1967 Ed.] Motor Vehicles (First Registration Tax) (Depreciation) Regulations.
[CAP. 330
A 1
MOTOR VEHICLES (FIRST REGISTRATION TAX) (DEPRECIATION) REGULATIONS.
(Cap. 330, section 9).
[Subsidiary]
L.N. 54/67.
L.N. 114/67.
1. These regulations may be cited as the Motor Vehicles (First Registration Tax) (Depreciation) Regulations.
[1st April, 1967.]
Citation.
2. (1) For the purposes of paragraphs (c) and (d) of subsection (1) of section 4 of the Ordinance, the rate of depreciation, where applicable, shall be-
(a) in respect of petrol-driven motor vehicles, twenty-five per cent per annum;
(b) in respect of all other motor vehicles, twenty per cent per annum.
(2) In respect of any period of less than one year or any part of a year, depreciation shall be calculated by reference to the number of months in such period or part of a year and the rate shall be one-twelfth of the appropriate annual rate.
3. The amount of depreciation for any period shall be computed, at the appropriate rate specified in regulation 2, separately in respect of each year or part of a year on the reducing value of the motor vehicle, which, in respect of any year or part of a year, shall be the full value of the vehicle, calculated in accordance with the relevant provisions of section 4 of the Ordinance, reduced by the amount of depreciation relating to each preceding full year (if any) within that period; and the total of the amounts computed separately as aforesaid shall be the full amount of depreciation for the whole of that period.
L.N. 114/67.
Computation of amount of depreciation.
Rates of depreciation.