Digitalization To Reduce Manual Processing Of Tax Preparation Services

Posted by sainath on November 23rd, 2018

Digitalization of tax offices in most developed and developing countries is evolving the market for tax preparation services. They are increasingly providing advisory and taxation guidance as well as traditional filing and lodging services which have become less important with the growth of e-filings. For instance, the Australian Tax Office will now allow e-tax which will reduce the manual processing of data and make tax return process easier.

THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL TAX PREPARATION SERVICES MARKET AT USD12 BILLION IN 2017

North America was the largest geographic region in the market, accounting for two-fifth of the global market. The USA was the largest country accounting for one-third of the global tax preparation services market.

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According to The Business Research Company’s Consultant, Nitin Gianchandani, transparency is the new direct tax environment which is helping in focusing attention on tax collection. Tax activists are generating public awareness about tax bills. This created new laws at both national and international levels. For instance, OECD implemented base erosion and profit shifting project.

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H&R Block was the largest player in the tax preparation services market, with revenues of USD2 billion in 2016. H&R’s growth strategy aims at acquisitions and partnerships. In 2017, it partnered with IBM for IBM Watson and Cloud Technologies.

Tax preparation service companies engage in providing tax return preparation services and does not include accounting, bookkeeping, billing or payroll processing services. Basic knowledge of tax law and filing requirements is required.

Tax Preparation Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at USD4000 for an individual user. To use across your office, the price is USD6000 and USD8000 if you wish to use across a multinational company.

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