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Market Overview of Global Tax and Revenue Collection Software market:
According to our latest research, the global Tax and Revenue Collection Software market looks promising in the next 5 years. As of 2022, the global Tax and Revenue Collection Software market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years.
Tax and revenue collection software helps government treasury departments reduce administrative burdens and manage the entire tax billing, collection, and distribution process. The taxes they support include property taxes, business license taxes, motor vehicle registration fees, sales taxes, and more. Tax and revenue collection software streamlines office-to-office workflows and dramatically improves taxpayer support and customer service.
With the pandemic requiring nearly all tax preparers to work from home, tax practitioners also face many challenges, including delayed tax law changes, revisions to filing deadlines, increased reliance on technology, and delays in filing tax information for clients. In addition to commercial products, most people use the websites of the IRS and the New York State Department of Taxation, as well as a variety of other helpful free online resources to assist with tax research. The federal Coronavirus Aid, Relief, and Economic Security Act (CARES ACT), the Omnibus Appropriations Act of 2021, and the American Rescue Package Act of 2021 contain numerous tax provisions that affect the calculation of taxable income for individuals and businesses, modify certain eligibility tax credits, and Help for taxpayers and businesses impacted by COVID-19. As the government has issued hundreds of billions of dollars in loans to businesses across the country, many business owners have asked tax advisors for information about the program. Tax collection software helps businesses stay abreast of tax and compliance changes and supports remote working. Due to the impact of COVID-19, several US states have changed their 2020 tax filing deadlines. Tax administration software companies are helping their clients with updates about tax filing deadlines and stimulus check payments. For example, TurboTax for the 2020 stimulus package provided an update on how the pandemic may affect taxpayer situations.
Negative impacts of the COVID-19 pandemic include difficulty troubleshooting software issues due to increased online traffic, inadequate home technology for employees to meet company needs, customer uncertainty about their business, workforce loss due to illness or family responsibilities, and cybersecurity attacks Increase. Tax collection software has limitations in handling complex currency transactions. Therefore, software service providers should increase research and development efforts to minimize the technical gap in software to meet the demanding application needs of users. Software service providers need to sell cloud-enabled platforms for multinational companies because these customers need to adjust data in real-time. Overall, the cost-effectiveness and timely service of tax collection software drive the growth of the market demand.
Advantages of tax collection software
Tax collection software has many advantages. The federal government funds its operations through taxes, fees, and other revenue collected from many different sectors of the economy. Total federal revenue is projected to be around $4.8 trillion by 2023 or 18.4% of GDP, according to the U.S. Treasury Department. The largest sources of income are personal income tax and payroll tax, followed by corporate income tax. Tax officers typically spend considerable time and resources generating tax forms, processing payments, and managing tax arrears. This could result in lost revenue and increased government overhead. Tax Collection Software expedites traditional local government billing and collection of real property, personal property, business occupancy, tax delinquencies, excise taxes, and personal assessments in one comprehensive software that is easy to configure and use. The immediate advantages of the software include low cost, high speed, user-friendliness, simplified calculations, reduced errors, etc. Advanced tax collection software can quickly scan user information and properly organize line items and forms. By automating much of the data entry, tax returns are less prone to human error. The IRS also recommends filing taxes electronically to avoid any delays. Tax collection software facilitates the improvement of standardized tax compliance processes, improves transparency, helps ensure compliance, and optimizes tax strategies. Free and unlimited federal and state e-filing solutions are highly preferred by US business owners.
Typically used by public treasury offices that handle tax and bill collection, tax collection software can serve the entire property tax lifecycle from deed recording to billing, collection, and distribution. Tax collection software designed to simplify property tax billing (real estate tax, personal property tax, vehicle tax), business license collection, professional tax collection, sales tax collection, local income tax, and utility billing. The software allows taxpayer data to be collected all at once and integrates with existing municipal accounting software, including property valuation software, records management, and voter-facing websites. The result is a single source of truth for all interdependent departments, streamlining workflow between offices and greatly improving taxpayer support and customer service. In addition, some software also interacts with financial management modules to provide rich data insights and reports to help institutions make smarter decisions and maximize revenue. With increasing digitization and the globalization of e-commerce, businesses are collecting more and more financial transaction data. To enable businesses to conduct business across countries, trade zones, and multiple interaction channels, tax authorities are electronically processing and analyzing financial data collected from indirect taxes. Tax collection software enables tax administrators to perform audits using data extracted from taxpayer systems. Therefore, as the advantages of tax collection software are known to more people, it is also favored by more and more government departments.
An increasingly sophisticated tax system
Taxes and fees are the fundamental way countries generate public revenue to fund human capital, investment in infrastructure, and the delivery of services to citizens and businesses. It also ensures economic dependence and sustainability for growth. In terms of transparency and fairness, the structure of the tax system is also closely related to internal and global investment decisions. In addition, efficient tax administration facilitates the formal registration of governments and businesses, thereby increasing tax revenues. An overly complex tax system is associated with high levels of tax evasion, a large informal sector, more corruption, and less investment. To ensure a fair and equitable tax system, the government needs to strike a balance between the goals of increasing revenue, sustainable growth, reducing compliance costs, and ensuring a fair and equitable tax system. The modernization of infrastructure and the implementation of a single tax collection system has improved operability for tax officials and taxpayers. A modern tax system should seek to optimize tax collection and administration while minimizing the taxpayer's burden of compliance. Tax collection software helps organizations and taxpayers better understand the complex tax system, allowing them to monitor their business and financial activities and provide alerts on tax payments.
As part of its agenda to build a better America, the Biden administration has announced several tax proposals to fund new government investment. Under Biden's fiscal 2024 budget, the administration would collect nearly $4.7 trillion in new taxes on businesses and high-income individuals. Major changes include higher marginal tax rates on corporate, personal, and capital gains income; a complex new minimum tax on high-net-worth individuals; and an increase in the Medicare tax. The Biden budget would also expand and create multiple tax credits to reduce the fiscal deficit. With the increase in online digital transactions, many regional governments find it necessary to strengthen tax compliance and tax collection to pay for public goods and services. Tax authorities are automating their operations, which will make tax reform successful and durable, ensure the digital economy is properly taxed, and reduce barriers to compliance. Regionally, the U.S. market is showing tremendous growth in the adoption of tax collection software owing to the constant changes and regulations in the regional tax system. The United States has separate tax rates for each type of goods and services at the federal, state, and local levels. The complexity of the tax system, as well as the differences between tax and employment laws in the region, creates enormous investment opportunities for software developers and suppliers. Hence, the increase in the practice of timely tax filing under the well-functioning increasingly sophisticated tax system is driving the growth of the tax collection software market.
Data security issues
Due to the usefulness and fragility of information, tax collection software presents a serious risk of data breaches. There are many possible vulnerabilities in electronic communication methods, including sensitive information sharing, phishing, scam calls, identity theft, public Wi-Fi, and cyberattacks on other platforms. Each year the IRS holds National Tax Security Awareness Week with the national tax industry and state tax agencies, with the primary goal of alerting taxpayers, accountants, bookkeepers, and others to possible threats, data breaches, and how to prevent them. While the IRS spends a lot of money on data protection from hackers, phishers are trying to get information from people who don't know how to protect themselves from data theft. Sensitive data is often stored outside of banking, such as in the cloud and databases, allowing cybercriminals to compromise valuable company data and use it to conduct illicit transactions. When data is stored on a single device, the chances of data loss due to hardware failure or device theft are greatly increased. Likewise, cybercriminals are targeting tax professionals because they have details including client names, addresses, dates of birth, and access to bank accounts. Government departments need to combine their reliance on digital communications with a concerted effort to educate taxpayers about key risks and safeguards. Hence, data security concerns may hamper the growth of the tax collection software market.
Company Overview:
The major players operating in the Tax and Revenue Collection Software market include Tyler Technologies, Grant Street Group, Harris, Catalis, Rock Solid Technologies, etc. Among which, Tyler Technologies ranked top in terms of sales and revenue in 2023.
Tyler Technologies
Tyler Technologies provides integrated software and technology services to the public sector. Tyler's end-to-end solutions empower local, state, and federal government entities to operate efficiently and transparently with residents and each other.
Grant Street Group
Grant Street Group specializes in cloud-based government solutions for tax collection, e-payments, and auctions. Our applications handle the billing, collection, and distribution of taxes, as well as payment processing and online auctions of financial and legal instruments.
Segmentation Overview:
By type, Cloud-Based segment accounted for the largest share of market in 2022.
Application Overview:
By application, the Property Tax segment occupied the biggest share from 2018 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Tax and Revenue Collection Software market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Tax and Revenue Collection Software Market Report:
Market Size Estimates: Tax and Revenue Collection Software market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Tax and Revenue Collection Software market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Tax and Revenue Collection Software market
Segment Market Analysis: Tax and Revenue Collection Software market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Tax and Revenue Collection Software market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Tax and Revenue Collection Software Market: Revenue and sales volume of major countries in each region
Tax and Revenue Collection Software Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Tax and Revenue Collection Software market in major regions.
Tax and Revenue Collection Software Industry Value Chain: Tax and Revenue Collection Software market raw materials & suppliers, manufacturing process, distributors, downstream customers
Tax and Revenue Collection Software Industry News, Policies & Regulations
Key players in the global Tax and Revenue Collection Software market are covered in Chapter 12:
BSandA Software
Catalis
Springbrook
Harris
Selectron Technologies
Tyler Technologies
DEVNET Incorporated
Grant Street Group
Rock Solid Technologies
In Chapter 2 and Chapter 15.1, based on types, the Tax and Revenue Collection Software market from 2018 to 2028 is primarily split into:
Cloud-Based
Web-Based
In Chapter 3 and Chapter 15.2, based on applications, the Tax and Revenue Collection Software market from 2018 to 2028 covers:
Business Tax
Property Tax
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Tax and Revenue Collection Software market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028