E-Tax- A Digitalized Economy
Digitalization of tax offices in most developed and developing countries is evolving the role of tax auditors. 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. This will reduce the manual processing of data and make the tax return process easier allowing tax auditors to focus on high end tasks.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL TAX AUDIT SERVICES MARKET AT $32 BIILLION IN 2017
North America was the largest geographic region in the market, accounting for more than one-third of the global market.
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The chart below shows the year-on-year growth of the global tax audit services market during 2017 – 2021
According to The Business Research Company’s Consultant, Nitin Gianchandani, tax analytics is a broad area that spans from business intelligence self-service to tax dashboards, benchmarking, tax planning and provisioning, prescriptive analytics and advanced decision support in the form of artificial intelligence and machine learning systems. Data is a huge and growing asset that most businesses are challenged now to transform into a powerful strategic tool. So, companies can automate the tax classification work that currently takes the team thousands of hours to complete.
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PwC was the biggest player in the tax audit services market, with revenues of $28 billion in 2016. PwC’s growth strategy is to become a technology-enabled organization by 2025, by digitalizing its business and its services by working with companies such as Google, Oracle and Microsoft. Going forward, PwC seeks on adding new services of IT and data assurance and security and acquire new clients from mature as well as developing markets.
The tax audit services market includes tax audits which are conducted to assess the accuracy of the tax returns filed by a company and are therefore used to determine the amount of any over or under assessment of tax liability towards the tax authorities.
Tax Audit Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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