Saudi Arabia Vision 2030 to Significantly Boost Demand for Accounting Services
Growing
government focus on Vision 2030, rising adoption of scalable accounting
services and surging need for effective tax planning to drive Saudi Arabia
accounting services market through 2023.
According
to TechSci Research report, “Saudi
Arabia Accounting Services Market By Type of Services, Competition Forecast
& Opportunities, 2013 – 2023’’, accounting
services market in Saudi Arabia is projected to surpass $ 783 million by 2023. Rising
focus on economic reforms by the government under Vision 2030 for boosting economic
growth and attracting foreign investments in the country are among the key
factors expected to drive the market growth. Increasing number of companies
opting for accounting services for mitigating internal frauds, growing focus
towards the development of SMEs led by the Small and Medium Enterprises General
Authority to further boost the number of SMEs operating in the country, and rising
availability of scalable accounting services would fuel the country’s
accounting services market during the forecast period.
Browse 10
market data Tables and 13 Figures spread through 79 Pages and an in-depth
TOC on "Saudi Arabia Accounting Services Market" .
Tax preparation
services segment dominates Saudi Arabia accounting services market, and the
segment is anticipated to grow at the fastest pace in the coming years, on
account of implementation of Value Added Tax (VAT) in the country on 1st
January 2018 and increasing number of companies outsourcing tax preparation
services to ensure compliance with tax and Zakat laws of Saudi Arabia. Central
region is the largest demand generating region for accounting services, majorly
owing to the presence of Riyadh, which is one of the major economic hubs as
well as the capital city of the country.
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“Demand for
accounting services is expected to grow at a fast pace in Saudi Arabia over the
next five years, as more and more companies are anticipated to seek accounting services to ease their burden associated
with taxation, payroll and book-keeping processes, as well as to keep their
focus towards core competencies. Moreover, with a rising number of firms
offering a wide array of accounting services coupled with increasingly stringent tax policies in the country, more
and more companies are anticipated to opt for accounting services during the
forecast period to comply with Saudi accounting and taxation guidelines and
regulations.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Saudi Arabia Accounting
Services Market By Type of Services, Competition Forecast &
Opportunities, 2013 – 2023” has evaluated the future growth potential of accounting
services market and provides statistics and information on market size,
structure and future market growth. The report will suffice in providing the
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. Besides, the report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by the
industry.
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