Read the full judgment text of HCIA 000002/1992 on BabelCite. This HCIA judgment was delivered on 25 September 1992.
1. This is an appeal, by way of a case stated by a board of review on 13th July 1992, pursuant to the provisions of s.69 of the Inland Revenue Ordinance, Cap.112 ("the Ordinance"). The stated case raises an interesting and possibly important point, arising out of the provisions of the Ordinance which allow losses to be carried forward for profits tax purposes. In relation to a taxpayer who keeps his principal accounts in a foreign currency this can give rise to difficulties, as the present case