Global Tax Management Industry to 2027 – Featuring Avalara, Vertex and Wolters Kluwer, among others – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Analysis Report of Global Tax Management Market Size, Share and Trends by Component (Software and Services), by Tax Type, by Deployment Type, by Organization Size, by End User, by Regional Outlook and Forecast, 2021-2027″ report has been added to from ResearchAndMarkets.com offer.

The global tax management market size is expected to reach USD 33.9 billion by 2027, with the market growing at 10.7% CAGR during the forecast period.

Main market players

  • Avalara, Inc.

  • Blucora, Inc.

  • H&R Block, Inc.

  • Compliance Sovos, LLC

  • Vertex, Inc.

  • ADP, Inc.

  • SAP SE

  • Intuit, Inc.

  • Thomson Reuters Company

  • Wolters Kluwer AG

A tax is a mandatory financial charge from a government agency or other type of levy imposed on a taxpayer to acquire the necessary funds for various public expenditures. The tax system is essential for the economy of a country because money is needed to run the government and manage the activities of the state. The administration of funds for the purpose of paying taxes is called fiscal management. Tax management involves, among other things, timely filing of returns, auditing of accounts and withholding tax at source. Tax management helps avoid interest, penalties and lawsuits.

Tax management software is a program or software that helps taxpayers manage taxes such as VAT, payroll tax (PPh21) and final income tax to comply with tax laws in vigor. The growing amount of financial transaction data collected by businesses is directly proportional to the demand for tax management software.

Additionally, it has accelerated the development of a technologically advanced platform for creating and managing audit reports, tax returns and payments. Businesses and Fintech companies are highlighting the importance of tax compliance automation, which is driving the increase in demand for software. Additionally, the complexity of the current tax system, along with the growth of larger-scale digital payments, has created new avenues for major players in the industry to increase their offerings.

Demand for tax management solutions is expected to be driven by increasing demand for solutions that simplify tax tracking and management. Record keeping is an essential strategy for most organizations when it comes to storing necessary tax documents, and this process should become easier by adopting an efficient tax system.

Market Growth Factors:

High requirement of automated system to efficiently handle massive transactional data

The continued globalization and expansion of e-companies has created a perpetual demand for a platform that allows companies to do business across nations, trading areas and different methods of interaction. Corporate tax and IT departments are scrambling to find additional partners and meet unique customer needs due to increased digitalization. Tax management solutions enable businesses to better monitor and manage ever-changing transaction tax laws and regulations.

The Importance of a Centralized Tax System for Economic Development is Growing

A well-functioning tax system can contribute to strong, long-term and efficient economic growth. Taxation provides governments with the revenue they need to invest in infrastructure, reduce poverty and deliver high quality public services in a timely manner. It also ensures economic resilience and long-term sustainability to foster growth. The architecture of the tax system is also linked to internal and global investment decisions in terms of transparency and fairness.

With the help of a centralized tax system, the state can determine whether taxes are paid on time and correctly, and it can perform audits fairly and efficiently because the rules are already known and much simpler.

Marketing Restriction Factor:

Constant changes in tax laws and prevalence of poorly trained staff

Adding, changing or omitting any part of the law is called amending the law. Revising tax rules is expected to be a challenge for solution providers as they will need to hire tax specialists and provide system updates to their existing users/subscribers, which will increase the cost of the solution and decrease business income. In such cases, solution providers must make changes to their existing solutions. Therefore, with every adjustment made by governments around the world, solution providers face a number of hurdles.

Market Segments Covered in the Report:

By component

By type of tax

By deployment mode

By organization size

  • Large companies

  • Small and medium-sized enterprises (SMEs)

Per end user

  • BFSI

  • IT & Telecom

  • Retail

  • Health care

  • Energy and Utilities

  • Manufacturing

  • Others

By geography

  • North America

  • WE

  • Canada

  • Mexico

  • Rest of North America

  • Europe

  • Germany

  • UK

  • France

  • Russia

  • Spain

  • Italy

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Singapore

  • Malaysia

  • Rest of Asia-Pacific

  • LAMEA

  • Brazil

  • Argentina

  • United Arab Emirates

  • Saudi Arabia

  • South Africa

  • Nigeria

  • Rest of LAMEA

For more information on this report, visit https://www.researchandmarkets.com/r/iw23on


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