Kowloon Stock Exchange Limited v Commissioner of Inland Revenue (Hong Kong).  BTC 369
Judicial Committee of the Privy Council.
Judgment delivered 2 October 1984.
Profits tax – Hong Kong – Stock exchange funded by subscriptions, entrance fees and founders’ contributions – Whether a club or a trade association – Whether entrance fees and founders’ contributions properly described as subscriptions – Inland Revenue Ordinance (Hong Kong) 1971, sec. 14, 16, 24.
This was an appeal by the taxpayer company against a decision of the Court of Appeal in Hong Kong that it was chargeable to profits tax on the whole of its income, including entrance fees and subscriptions.