INLAND REVENUE ORDINANCE.
(Chapter 112).
INLAND REVENUE (AMENDMENT) RULES 1965.
In exercise of the powers conferred by section 85 of the Inland Revenue Ordinance, We, the Board of Inland Revenue, hereby make the following rules-
1. These rules may be cited as the Inland Revenue (Amendment) Citation and Rules 1965, and shall apply to assessments for the year of assessment application. commencing on the 1st day of April, 1965 and subsequent years of assessment.
2. Rule 2 of the Inland Revenue Rules (hereinafter referred to as Revocation the principal rules) is revoked and replaced by the following new rule
"Rates of depreciations.
and replace.
ment of
2. (1) For the purpose of the Ordinance, the expres- rule 2. sion "machinery or plant" shall include or be deemed to (Vol. IX, include the items specified in the second column of the P. 356). First Part of the Table annexed to this rule but not the items specified in the second column of the Second Part of that Table which shall be deemed to be included in the expression “any implement, utensil and article" for the pur- poses of the Ordinance.
(2) The rates of depreciation specified in the third column of the First Part of the Table annexed to this rule are hereby prescribed for the purpose of ascertaining the annual allowance to be made under subsection (2) of sec- tion 37 and subsection (2) of section 37A of the Ordinance.
(3) Wharves shall not be or be deemed to be included in the expression "plant or machinery" but where a balanc- ing allowance or a balancing charge falls to be made to or on any person under section 35 of the Ordinance in respect of any wharf, the allowances, if any, granted in respect of such wharf under section 37 or 37A of the Ordinance for any year of assessment prior to the year of assessment com- mencing on the 1st day of April, 1965, shall be taken into account in calculating such balancing allowance or charge.
I.
2
3.
Item.
TABLE.
FIRST PART.
Machinery or plant not itemized below
Air-conditioning plant
Aircraft (including engines)
Rate of Depreciation.
10%
10%
30%