Corporate Tax Services

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Corporate Tax Services Industry Benchmarks

Savings Achieved

(in %)

The average annual savings achieved in Corporate Tax Services category is 5.30%

Payment Terms

(in days)

The industry average payment terms in Corporate Tax Services category for the current quarter is 75.0 days

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    Corporate Tax Services market report transcript

    Global Market Outlook on Corporate Tax Services

    • Demand for tax advisory and compliance services has been increasing since 2022, as clients look to navigate increasingly complex tax environment driven by the pandemic and changing tax and economic landscape. Hence, the global corporate tax services market grew by 4 percent in 2022 to reach $68 billion

    • Corporate tax services market is expected to grow by 4–7 percent in 2023, driven by demand for tax compliance and planning fueled by tax due diligence, ESG, M&A related tax advisory work, etc.

    • Increase in demand, due to growing vigilance from tax authorities post pandemic and lack of in-house resources to manage complex tax compliance and reporting, inflation is expected to increase the billing rates by 3–5 percent in 2023

    Global Tax Services Market Maturity

    North America and Western Europe are the most mature markets for tax services contributing to approximately 80 percent of the global tax services revenue. From the supplier standpoint, Big Four firms command more than 60 percent market share of the global tax services industry.

    North America

    Demand Trends :

    • Various tax legislations in the US such as Build Back Better, OECD Global tax reforms, increase in sales tax and VAT regulations during the pandemic expected to drive the demand for tax compliance and advisory services

    • Restructuring, M&A, supply chain, digital reporting, sustainability mandates is expected to drive the demand for tax advisory services

    Price Trends :

    • As companies look to navigate complex tax regulations in the region, demand for tax compliance and advisory services is high in the region

    • Billing rates are expected to grow by 4–6 percent, mainly driven by demand by companies looking for external support to navigate the complex tax regime

    Regional Market Outlook : North America

    Maturity of Suppliers


    • Big four firms hold 30-50 percent of the market share

    • Considerable experience of suppliers in tax services domain

    • Commoditized nature of tax compliance services

    • Customized nature of tax advisory services

    • Variety of suppliers ranging from accounting firms to law firms to relocation suppliers

    • High quality of customer service

    Maturity of the Buyers


    • Higher procurement involvement in sourcing

    • Centralized tax sourcing (centralization of tax needs)

    • Quantitative and qualitative supplier performance measurement

    • Ability of buyers for backward integration (in-house tax consulting)

    • Ability for buyers to in-source tax compliance operations using automation tools

    Growth Drivers and Constraints: Tax Industry

    Tax services are a dependable source of revenue for most accounting firms, as these services are required by law. Industry growth is mainly driven by major tax policy reforms, digitization of tax, M&A, supply chain, employment and mobility, and sustainability reporting etc.


    Demand for Tax Services is mainly driven by:

    • Companies looking to improve quality through technology, innovation, and digital tools implementation

    • BEPS reforms, country-by-country reporting norms, two-pillar tax reforms, transfer pricing requirements, and increased scrutiny from tax agencies

    • New accounting provisions and financial adjustments in light of the COVID-19 crisis

    • Increasing tax disclosure requirements by regulatory authorities around the world


    Key constraints faced by tax services firms are:

    • Insourcing of tax compliance services, i.e., tax compliance could be performed in-house by tax teams via web-based tools, thereby leading to reduced demand for outsourced tax compliance services

    • Falling staff productivity levels, due to automation. Although, automation has expedited work, but tax firms are unable to use this additional capacity

    • Inability to hire and retain experienced professionals (partner-level consultants) serves as a major growth constraint for tax industry globally, especially in advisory area

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