30 Jan 2002
COMMISSIONER OF INLAND REVENUE v. INDOSUEZ W I CARR SECURITIES LTD.
- Citation
- COMMISSIONER OF INLAND REVENUE v. INDOSUEZ W I CARR SECURITIES LTD.
- Court
- Court of First Instance
- Case number
- HCIA4/2001
The Board erred in law by drawing an inference of agency of the overseas group offices in the absence of adequate basis for that inference (Q1 and Q3 answered yes); for Hong Kong clients the execution of overseas orders by local brokers amounted to acts of the taxpayer performed through its agents (Q2 answered yes in respect of Hong Kong clients); apportionment of profits is legally permissible and appropriate for reconsideration by the Board (Q5 answered in favour of permissibility); the matter is remitted to the Board for reconsideration and appropriate apportionment where applicable.