Hong Kong's Inland Revenue Department issued a notice on 27 April concerning fair value accounting for profits tax returns. --- 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, to accept 2013/14 to 2017/18 profits tax returns in which the assessable profits are computed on a fair value basis. By the Inland Revenue (Amendment) (No. 2) Ordinance 2019, sections 18G to 18L of the Inland Revenue Ordinance were enacted to apply in relation to a year...