5 Oct 2007
ING BARING SECURITIES (HONG KONG) LTD v. THE COMMISSIONER OF INLAND REVENUE
- Citation
- ING BARING SECURITIES (HONG KONG) LTD v. THE COMMISSIONER OF INLAND REVENUE
- Court
- Court of Final Appeal
- Case number
- FACV19/2006
The appellate court held that the disputed commission, placement and marketing incomes were earned only upon execution or performance of securities transactions outside Hong Kong; the profit‑producing acts occurred offshore and the profits were not derived from Hong Kong. The Board erred by applying a diffuse multifactorial test focused on antecedent/research/administration and by treating insufficiencies in peripheral evidence as determinative; on the facts and agreed evidence the taxpayer discharged its burden and assessments must be reduced accordingly.