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

June 8 is date of next @OECDtax #BEPS webcast http://t.co/j8vLYYzzok

Apr 23 2015 10:13 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Read our #ArticleOfTheWeek on our #facebook page: http://t.co/cvajdTBQt3

Apr 22 2015 10:06 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Kromer and Luther colleagues set up new firm #Germany #restructuring http://t.co/pemUw8qyKd

Apr 22 2015 09:36 ·  reply ·  retweet ·  favourite
International Tax Review Profile

#worldtax2015 Get involved in the research for the directory of the world's leading #tax firms http://t.co/ErFuHO6uBG http://t.co/1HKYbYOahb

Apr 22 2015 08:45 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @LindsayTedds: Anyone else see the irony of the CPC saying they are reducing the tax compliance burden when the FTC takes 85 steps to ca…

Apr 21 2015 08:58 ·  reply ·  retweet ·  favourite
International Correspondents

After the Irish budget, what would make you more likely to put more substance into Ireland?