Hong Kong’s highest court is deciding whether unrealised gains should be treated as profits for tax purposes after hearing the arguments in the Nice Cheer Investment case. The Court of Final Appeal’s (CFA) decision should finally settle the distinction to be drawn between legal principles and ordinary commercial accounting principles.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year