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Information Extraction tasks such as Named Entity Recognition and Relation Extraction are often developed using diverse tagsets and annotation guidelines. This presents major challenges for model generalization, cross-dataset evaluation, tool interoperability, and broader industry adoption. To address these issues, we propose an information extraction ontology, WojoodOntology, which covers a wide range of named entity types and relations. WojoodOntology serves as a semantic mediation framework that facilitates alignment across heterogeneous tagsets and annotation guidelines. We propose two ontology-based mapping methods: (i) as a set of mapping rules for uni-directional tagset alignment; and (ii) as ontology-based prompting, which incorporates the ontology concepts directly into prompts, enabling large language models (LLMs) to perform more effective and bi-directional mappings. Our experiments show a 15% improvement in out-of-domain mapping accuracy when using ontology-based prompting compared to rule-based methods. Furthermore, WojoodOntology is aligned with Schema.org and Wikidata, enabling interoperability with knowledge graphs and facilitating broader industry adoption. The WojoodOntology is open source and available at https://sina.birzeit.edu/wojood.
