Goods held by a trader for sale or exchange in the ordinary course of trade. For the purpose of taxation, where a person ceases to carry on a trade or business in Hong Kong the trading stock at the date of cessation is valued for the purpose of computing his profits tax. Where the trading stock is sold to a person who carries on a trade or business, and the cost may be claimed as a deductible expense, the value shall be the amount realised on the sale. In the case of any other such trading stock, the value thereof shall be taken to be the amount which it would have realised if it had been sold in the open market at the date of cessation: Inland Revenue Ordinance (Cap 112) s 15C. The basic rule is that stock should be valued at ‘net realisable value’, which means the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale, and the latter costs would not include general selling costs: Inland Revenue Department, Departmental Interpretation & Practice Notes (Revised Ed, 1998) No 1 paras 4-6, 9. In practice, specific identifiable items of expenditure directly related to the stock in question would be allowed. For shares and securities held as trading stock, either a valuation on a consistent basis of cost or a consistent basis of the lower of cost or market value are acceptable to the Inland Revenue Department, and securities held for dealing purposes in the banking and securities industries are at market value: para 13.
買賣商在一般業務過程中為售賣或交易而持有的貨物。就課稅而言，凡任何人停止在香港經營某行業或業務，則為計算該人應課稅的利潤，該行業或業務在停業之日的營業存貨須予估價。任何該等營業存貨如是售予經營某行業或業務的任何人；及其成本可被聲稱作為開支而予以扣除者，則該等存貨的價值須視為售賣而變現的款額。如屬任何其他營業存貨，則其價值須視為該等存貨若於停業之日在公開市場出售則可變現的款額：《稅務條例》（第112章）第15C條。基本的規則是存貨應以「可變現淨值」估價，即表示在一般業務過程中的估計售價減去估計的競爭成本及售賣所需作出的估計成本，而後者並不包括一般的售價：《稅務局釋義及執行指引》 （修訂版，1998年）第1號第4至6及9段。實際上，會准予直接與存貨有關的個別可以識別的開支項目。就以營業存貨形式持有的股票及證券而言，稅務局可接納以相符的成本基準、或以相符的較低成本基準或市值估價，而為於銀行及證券業交易的目的而持有的證券則以市值估價：第13段。

• Strict liability
• Strict liability offence
• Stricto sensu
• Strike
• Striking
• Striking out
• Strip search
• Strong v Bird, rule in
• Structural alteration
• Structure
• Subagent
• Sub-average general intellectual functioning
• Sub-bailment
• Subcontract
• Subcontractor
• Subdivide
• Subdivision
• Subjacent
• Subjective factors
• Subjective test
• Subject to
• Subject to contract
• Subject to equities
• Subject to finance
• Subject to valuation