New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tax Preparation Services Global Market Report 2023" - https://www.reportlinker.com/p06464003/?utm_source=GNW
, Turbo Tax Live, PricewaterhouseCoopers Company (PWC), Crowe Global, Intuit Inc., 415 Group, Knight Dowl CPA, CapActix Business Solutions Pvt. Ltd., Entigrity Solutions LLC, Invensis Inc., Ramsey Solutions, Liberty Tax Service, FreeTaxUSA, Robert Hall & Associates.
The global tax preparation services market is expected to grow from $29.62 billion in 2022 to $31.29 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The tax preparation services market is expected to reach $38.28 billion in 2027 at a CAGR of 5.2%.
The tax preparation services market includes revenues earned by entities by providing services such as citizenship-based taxation, residential taxation, territorial taxation, tax return preparers and zero taxation.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Tax preparation services refer to the process of preparing tax returns by an individual or an organization.Income tax, customs duty, excise duty, and other taxes may be imposed on a business.
It is also a time-consuming and complex process. It necessitates a thorough examination of an organization’s financial activities over a specific time period, as well as the compilation of all bills and relevant documents for tax purposes.
North America was the largest region in the tax preparation services market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main tax preparation services are tax compilation services, tax return preparation services, and others.Tax compilation services prepares an entity’s financial statements based on information provided by the entity’s management.
The mode of deployment include cloud and on-premises used for enterprise, family, personal, and other applications.
The increasing small and medium-sized enterprises are expected to propel the growth of the tax preparation services market going forward.Small and medium-sized businesses are privately owned businesses with capital, workforce, and assets that fall below a certain level set by national guidelines.
Small and medium-sized businesses are frequently used to pay the goods and services tax.Governments recognize the importance of small and medium-sized enterprises (SMEs) in the economy and regularly offer incentives, such as favourable tax treatment and easier access to loans, to help them stay in business, which boosts the growth of the tax preparation services market.
For instance, in October 2020, according to a report shared by the US Small Business Administration., a US-based government agency, there will be 31.7 million small businesses and 20,139 large businesses in the US. In the US, small businesses added 10.5 million net new jobs over the past two decades, while large businesses added 5.6 million jobs. And these numbers are expected to increase in the future. Therefore, an increasing small and medium-sized enterprises is driving the growth of the tax preparation services market.
Technological advancement is a key trend gaining popularity in the tax preparation services market.Major companies operating in the tax preparation services industry are focused on developing innovative solutions to strengthen their position in the market.
For instance, in January 2023, April Tax Solutions Inc., a Canada-based accounting and tax service company, launched its Tax Platform technology, which simplifies the filing process and integrates tax preparation into broader financial wellness, especially for Americans. Itis assists Americans in gaining control of their taxes by utilising the most recent advances in natural language processing and human-assisted AI. April’s personalised engine offers taxpayers a fast, frictionless, and affordable tax experience, aimed at making the tax process easier. It creates a new standard for tax solutions for low-income families. April works directly with banks and financial institutions to break down the barriers that have traditionally existed between tax and financial planning, making tax work easier.
In November 2022, Cinven, a UK-based private equity company, acquired TaxAct Holdings Inc for a deal amount of $720 million.Through this acquisition, Cinven hopes to build a stronger combined company that can compete in an attractive market with significant future growth potential and accelerate the expansion of its services in the market.
TaxAct Holdings Inc is a US-based tax preparation software company that provides services such as the e-file service and individual and business tax services.
The countries covered in the Tax Preparation Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tax preparation services market research report is one of a series of new reports that provides tax preparation services market statistics, including tax preparation services industry global market size, regional shares, competitors with a tax preparation services market share, detailed tax preparation services market segments, market trends, and opportunities, and any further data you may need to thrive in the tax preparation services industry. This tax preparation services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464003/?utm_source=GNW
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