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.
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
Many of Li & Fung's services were provided outside
This article is locked content, available to current subscribers or triallists.
- 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: firstname.lastname@example.org, Tel: +44 (0)207 779 8379
Subscribe today to gain full access to International Tax Review.
Take a free trial now and gain 7 days of full access to International Tax Review.