Tax Advisory Services Market Procurement Intelligence Valued at USD 32 Billion in 2020 and It Is Expected to Grow at a CAGR of 9% From 2020 to 2027 | Grand View Research, Inc

Grand View Research, Inc
The global tax advisory services market valued at USD 32 billion in 2020 and it is expected to grow at a CAGR of 9% from 2020 to 2027 as tax authorities around the world try to crack down on corporate tax avoidance strategies, and demand for transfer pricing advice is helping fuel that growth.

Procurement Outlook

Tax advisory services deal with legally bringing down the tax liabilities for clients, estimating taxes on different investment portfolios, determining the relevant deductions and credits, etc. These services are performed by an individual who a financial expert is holding specialized tax accounting, tax law knowledge, and know-how. A tax advisor can work either for an agency or can be self-employed. Tax advisory service providers also write tax returns for their customers and file them. A typical tax advisory services deals with the following aspects:

•             Corporate income tax

•             Indirect taxes (sales taxes, customs duties, VAT, etc.)

•             Tax legislation and regulations compliance

•             International tax structuring

•             Assessing mergers and acquisition-related tax risk (For large corporations)

•             Real estate tax compliance

•             Transfer pricing documentation

Demand Outlook

The global tax advisory services market valued at USD 32 billion in 2020 and it is expected to grow at a CAGR of 9% from 2020 to 2027 as tax authorities around the world try to crack down on corporate tax avoidance strategies, and demand for transfer pricing advice is helping fuel that growth. North America is leading the global tax advisory market with more than 30% market share followed by Europe and APAC. Many small and medium-size organizations are procuring tax advisory services from low-cost independent tax advisors majorly located in the APAC region. Hence, APAC is expected to witness the highest growth rate in the global tax advisory service market during the forecast period.

Cost Drivers

The salary of tax advisory professionals is the key cost driver of tax advisory services. However, the overall cost of service may differ depending on the type of services and service providers. Procuring services from independent tax advisory professionals is more than 80% cost-efficient than from an advisory firm. This method is only applicable to small and medium-size companies, as large corporations majorly engage with leading tax advisory service providers in a long-term contract agreement. The overall tax advisory services cost is expected to increase by 5-8% during the forecast period.

Grab your copy, or request for a free sample of the “Tax Advisory Services Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.

Add-on Services provided by Grand View Research Pipeline:

Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process

Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier

Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.

Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain which helps in efficient procurement decisions.

Our services include (not limited to):

•             Market Intelligence involving – market size and forecast, growth factors, and driving trends

•             Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

•             Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

•             Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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