On 28 January 2016, the Hong Kong Inland Revenue Department (IRD) issued a press release announcing that 2015/2016 profits tax returns will be accepted with profits computed using the fair value basis.
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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 while pending review, to accept 2013/14 and 2014/15 profits tax returns in which …