29 Mar 2007
KIM ENG SECURITIES (HONG KONG) LTD v. COMMISSIONER OF INLAND REVENUE
- Citation
- KIM ENG SECURITIES (HONG KONG) LTD v. COMMISSIONER OF INLAND REVENUE
- Court
- Court of Final Appeal
- Case number
- FACV11/2006
The Court held that, on the facts found, the appellant's net commission and all income flowing from margin facilities arose in or were derived from Hong Kong: the Taxpayer's presence and activities in Hong Kong were the effective cause of the income and without those Hong Kong activities (account opening/maintenance, monitoring, contractual interposition and settlement arrangements) the income would not have been earned; agency arguments attributing execution abroad to the taxpayer did not displace that conclusion; the Board of Review and Court of Appeal did not err in law and the appeal is d…