Tax Service Line at the Big Four Firms
The tax service line is responsible for about one quarter of revenues for a Big4 firm. This percentage has been historically level for many years. Tax revenues are more or less steady, as they derive revenue from additional services for audit clients, as well as tax services provided for transactions, complicated tax restructurings and a host of other projects. Tax was strong from 2006 to 2008, and parallel with large scale global merger and acquisition transaction activity. However, in 2009 there was a drop of 7%. Tax revenues fell 1.1% further from 2009 to 2010, with Deloitte falling by more than 5% and E&Y also dropping, offset somewhat by revenue increases in this service line at KPMG and PwC. 2011 was a different story altogether – combined Tax revenues of $22.3 billion in 2010 jumped a strong 7.1% to $23.9 billion in 2011. KPMG Tax grew a remarkable 13%, while Deloitte Tax grew the slowest at 3.7%.
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