The High Court of Hong Kong has published a judgment of the Court of First Instance that was issued on 20 April 2022 concerning whether taxable profits were generated through a Hong Kong bank account that was managed outside Hong Kong. The case involved Newfair Holdings Limited, a wholly owned Hong Kong entity of a Dutch company, VBZH, whose principal business involved the distribution in European markets of electronic products sourced from manufacturers in Asia. As part of the business, Newfair maintained a bank account with HSBC in Hong Kong, making payments to Hong Kong suppliers under a master purchase...