Hong Kong Case Law: Decisions & Judgments | LexChat

Hong Kong Case Law

Statements of loss

  • 5 Dec 2006

    THE COMMISSIONER OF INLAND REVENUE v. COMMON EMPIRE LTD

    Citation
    THE COMMISSIONER OF INLAND REVENUE v. COMMON EMPIRE LTD
    Court
    Court of Appeal
    Case number
    CACV83/2006

    A statement of loss issued by the Commissioner is an administrative document and not an 'assessment' within the meaning of the Inland Revenue Ordinance; therefore the six year bar under section 60 applicable to assessments does not prevent the Commissioner from revising statements of loss and treating losses as not established when later computing taxable profits, and taxpayers must be able to prove losses when seeking to carry them forward even after six years.

  • 17 Jan 2006

    THE COMMISSIONER OF INLAND REVENUE v. COMMON EMPIRE LTD

    Citation
    THE COMMISSIONER OF INLAND REVENUE v. COMMON EMPIRE LTD
    Court
    Court of First Instance
    Case number
    HCIA1/2004

    Computation of profit or loss (a statement of loss) is not an 'assessment' under sections 59, 60 and 62 of the Inland Revenue Ordinance; statements of loss are administrative and may be revisited to determine their effect on later years; the Commissioner validly revised the carried forward loss so as to remove an improperly carried forward loss and lawfully issued an additional assessment within the six-year limitation of section 60; the Board erred in treating the computation of loss as an assessment and in holding the Commissioner exceeded powers.