What is Tax Planning Service Market?
Tax planning plays an important role in financial growth. The demand for tax planning has been increasing post-pandemic as businesses or enterprises are looking to shoring up finances, saving money, and reducing litigation. Increasing global expansion of various industries is expected to boost the tax planning market as the tax rules are increasing and change in tax policies in different countries. However, significant demand for tax advice & planning services by high net-worth individuals in Australia will create noteworthy opportunities for the market in the nearer future.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | EY (United Kingdom), Avantax Wealth Management (United States), PwC (United Kingdom), Deloitte (United Kingdom), KPMG (Netherlands), SC&H Group (United States), Enterslice Private Limited (United States), BDO Global (Belgium), H&R Block (United States), RSM Global (United Kingdom), Jackson Hewitt (United States), Healy Consultants (Singapore) and TMF Group (Netherlands) |
The market study is being classified by Type (Short-Range Tax Planning, Long-Term Tax Planning, Purposive Tax Planning and Permissive Tax Planning), by Application (Personal and Businesses/ Corporates) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that European Players will contribute to the maximum growth of Global Tax Planning Service market throughout the forecasted period.
EY (United Kingdom), Avantax Wealth Management (United States), PwC (United Kingdom), Deloitte (United Kingdom), KPMG (Netherlands), SC&H Group (United States), Enterslice Private Limited (United States), BDO Global (Belgium), H&R Block (United States), RSM Global (United Kingdom), Jackson Hewitt (United States), Healy Consultants (Singapore) and TMF Group (Netherlands) are some of the key players profiled in the study. Segment Analysis
Analyst at AMA Research have segmented the market study of Global Tax Planning Service market by Type, Application and Region.
On the basis of geography, the market of Tax Planning Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Need for Cost-effective Tax Planning Strategies Among Corporates to Reduce Tax Liabilities and Save Money for Future
- Increasing Expansion of Businesses in Foreign Countries Can Increase the Demand for International Tax Planning Services Due to Different Tax Rules and Changing Taxation Policies
Market Trend
- Adoption of Technologically Advanced Solutions by the Service Providers to Automate the Workflow and Deliver High Level of Services to their Clients
Restraints
- Disadvantages Due to Tax Planning Including Fund Blockage and Impact on Liquidity for Short-term May Hinder the Market
Opportunities
- Continuous Growth of Consumer Goods Industry in the Countries Such as the United States and China
Challenges
- Presence of a Large Number of Tax-Related Service Providers in the Global Market Can Increase Competition and Create Challenges
Market Leaders and some development strategies
In May 2021, EY announced the acquisition of personal tax services business from Frank Hirth Plc. With this deal, the aim of EY is to provide high-quality services to their clients and be a leading organization in private tax services. The acquisition strengthens EY's presence and also allows Frank Hirth to deliver tax services to EY clients.
In August 2021, Avantax, a leading provider of tax and financial planning acquired Headquarters Advisory Group, LLC to expand its in-house registered investment advisor (RIA) in the Northeast. The acquisition not only strengthens Avantax’s position in the United States but also helps to grow its client portfolio and deliver high-quality service.
Key Target Audience
Key Target Audience, New Entrants/Investors, Analysts and Strategic Business Planners, Tax Planning Service Providers, Venture Capitalists and Private Equity Firms, Government Bodies, End-Users and Others