Annual depreciation rates for depreciable assets are determined using the straight-line method, APA reports.
This is reflected in the proposed amendment to the Tax Code, which was discussed at today's meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.
According to the draft, annual depreciation rates for depreciable assets using the straight-line method are determined as follows:
-capitalized costs for land improvement, buildings, structures and installations – 44 years;
- machinery and equipment – 14 years;
- high-tech computing equipment – 11 years;
- air, rail and water transport vehicles – 29 years;
- production, sports cars, sports motorcycles, sports bicycles and other similar sports vehicles – 9 years;
- service vehicles – 19 years;
- motor vehicles – 14 years;
- work animals – 14 years;
- Expenditures incurred for geological exploration and preparatory work for the extraction of natural resources – 11 years;
- intangible assets – 10 years for those with unknown useful lives, and for those with known useful lives, in accordance with the years of use;
- other fixed assets – 14 years.
Depreciation deductions using the declining balance method will be made separately for each building for buildings, structures and installations, and depreciation deductions using the straight-line method will be made separately for each depreciated asset.
