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