The global tax advisory services market was valued at almost USD 14 billion in 2016 and is expected to surpass USD 19 billion by 2021
Procurement market intelligence has announced its latest market research report on tax advisory services for the period 2017-2021. This market study enlists the major drivers and key emerging trends that will influence the growth of the tax advisory services market during the forecast period. Some of the top vendors listed in this industry analysis include Deloitte, PwC, EY, KPMG, and BDO.
As per geographical analysis, the Americas are the largest shareholder in the global market, with a market share of around 40%. The presence of leading companies and their efforts to introduce cost-effective policies will contribute to the growth of the market in the Americas.
According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Increasing shift from traditional standalone systems to financial ERP systems will fuel the growth of the global tax advisory services market. Companies are increasingly using enterprise financial systems and data analysis tools for advisory purposes instead of paper-based or complex Excel sheets which help them increase the productivity and enable smooth transactions. ERP systems are designed to automate transactional tax compliance requirements and have provisions for adding modules, providing flexibility in managing tax data from multiple sources.”
The new procurement market intelligence report analyses some of the key drivers and trends affecting the growth of this market and its sub-sections.
Broadening of tax bases
Government bodies across the globe are focusing on increasing their tax base to enhance their revenue. The constant change in policies will encourage tax authorities to update tax-related policies on a regular basis to enable them to bring more organizations into their tax brackets. The regular requirement for updating changes will boost the demand for tax advisory services that help organizations to follow procedures for the filing of taxes and formulate effective tax strategies to adhere to the changes in taxation laws.
Need for MNCs to adhere to regional regulations
The MNCs functioning across the world should ensure adherence to laws specific to the various regions in which they are operating. The need to maintain tax records will encourage MNCs to purchase the services of experts who can help them improve coordination among auditing teams spread across different regions while filing taxes. The service providers also help buyers understand the feasibility of conducting business in various regions, comply with regulations about promotional and marketing activities, and keep pace with changing regulations in the global environment.
Increased need for effective business strategies
Services providers in the market offer well-documented strategies that help organizations enhance communications with internal and external stakeholders and build good consumer relationships. It is becoming important for businesses to formulate and implement such strategies, especially in the global scenario where they need to deal with varied regulations and norms. Tax advisories help companies understand the capital structure of various markets, conduct due diligence to assess potential risks and hazards, manage capital flow, and help organizations understand divestiture and restructuring risks.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Tax Advisory Services Market – Procurement Market Intelligence Report 2017-2021.’
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