Regulation for Encouraging Joint Stock Companies Limited to Invest in Construction of New Towns Article 8

For the joint stock companies limited for which the accelerated depreciation prescribed in Subparagraph 2, Paragraph 1, Article 14 of the Act is applicable, the average method or the depreciation method of decreasing at fixed rate as defined in Article 51 of the Income Tax Act shall apply, and Article 54 of the same act shall apply to the calculation.In a joint stock company limited for which accelerated depreciation is applicable, the construction machines and equipments using accelerated depreciation shall be recorded separately from other fixed assets, or identified in the related asset accounts and property lists. Upon settlement and declaration of the profitable undertaking income tax of the year when depreciation is calculated, the accelerated depreciation certificate and the photostat copy of the company's license shall be submitted to the governing taxation department for verification.