2018 Tax Agent Top 100 List Released - CHUNG RUI Tax Group Enters Top 5

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Posted by：Admin|Published：2019-11-01 17:20:44|hits：1456

From the beginning of 2010, the list of the top 100 operating income of tax accountant agents has been publish by Chinese Certified Tax Agents Association (“CCTA”) every year. Nowadays it is the ninth year since the Top 100 list released to the public. Within the current environment of continuous deepening reforms, the development of the taxation industry and the companies that enters Top 100 has made great progress during 2018. Through continuous improvement, CHUNG RUI Tax Group was ranked 5th in the Top 100 list during 2018.Press conference site of announce the list of operating profit Top 100 of Year 2018 by Chinese Certified Tax Agents AssociationIn the year of 2018, the total operating income of the whole industry reached RMB 20.345 billion yuan, a year-on-year growth rate of 19.73%, which was the highest growth rate in the past 6 years. There were approximately 6,100 tax firms in the industry, with a year-on-year growth rate of 10.47%. The number of employees was about 102,000, an increase of 2.97% over the same period of last year; The number of tax advisors practicing in the tax agent was 44,300, an increase of 4.19% compared to last year. The total profit of tax industry increased by 87.39% from year-on-year growth perspective. Besides, the income structure showed a trend of diversified business development. The top five regions in terms of operating income were Beijing, Guangdong, Jiangsu, Shanghai and Zhejiang. The rapid growth of various indicators in the industry reflected that with the continuous development of the market economy and the deepening of tax reform, the demand for tax professional services by taxpayers was increasing, and the value of professional tax service was increasing. In 2018, the operating income of the Top 100 tax agents was RMB 10.759 billion yuan, with an increase of 32.37% over the previous year, 12.64% higher than the industry income growth rate, accounting for 52.88% of the total operating income of the whole industry. The total assets and total profit accounted for 46.84% and 76.37% respectively of the whole industry. Moreover, the total number of tax advisors and employees accounted for 20.94% and 24.99% of the whole industry. Not only the top 100 tax accountant agents’ profit margin is 1.44 times than profit rate of related industry, but also the income proportion of the whole industry has remained relatively stable and been rising year by year. In the Top 100 list 36 tax agents are group company and all top ranked tax agent are group companies, which proved that group-oriented development would bring powerful competitiveness, enhancing tax agent’s overall strength and market competitiveness. Among the list, for the first time this year, there were tax accountant agent with a group operating income of more than 1 billion yuan, and 4 tax agents with a group operating income of more than 500 million yuan. Over and above that, there were 31 tax agents with a business income of over RMB 100 million yuan. In terms of regional distribution, the top 100 tax agents came from 16 regions and concentrated in economically developed regions such as Beijing, Zhejiang, Shanghai, Jiangsu and Guangdong, among which 37 in Beijing, 18 in Zhejiang, 10 in Shanghai, 7 in Jiangsu, 6 in Guangdong, 5 in Ningbo 5 and Sichuan, 2 in Qingdao and one each in Shandong and Shaanxi, Anhui, Xiamen, Hunan, Tianjin, Shenzhen and Chongqing.

The main features of the development of the Top 100 are:

First, the strength is obviously enhanced. The overall income of the Top 100 tax agents maintained a double-digit growth rate each year, which was higher than the growth rate of the industry's overall income. Furthermore, the income growth rate in 2018 was more than 30%, ranking the highest in the past nine years. During those year, the income of the Top 100 tax agents continued to increase. It was shown that the threshold for entering the top 100 in 2018 was significantly higher than that of the previous year. The minimum operating income of the list of Top 100 tax agents has exceeded 21 million yuan, an increase of about one quarter over last year. In 2018, totally 10 tax agents first time entered the list of Top 100. The achievements of Top 100 tax agents were mainly due to their persistence in forging ahead, pioneering and innovating, striving to improve the quality of professional services, and creating a well-known brand of tax agents. More and more tax agents have been recognized by the market. Additionally, these top 100 show not only professional service capabilities, strict quality control, but also their good credit and advanced concepts. In recent years, the Top 100 have been accelerating the pace of grouping and internationalization. Through the establishment of branches and service networks, and improving service capabilities, the influence of the top 100 tax agents was expanding.

Second, the Top 100 continue to improve and keep innovation. With the continuous deepening of Streamlining Administrative Services, Delegating Administrative Powers and Transforming Government Functions, and the implementation of the Taxation Bureau's Regulation of Tax-related Professional Services, the internal and external environment of the taxation industry has undergone considerable changes. The Top 100 tax agents positively faced the challenges, seized the opportunity, and exploited new business areas according to new market demands. The proportion of high-end businesses such as professional tax consultants, tax planning and taxation review has increased significantly, and the Top 100 were at the forefront of the whole industry. Numerous top 100 tax agents have accumulated their business development experience, unearthed their own distinctive business and industry sectors, expanded new products and services, and constantly built their unique influence in taxation industry. Moreover, many of them relied on the Internet to strengthen technological innovation, forming a variety of service platforms and products. The efficiency and ability of professional services were rapidly increasing.

Third, mechanism has improved steadily. The development of Top 100 tax agents benefited from their excellent management system and governance mechanism. First, the perfect employment mechanism and advanced corporate culture of the Top 100 have become an important factor in attracting talents. During 2018, the tax agents of Top 100 tax agents increased by 16.1%, accounting for about one-fifth of the whole industry. Furthermore, the number of employees increased by 12.66%, accounting for about one-quarter of the industry, which fully showed the tax agents attracting the talent.

Meanwhile, the growth rate of employee within the Top 100 has always been higher than the overall level of tax consulting industry and the talent were more stable. Secondly, group development and strong alliance were also important reasons for the rapid growth of the strength of Top 100. These groups relied on well-designed internal governance mechanisms to focus on enhancing internal cooperation, achieving strict risk management and effective quality control objectives, and thus promoting the continuous development of the firm. The announcement of the General Administration of the Announcement of the State Administration of Taxation on Issues concerning the Administrative Registration of Tax Agent Firms would be able to act as a partner or shareholder of a tax agent to expand into a technology and consulting company engaged in tax professional services, and further promote the tax firm. The innovation of organizational forms has created better conditions for the group development of tax firms.

With the increasing demand for tax professional services by the society and taxpayers, the tax consulting industry and the Top 100 would have more opportunities for development. The CCTA would continue to uphold the purpose of serving members, further improve the tax consulting industry self-discipline management mechanism, strive to provide more and better services to members, and guide the Top 100 and their members to provide quality services for taxpayers and the community. Additionally, CCTA shall make greater contributions to safeguarding national tax interests and the legitimate rights and interests of taxpayers.

Chinese Certified Tax Agents Association

Announcement on the publication of the list of the top 100 operating income of tax accountant agents in 2018

According to the statistics of the taxation industry's 2018 annual report, the list of the top 100 tax accountant agents based on operating income is published as follows:

Top 18 list:

Shanghai Deloitte Tax Ltd.

China Tax Network Tax Agency Co., Ltd.

Zhonghui (Beijing) Tax Agency Co., Ltd.

Chung Rui Tax Agents Group Co., Ltd.

Unitax Certified Tax Agent Co. Ltd.

Lixin Certified Tax Agent Co. Ltd.

YTPC Accounting Group

Horizon Taxation Consulting Co., Ltd

Zhongrui Yuehua Tax Advisory Co., Ltd.

Grant Thornton China

Yongda Certified Tax Agent Co. Ltd.

Huashui Certified Tax Agent Co. Ltd.

China United Certified Tax Agent Co. Ltd.

Crowe Beijing Business & Tax Advisory Co., Ltd.

China Tax Kexin Certified Tax Agent Co. Ltd.

Beijing Zhitongzhenye Certified Tax Agent Co. Ltd.

Seapower Certified Tax Agent Co. Ltd.