Copying and distributing are prohibited without permission of the publisher

Li & Fung wins Hong Kong verdict on source of commissions

05 May 2011

The Court of First Instance (CFI) has upheld the Board of Review’s decision in favour of Li & Fung, a sourcing, distribution and retailing company.

The judgment, issued on April 18 2011, stated that the source of its commission income came from outside Hong Kong, making it exempt from profits tax in the jurisdiction. It drew upon the ruling on the previous ING Baring case, where the Court of Final Appeal determined that the taxpayer’s income from trades executed on foreign stock exchanges was generated outside of Hong Kong.

Many of Li & Fung’s services were provided outside Hong...



This article is locked content, available to current subscribers or trialists.

  • Current subscribers or trialists - Please log in to view this article in full.
  • New users - Please take a free 7 day trial.
  • Expired subscribers or trialists - Please subscribe to gain immediate full access.

If you think you've received this message in error, please contact your account manager, Nick Burroughs:
Email: nburroughs@euromoneyplc.com, Tel: +44 (0)207 779 8379

Subscribe now

Subscribe today to gain full access to International Tax Review.

Subscribe

Free trial

Take a free trial now and gain 7 days of full access to International Tax Review.

Free trial





International Tax Review Profile

#HMRC make arrests in connection with £300m suspected #corporatetax #scam regarding fake R&D tax claims https://t.co/sRASs4A2Xo

Jun 29 2016 04:39 ·  reply ·  retweet ·  favourite
International Tax Review Profile

If you're subscriber, check out the full story on the #LuxLeaks trial https://t.co/xoo5RllY11

Jun 29 2016 03:29 ·  reply ·  retweet ·  favourite
International Tax Review Profile

@OECD publishes new guidance on implementation of #CbCR country-by-country reporting https://t.co/DPR1S1qxY2

Jun 29 2016 03:17 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @TI_EU: The guilty verdict for #Deltour & the #LuxLeaks #whistleblowers is appalling & they should never have faced trial https://t.co/F

Jun 29 2016 01:25 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Whistleblowers found guilty in #LuxLeaks trial verdict.

Jun 29 2016 01:12 ·  reply ·  retweet ·  favourite
International Correspondents