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

Our #ArticleOfTheWeek is now up on the Facebook page. Read it here for free: https://t.co/xP1LRF5bN2

Sep 28 2016 09:49 ·  reply ·  retweet ·  favourite
International Tax Review Profile

The EU Greens-European Free Alliance Group has launched a "EULeaks" platform for whistleblowers to submit data https://t.co/hsHAII9WzY

Sep 27 2016 04:58 ·  reply ·  retweet ·  favourite
International Tax Review Profile

EU Panama Papers committee wants to hear from Neelie Kroes after the #BahamasLeaks revelations

Sep 27 2016 03:03 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Switzerland ratified the Multilateral Convention on Administrative Assistance on Sept 26 https://t.co/6omjdwWz6d

Sep 27 2016 09:17 ·  reply ·  retweet ·  favourite
International Tax Review Profile

UK's HMRC has published draft guidance on Northern Ireland's corporate tax regime https://t.co/75tlEoNYlg

Sep 26 2016 09:36 ·  reply ·  retweet ·  favourite
International Correspondents