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News Flash
Li & Fung welcomes Court of Appeal's judgment
20 Mar '12
1 min read
Hong Kong-based Li & Fung Limited, the multinational consumer goods export and logistics group, welcomed the Court of Appeal's judgment in favor of its subsidiary, Li & Fung (Trading) Limited (LFT). The Court of Appeal has upheld the judgment of the Court of First Instance on LFT's Offshore Claim and has dismissed the appeal by the Hong Kong Inland Revenue (“HKIR”).
“We are very pleased that the Court of Appeal has upheld the judgment of the Court of First Instance and confirmed that we should not pay Hong Kong tax on profits earned offshore,” said Mr. William K Fung, Executive Deputy Chairman of Li & Fung Limited.
The Group has learnt the Court of Appeal's judgment in relation to the tax dispute between LFT and the HKIR, the details of which have been disclosed in Li & Fung's 2011 interim report.
Li & Fung Limited, the Hong Kong-headquartered multinational group, is recognized as the world's leader in consumer goods design, development, sourcing and distribution.
“We are very pleased that the Court of Appeal has upheld the judgment of the Court of First Instance and confirmed that we should not pay Hong Kong tax on profits earned offshore,” said Mr. William K Fung, Executive Deputy Chairman of Li & Fung Limited.
The Group has learnt the Court of Appeal's judgment in relation to the tax dispute between LFT and the HKIR, the details of which have been disclosed in Li & Fung's 2011 interim report.
Li & Fung Limited, the Hong Kong-headquartered multinational group, is recognized as the world's leader in consumer goods design, development, sourcing and distribution.
Li & Fung Limited
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