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 86
[GTL Notes: Depreciation Rates for Buildings]
Depreciation shall be allowed under this Section for any accounting period on capital expenditure incurred in the acquisition of any building used for the purposes of the business during that period.
The amount allowed to be deducted shall be determined in accordance with the following percentages:
4% annually for depreciation of buildings constructed with selected materials as specified by a decision issued by the Chairman;
10% annually for depreciation of quays, jetties, pipelines, roads and railways;
15% annually for depreciation of buildings constructed with other than the selected materials mentioned above, or prefabricated buildings;
100% annually for depreciation of buildings used as hospitals or educational institutions. Taxpayer in this case may choose the rate in this Clause, or the rates in the foregoing Clauses (1) and (3).