Unformatted text preview: td (1968) 1 HKTC 334).
(CIR 8 Purchase of Uncompleted Building Where a property developer sells units in a
building before completion of the building,
before No profit is taken into account at the time of
entering into sale and purchase
agreement according to acceptable
accounting principles. Credit for the full profit will be brought into
account in the basis period in which the
occupation permit is issued.
9 Interest Income
Interest Interest does not accrue until the payee
has a right to demand payment i.e.
generally the date of maturity or the due
date. The actual date of payment may not be
the date of accrual for tax purpose.
Con’t In the case of time deposit, the interest should
arise on the date the deposit matures because the
depositor is not entitled to any interest before that
However in the case of savings account interest,
it accrues from day to day as the holder is
entitled to the interest on a day to day basis.
It appears that IRD will tax i...
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- Spring '13
- Progressive Tax, Market Value