The National Development and Reform Commission issued a document relaxing price controls on accounting, appraisal, tax, and legal services.
Release time:
2015-01-13
Source:
This website reports: Recently, the National Development and Reform Commission issued... National Development and Reform Commission Price [2014] No. 2732 Notice No. [2014]2755 was issued, deciding to adjust the pricing of seven professional services—such as land price appraisal and real estate price appraisal—that were previously subject to government-set or government-guided pricing, as well as seven other services—including accounting, valuation, taxation, and legal services—that had already met the conditions for competition and were previously managed under a pricing system. Service prices will be liberalized and priced according to market rates. This regulation has been in effect since 2015. Effective January 1 of the year.
The fees for accounting firm services cover the charges for audit services provided, including: reviewing corporate financial statements and issuing audit reports; verifying corporate capital and issuing capital verification reports; providing audit services and issuing relevant reports for corporate mergers, divisions, and liquidation procedures.
Asset valuation services involve statutory asset valuation fees that are charged for asset valuation services conducted in accordance with laws, regulations, and relevant national provisions.
The fees for tax advisory services provided by the tax firm cover the following tax certification services: certification of corporate income tax annual return and final tax filing, certification of pre-tax deduction of corporate property losses, certification of pre-tax loss carryforward for corporate income tax, and certification of land value-added tax clearance.
Legal services (excluding defense in criminal cases and representation in certain civil, administrative, and state compensation litigation cases). With the exception of the following legal services provided by law firms and grassroots legal service institutions (including township and subdistrict legal service offices), which are subject to government-guided pricing, all other legal services shall be priced through market regulation. These include:
1. Acting as defense counsel for criminal suspects and defendants, as well as agent for private prosecutors and victims in criminal cases;
2. Acting as an agent in civil and administrative litigation cases where citizens seek payment of labor remuneration, compensation for work-related injuries, alimony, child support, or maintenance payments; request the issuance of survivor benefits or relief funds; seek social insurance benefits or minimum living standards assistance; and also acting as an agent in collective litigation cases involving public interests such as safety accidents, environmental pollution, and compensation (reparations) for land expropriation and demolition.
3. Serve as an agent in cases where citizens seek state compensation.
The notice also sets forth requirements for strictly enforcing the Price Law and the Anti-Monopoly Law following the liberalization of prices.
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