Hong Kong Inland Revenue has issued a notice on the acceptance of profits tax returns in which the assessable profits are computed on a fair value basis in relation to new sections enacted as part of the Inland Revenue (Amendment) (No. 2) Ordinance 2019, which allow taxpayers to elect to align the tax treatment of financial instruments with their accounting treatment. --- Profits Tax Return - Fair Value Accounting Subsequent to the judgment of the Court of Final Appeal in Nice Cheer Investment Limited v CIR, the Department has agreed, as an interim administrative measure while pending review, to accept...