Article 77

For the purposes of this Chapter, the following words and terms shall have the meaning attached to each of them unless the context otherwise requires:

1. Capital asset: Any building, machinery and plant or any other tangible and intangible asset in respect of which depreciation is allowed in accordance with the provisions of this Chapter;

2. Machinery and plant: Include fixtures, installations, vehicles, furniture, and computer software, but does not include ships or aircraft;

3. Depreciation base: The amount which is determined under the provision of Article 92 of this Law with respect to any pool of assets specified in Article 90 thereof;

4. Disposal: Disposal of any capital asset by way of sale or exchange, and also includes the cessation of use of the asset for the purpose of the business, or the asset cannot be used, or is transferred, acquired as per the law, discarded, lost, demolished, or destroyed;

5. Buildings: Include construction, bridges, quays, jetties, pipelines, roads, and railways, but does not include land;

6. Capital expenditure: Expenses incurred by a taxpayer in acquiring the capital asset, or any additions or improvements made to this asset.