DUBLIN--(BUSINESS WIRE)--The "Global Tax Management Market Size, Share & Industry Trends Analysis Report 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 ResearchAndMarkets.com's offering.
The Global Tax Management Market size is expected to reach $33.9 billion by 2027, rising at a market growth of 10.7% CAGR during the forecast period.
Key Market Players
- Avalara, Inc.
- Blucora, Inc.
- H&R Block, Inc.
- Sovos Compliance, LLC
- Vertex, Inc.
- ADP, Inc.
- SAP SE
- Intuit, Inc.
- Thomson Reuters Corporation
- Wolters Kluwer N.V.
A tax is a governmental organization's mandatory financial charge or other kind of levy imposed on a taxpayer to acquire the funds for different public expenses. The taxation system is critical for a country's economy since money is required to run the government and handle the activities of the state. The administration of money for the purpose of paying taxes is referred to as tax management. Tax management entails timely filing of returns, having accounts audited, and deducting tax at source, among other things. Tax management aids in the avoidance of interest, penalties, and prosecution.
Tax management software is a program or piece of software that assists taxpayers in managing taxes such as VAT, Employee Tax (PPh21), and Final Income Tax in order to comply with the existing tax legislation. The increasing amount of financial transaction data gathered by enterprises is directly proportional to the demand for tax management software.
In addition, this has accelerated the development of a technologically advanced platform for creating and managing audit reports, tax returns, and payments. Companies and Fintech firms are highlighting the importance of automating tax compliance, resulting in a surge in demand for software. Moreover, the present taxation system's complexity, as well as the growth of digital payments on a bigger scale, has created new avenues for major industry players to increase their offerings.
The demand for tax management solutions is expected to be driven by the rise in demand for solutions that make it simple to monitor and manage taxes. Record keeping is a critical strategy for most organizations when it comes to storing necessary tax documents, and this process is expected to become easier by adopting an effective tax system.
Market Growth Factors:
High requirement for the automated system to effectively manage massive transactional data
The continuing globalization and expansion of e-companies have created a perpetual demand for a platform that allows businesses to conduct business across nations, trading zones, and different interaction methods. Corporate tax and IT departments are striving to find additional partners and address unique client needs as a result of increased digitization. Tax management solutions enable businesses to better monitor and manage ever-changing transaction tax laws and regulations.
The importance of a centralized taxation system for economic development is growing
A well-functioning taxation 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 offer high-quality, timely public services. It also ensures economic resiliency and long-term viability in order to promote growth. The tax system architecture is also linked to internal and global investment decisions in terms of transparency and equity.
With the help of a centralized taxation system, the state can identify if taxes are paid on time and correctly, and it can perform audits in a fair and efficient manner because the rules are already known and significantly simpler.
Marketing Restraining Factor:
Constant amendments in tax laws and the prevalence of poorly trained staff
The addition, alteration, or omission of a part of the law is referred to as an amendment in the law. The revision of tax rules is predicted to be a difficulty for solution providers, as they will need to hire tax specialists and deliver system updates to their existing users/subscribers, resulting in an increase in the solution's cost and a decrease in the company's revenue. In such cases, solution providers have to make some changes to their existing solutions. As a result, with each adjustment made by governments around the world, solution suppliers confront a number of obstacles.
Market Segments Covered in the Report:
By Component
- Software
- Services
By Tax Type
- Indirect Tax
- Direct Tax
By Deployment Mode
- Cloud
- On-premise
By Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
By End User
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Energy & Utilities
- Manufacturing
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/iw23on
