Hong Kong Tax Alert - Issue 1, Janrary 2015
The Court of Final Appeal (CFA) recently published its judgement in the case between Aviation Fuel Supply Company (“the taxpayer”) and the Commissioner of Inland Revenue (“the Commissioner”) that originated from the Commissioner seeking to tax a sum received by the taxpayer in the 2003/4 year of assessment from the Airport Authority (“the Authority”) which was intended to compensate it for the cost of a facility it had constructed under a franchise and lease agreement entered into with the Authority. The CFA rules that the taxpayer is entitled to protection against the Commissioner taking a new point after the period for making additional assessments had expired. This document looks at the significance of the ruling and its implications for taxpayers.
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