Hong Kong's Inland Revenue Department issued a notice on 27 April concerning fair value accounting for profits tax returns.
---
Profits Tax Return - Fair Value Accounting
Subsequent to the judgment of the Court of Final Appeal in Nice Cheer Investment Limited v CIR, the Department has agreed, as an interim administrative measure, to accept 2013/14 to 2017/18 profits tax returns in which the assessable profits are computed on a fair value basis.
By the Inland Revenue (Amendment) (No. 2)…