On 28 January 2016, the Hong Kong Inland Revenue Department (IRD) issued a press release announcing that 2015/2016 profits tax returns will be accepted with profits computed using the fair value basis. --- 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 2013/14 and 2014/15 profits tax returns in which the assessable profits are computed on a fair value basis. The Department is prepared to extend the interim administrative measure further...