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Tax Concessions

IS THERE ANY POINT IN A PERSON APPEALING AGAINST AN UNFAVOURABLE TAX ASSESSMENT?

October 28, 2011

Following the decision in CG Lighting Limited v CIR, I would find it difficult to advise a Hong Kong taxpayer to pursue an appeal through the Hong Kong courts.
Consider this: If a taxpayer is unable to settle an objection against an assessment, the case will be referred to the Commissioner of Inland Revenue (CIR) for [...]

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THE GOVERNMENT CONTINUES TO REFUSE GROUP RELIEF FOR TAX LOSSES

July 5, 2011

For many years, Hong Kong’s professional bodies and Chambers of Commence have lobbied the Government to amend the Inland Revenue Ordinance to allow group loss relief. Of the many arguments advanced for the introduction of such legislation, the following have consistently found support from lobbyists:
Corporate groups in Hong Kong may:
• pay tax as a group [...]

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OFFSHORE COMMISSION INCOME A WIN FOR THE TAXPAYER CIR v LI AND FUNG

July 5, 2011

The facts of the case are that Li and Fung (“L&F”) assisted its customers in connection with the manufacture, sale and purchase of goods, for which it received a commission of 6% of the total FOB value of the customer’s export sales. L&F had entered into contracts with its offshore affiliates to perform certain [...]

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OFFSHORE MANUFACTURING THE BATTLE CONTINUES

July 5, 2011

The case of Commissioner of Inland Revenue v CG Lighting Limited continues. Since my last comment on this case, the judgment of the Court of Appeal has been handed down.
The Court of Appeal’s decision, delivered by The Hon Tang Ag CJHC, dismissed the appeal by CG Lighting Limited (“CGL”) against Fok J’s judgment in [...]

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A plea to the Honourable Mr John Tsang

February 20, 2009

A great deal of press coverage has been given to the impact of the current financial tsunami on major corporations, financial institutions etc but little to the plight and hardship felt by small and medium sized businesses. With the tightening of credit lines many SME’s are struggling each month to meet even their staff salary [...]

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