Extension of the accelerated tax depreciation available on industrial buildings, hotels and plant & machinery acquired until the end of 2018

Plant and machinery acquired in 2012-2016 benefited from 20% per annum tax depreciation (excluding such assets already eligible for a higher rate of annual tax depreciation). Industrial buildings and hotels acquired in 2012-2016 benefited from 7% per annum tax depreciation.

An amendment to the income tax law published on 24 November 2017 extends the eligibility for accelerated tax depreciation to acquisitions made in 2017-2018.

Accelerated tax depreciation available on buildings for agricultural and livestock production acquired in 2017 and 2018

The amendment to the income tax law also introduced a 7% per annum tax depreciation on buildings for agricultural and livestock production acquired in 2017 and 2018.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.