Indirect taxes can be defined as taxation on an individual or entity, which is ultimately paid for by another person. Each company needs to manage its tax. Tax may be of two types direct and indirect, the increased focus on indirect tax from both internal and external stakeholders in large enterprises makes it more important than ever to manage these taxes proactively, within the parameters of an indirect tax management framework.This growth is primarily driven by Rising Number of Financial Transactions Across Verticals Due to Digitalization and Complex Nature of the Tax System.
Globally, a noticeable market trend is evident Technology Advancements in Indirect Tax Management Software. Major Players, such as Avalara (United States), Automatic Data Processing (United States), Wolters Kluwer N.V (Netherlands), Thomson Reuters (Canada), Intuit (United States), H&R Block (United States), SAP SE (Germany), Blucora (United States), Sovos Compliance (United States), Vertex (United States) and Sailotech (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Rising Number of Financial Transactions Across Verticals Due to Digitalization
- Complex Nature of the Tax System
- Technology Advancements in Indirect Tax Management Software
- Safety and Security Concern for Confidential Data
- High Cost Associated With this Software
Use of the Blockchain Technology
Regular Amendments in Tax Laws
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