HIT hit for HK$1bn in back taxes

Hong Kong: The city's top court has ruled in favour of the Inland Revenue Department in a claims case against Hongkong International Terminals (HIT) dating back to 1994 involving more than HK$1 billion in back taxes, the South China Morning Post reports.
The five judges of the Court of Final Appeal yesterday unanimously allowed the revenue department's appeal against HIT and confirmed a decision disallowing the port terminal operator's tax deduction on interest payment for its US$1.73 billion note issuance to finance its port development project in Shenzhen in 1994. [05/12/07]