The Locality of Profits for Hong Kong Tax Purposes
The Locality of Profits for Hong Kong Tax Purpose...
Hong Kong Tax Alert - Issue 12, June 2014
In a published Advance Ruling, the Inland Revenue Department (IRD) ruled that although a taxpayer effected sales and purchase agreements for goods through an offshore branch, its profits had a Hong Kong source and was therefore taxable in Hong Kong. This has resulted in confusion regarding the concept of source of profits.
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