Part 3 - Chargeability to Tax
Chapter 3 - Depreciation of Capital Assets
Section 3 - Rules for Deduction of Depreciation on Buildings, Ships, Aircrafts and Intangible Assets
Article 85
[GTL Notes: Treatment and Adjustment of Depreciation as Business Expense]
The amounts allowable as depreciation on capital expenditure incurred on the acquisition of any capital asset shall, in relation to any business for any accounting period, be deemed to be the expense of that business during that period in accordance with the provisions of this Law.
The depreciation under this Section for any accounting period shall be increased or decreased if the accounting period is more or less than one year, or if the business is carried on only during a part of that accounting period.
In all cases, the total amounts allowed as depreciation shall not exceed the amount of capital expenditure.