Europe Tax Advisory Market to Attain a Revenue of US$ 25.88 Billion By 2031 | Germany Capturing 28% of Revenue Share
𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/europe-tax-advisory-market
The growth of the global tax advisory services market in Europe is due to an increase in the use of tax advisory services for lowering additional taxational costs and optimizing operations, digitalization in the business tax advisory services, penetration of high-speed internet, and automation of tax consulting processes.
The idea of tax sustainability has become a significant trend in the market. According to data from Eurostat, tax consulting activities have increased significantly in a number of European nations. Due to their vibrant business ecosystems and sizable corporate sectors, major economies, including Germany, France, the United Kingdom, and the Netherlands have demonstrated a significant demand for tax advice services. For instance, tax income made up 40.6% of GDP in 2021, up 0.6 percentage points from 2020. This indicates that, despite significant variations between tax categories, tax collections in the EU generally increased more quickly than GDP.
The rise of tax advisory in Europe is also due to rising globalization and cross-border trade operations. For instance, 1.3 million people regularly traverse borders for employment, making up an estimated 40% of the EU's territory. Due to the complex tax implications associated with foreign transactions, transfer pricing, and cross-border investments, which fuel market growth, enterprises that expand their operations outside national borders must deal with these issues.
Income Tax Compliance Service Generated 48% of Market Revenue Share
The income tax compliance services segment is witnessing the highest CAGR of 10.54% during the projection period reflecting the strong demand for income tax advisory in Europe. In addition, the segment is anticipated to continue leading the market with a revenue share of over 48%. This is due to the complicated tax environment, changing tax laws, and greater enforcement of compliance requirements by tax authorities.
The development of digital tax filing and reporting systems, which frequently call for specialized tax consulting to support businesses in their digital transformation, is a factor contributing to the segment's growth. The demand for income tax compliance advice has increased due to changes in international tax legislation, notably those pertaining to cross-border transactions, which has contributed to this strong development.
Listed Companies are the Major End-Users of Tax Advisory in Europe
In 2022, the listed companies segment generated 47% of the market revenue share, demonstrating the considerable need for tax guidance among publicly traded corporations. The predicted future dominance of this market is also a sign of the regulatory reforms now underway, the digital revolution of tax administration, and the growing importance of tax transparency and sustainability. These elements are probably going to keep boosting the demand for tax advice services among listed businesses in Europe, maintaining this market segment's dominant position.
Germany and UK are Dominating the Tax Advisory Market in Europe, With Germany Capturing 28% of Revenue Share
With a revenue share of almost 28%, Germany dominates the European market for tax advisory market. This growth is due to the nation's strong economic foundation, intricate tax system, and a profusion of international firms.
Furthermore, the demand for tech-enabled tax solutions in the nation has been driven by technological improvements, particularly the push toward digital tax administration. The significant industrial activity in places like Bavaria and North Rhine-Westphalia has, on a local level, created a demand for specialized tax advising services, which has helped drive market expansion.
The UK owns the second-largest share of the European tax advisory market. For instance, Brexit, the increasing importance placed on tax compliance, and the move toward sustainable taxation have influenced the UK market. In addition, Brexit has increased regulatory requirements and created tax uncertainty, prompting firms to seek tax consultancy services to help them deal with these developments.
London is a significant market for tax advisory services, notably for international tax and transfer pricing advice, on a micro level due to its status as a major global financial center. Additionally, other commercially active countries like Manchester and Birmingham significantly increase the demand for tax consulting services in the UK.
Competitive Landscape
The key players in the market are strengthening their position and competitiveness in the market. These firms have made effective use of tactics, including joint ventures, collaborations, expansion, new product releases, partnerships, and others. The study aids in the analysis of the latest developments, product portfolios, financial results, and operational segments by significant market participants.
𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/europe-tax-advisory-market
List of Prominent Companies
• Accace
• CliftonLarsonAllen (CLA)
• Cragus
• Crowe
• Deloitte
• EisnerAmper
• Eurofast
• EY
• Freshfields Bruckhaus Deringer
• FTI Consulting
• Grant Thornton
• KPMG
• Kroll
• LinkLaters
• Loyens & Loeff N.V.
• PwC
• Ryan
• The TPA Group
• Zanders
• Other major players
Segmentation Outline
The Europe tax advisory market segmentation focuses on Type, End-User, Market, and Region.
By Type
• Income Tax Compliance Services
• Indirect Tax Compliance Services
• Cross-Border Tax Advisory Services
• Tax Dispute Advisory
• Others
By End User
• Listed Company
• Private Company
• Others
By Market
• Capital Projects & Infrastructure
• Consumer and Industrial Products
• Energy
• Utilities & Resources
• Financial Resources
• Healthcare
• Manufacturing
• Government and Public Resources
• Media and Telecommunication
• Others
By Region
• UK
• Germany
• France
• Italy
• Spain
• Netherlands
• Nordic
• Russia
• Rest of Europe
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/europe-tax-advisory-market
𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:
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