless way for individuals to connect, collaborate and capitalize on ideas using smart contracts embedded

in blockchain.

Host Susannah Streeter, welcomes Dennis Post, EY Global Blockchain Tax Leader, Thomas Shea, EY Americas Financial Services Crypto Tax Leader, and Darko Stefanoski, EY Digital Law Leader, Financial Services, to discuss how DAO members can best navigate the tax and legal complexity associated with this novel way of conducting business.

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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

The shift to digital reporting and e-invoicing offers an opportunity for companies to improve their operations, particularly in tax compliance and risk management.

Podcast host Susannah Streeter welcomes Pierre M Arman, Tax Partner, EY Consulting LLC, Deirdre Hogan, Tax, Partner, at Ernst & Young - Business Advisors, and Ben Woodfield, UK&I Indirect Tax Partner, Ernst & Young LLP, to dive deep into the rise of global e-invoicing and what it will mean for business operations.

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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

With women-led businesses comprising only 15% of global trade, the World Economic Forum estimates it will take over a century to bridge the divide without faster policy reform.

In this episode, Anne-Marie Trevelyan, Minister of State for Foreign Affairs of the United Kingdom, Sally Jones, EY Trade Strategy and Brexit Leader and Pamela Coke-Hamilton, Executive Director of the International Trade Centre, discuss the challenges faced by women in the entrepreneurial world, including limited access to finance.

 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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

How to protect your business from tax risk and controversy

Global businesses need robust tax governance to manage a new era of tax risk and controversy, which is resuming post-pandemic. 

In this episode, Luis Coronado, EY Global Tax Controversy Leader, Fiona Moore, EY Oceania Tax Controversy Leader, and Bryon Christensen, EY US Tax Controversy Leader, discuss why businesses need to get on the front foot on tax risk and controversy.

 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. The views of third parties set out in this publication

For businesses, the ESG landscape is shifting fast. Simply maintaining regulatory compliance may not be enough as voluntary disclosures increase.

In this episode Paula Hogéus, EY Global Labor and Employment Law Leader, and Kasia Klaczynska Lewis, EY EU Green Deal Center of Excellence Leader, discuss how companies can further their sustainability efforts and why the law department is often the key to unlocking solutions.

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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.

With governments publishing their plans to achieve carbon neutrality at COP27, and investors and consumers alike increasingly expecting businesses to follow suit, the stage is set for 2023 to be a year of action. 

Cathy Koch, EY’s Global Sustainability Tax Leader, Alenka Turnsek, EY EMEIA Sustainability Tax Leader, and Jesper Solgaard, EY Asia Pacific Sustainability Tax Leader discuss how tax functions can help organizations navigate a complex global landscape of environmental taxes and incentives.

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. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.