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.
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The global tax audit services market was valued at $30 billion in 2017. 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.
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The USA was the largest country in the market, accounting for three-tenth of the global tax audit services market share. This was mainly due to the presence of a large number commercial establishments seeking accounting, legal, and management consulting, advertising and other professional services. The USA was followed by China and India as the next largest countries in the market.
The major competitors in the market are PWC, Deloitte, Ernst & Young, KPMG, and BDO USA.
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