Part 3 - Chargeability to Tax
Chapter 3 - Depreciation of Capital Assets
Section 6 - Provisions Concerning the Disposal of Capital Assets
Article 103
[GTL Notes: Disposal Value and Date of Sale - Sale Transactions]
Where the ownership of a capital asset is transferred by way of sale, the date of sale shall be the date on which the procedure for the transfer of ownership is completed or the date of delivery of the asset sold, whichever is earlier.
The disposal value of the sold asset shall be determined as follows:
If the asset is sold at a price less than the price that may be obtained in case of sale in the open market, and the purchaser does not have the right to deduct the depreciation in respect of the capital expenditure on the assets sold, pursuant to the provisions of this Section, the disposal value of such asset shall be fixed on the basis of the sale value in the open market;
If the sale of the asset does not fall under the foregoing Clause (1) above, the disposal value of that asset shall be the aggregate of:
The net proceeds of sale;
Any payments received under an insurance policy concluded that can affect the value that may be obtained;
Any other capital sums received as compensation, irrespective of their nature.