Hong Kong orphanage profits taxed
Posted: 11 Feb 2010 @ 00:00
THE Hong Kong Anglican Church has been ordered to pay $HK180 million (£14.8 million) in tax on profits it made on an orphanage that it redeveloped into a luxury-housing project.
A court upheld a decision by the Hong Kong government and the Inland Revenue Review Board that profits made on the former St Christopher’s Home by the Church had not been used for charitable purposes. The building was redeveloped in the 1990s, and the Church derived a profit of $HK1.119 billion between ...
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