Hong Kong Tax Alert - Issue 18, November 2013
In Nice Cheer Investment Limited v CIR, FACV 23/2012, the Commissioner of Inland Revenue (the Commissioner) lost his appeal to the Court of Final Appeal, whereby the Court found that unrealised gains recognised at year-end are not taxable. The Court clearly found that unrealised profits are not chargeable to tax, notwithstanding that they have been recognised in the taxpayer’s financial statements in accordance with international accounting standards.
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