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Tax Management Software Market size worth $ 36.31 Billion, Globally, by 2028 at 11.17% CAGR: Verified Market Research®

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The “Global Tax Management Software Market Size By Component (Software, Professional Services), By Enterprise Size (Large Enterprises, SMEs), By End-User (BFSI, Healthcare, Retail), By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Tax Management Software Market, including its growth prospects, market trends, and market challenges.

JERSEY CITY, N.J., Aug. 8, 2023 /PRNewswire/ — The Global Tax Management Software Market is projected to grow at a CAGR of 11.17% from 2021 to 2028, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 15.62 Billion in 2020 and is expected to reach USD 36.31 Billion by the end of the forecast period.


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Browse in-depth TOC onTax Management Software Market

202 – Pages

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126 – Tables

37 – Figures

Key Players Avalara, Outright, Shoeboxed, and Others Leading the Way as the Tax Management Software Market Booms

A number of key reasons are fueling the rapid growth of the worldwide Tax Management Software market. The need of tracking costs, transactions, and income while guaranteeing accurate tax administration has been highlighted by tax management software. The market is expected to develop because of the rising number of financial transactions across industries that are being driven by digitization. The demand for thorough platforms supporting cross-border company operations has increased as a result. Corporate tax and IT departments use tax management software to speed up reporting and administration procedures as they adjust to changing transaction tax rules and regulations.

Leading companies in the tax management software market, such as Avalara, Outright, Shoeboxed, SAXTAX, H&R Block, CrowdReason, Paychex, Drake Software, Taxify, Accurate Tax, are noteworthy significant participants. By utilising product benchmarking, SWOT analysis, important development plans, and solid financial statements, these well-known organisations significantly contribute to market dynamics.

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In this dynamic environment, tax management software not only automates tax returns and determines tax liabilities, but also lowers the possibility of human error. Users of this software are given the ability to easily calculate tax payments, assuring compliance with a variety of taxes including income tax, corporate income tax, customs duty, VAT, sales tax, and more.

Tax management software’s ability to analyse huge volumes of data resulting from financial transactions has a substantial positive impact on businesses and financial institutions. Using this software, tax and customs officials efficiently collect data from value-added tax and goods and service tax payers and use it to analyze financial transaction data.

The market is being driven by a prominent trend that emphasises the use of centralised taxation systems to promote economic growth. In addition to guiding businesses, well-designed taxation systems also support economic growth by paying for infrastructure improvements and efforts to reduce poverty. The Tax Management Software Market is further driven by the fair and open design of the tax system, which affects both domestic and foreign investment choices.

Regionally, the North American market has a sizable share, which is supported by the use of tax software in reaction to changes in local taxing systems. The rapid adoption of technology is also responsible for the Asia Pacific region’s impressive growth at the same time.

Avalara, Outright, Shoeboxed, and other prominent companies have a crucial role to play in the growth of the Tax Management Software market, according to in-depth market assessments that include product benchmarking, SWOT analysis, key development strategies, market share, and ranking analysis.

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To get market data, market insights, financial statements and a comprehensive analysis of the Global Tax Management Software Market, please Contact Verified Market Research®.

Based on the research, Verified Market Research® has segmented the global Tax Management Software Market into Component, Enterprise Size, End-User, And Geography.

  • Tax Management Software Market, by Component
    • Software
    • Professional Services
  • Tax Management Software Market, by Enterprise Size
    • Large Enterprises
    • SMEs
  • Tax Management Software Market, by End-User
    • BFSI
    • Healthcare
    • Retail
    • Manufacturing
    • Energy and Utilities
    • Others
  • Tax Management Software Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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Tax Compliance Software Market By Product (Direct Tax Compliance Software, Indirect Tax Compliance Software), By Application (Small Business And Individuals, Midsize Enterprise, Large Enterprise), By Geography, And Forecast

4 Leading Tax Management Software guiding clients to comply with legal provisions

Visualize Tax Management Software Market using Verified Market Intelligence -:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

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About Us

Verified Market Research® is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research® provides advanced analytical research solutions while offering information-enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.

Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.

We study 14+ categories from Semiconductors & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.

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Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Blockchain

Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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Blockchain

1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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