Corporate Tax Consulting Market is Growing at a Phenomenal Pace during the Forecast Period
The Global corporate tax consulting market was valued at USD 1.1 Billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.93% between 2021 to 2028. Corporate tax consulting refers to the consulting help provided to organizations to implement financial planning and to conduct tax audits with the risk management and ensure compliance to the standards and policies set by governmental agencies and tax regulatory bodies. Corporate tax is a mandatory part of the business.
The market is driven by the increasing adoption of blockchain-based payment methodologies such as cryptocurrency that enable faster B2B payments that result in the consequent introduction of taxation rules and regulation guidelines enforced by regulatory agencies. Moreover, the increasing demand for consulting service providers with the increasing awareness regarding the nuances of taxation and regulatory norms is expected to boost the global market growth.
Due to the COVID-19 pandemic, the market has seen a decline in growth with many different concerns for space at the top The tax and finance functions are having to balance the demand of tax compliance with the ability to respond to new risks.
Furthermore, the emergence of new business models is turning out to be an opportunity for the growth of the global corporate tax consulting market.
Globally, the Asia-Pacific region is expected to be the highest growing market and the growth is attributable to the increasing prevalence of key market players in this region aided with high investment and high adoption of blockchain-based payment methodologies.
Major key players in the global corporate tax consulting market are BDO LLP, S. Sharma Tax Inc., Instant Tax Service, and Honthy & Zarlenga Financial LLC.