rse of manufacture
or construction.
For fixed assets treated as investments, the original value shall
be the reasonable prices stipulated in the contract according to the
wear and tear condition, or determined with reference to the relevant
market price information, plus the relevant expens incurred before the
fixed assets are put into use.
Article 32. Depreciation on the fixed assets of an enterprise
shall be computed starting from the month following that in which the
assets are put into use. Depreciation shall cease to be computed
starting from the month following that month in which the ixed
assets cease to be used.
For enterprise engaged in exploiting petroleum resources, all
the investments made at the stage of exploration shall be
accumulated and counted as capital expenditure with the oil (gas)
field as a unit. Depreciation shall be computed starting from the mon
following that in which the oil (gas) field goes into commercial
production.
Article 33. In computing depreciation on fixed assets, the
residual value shall be assessed and deducted from the original
value. The residual value shall not be less than 10 per cent of
the original value. Any need to retain a lower residual value, or not to
retain any residual value, need to be reported to local tax authorities
for approval.
Article 34. Depreciation on fixed assets shall be computed by
the straight-line method. In case of any need to use other
depreciation methods, an application shall be made by the relevant
enterprise to the local tax authorities for examination, which shall
then be reported level by level up to the State Administration for
Taxation for approval.
Article 35. The minimum depreciation periods for different kinds
of fixed assets are as follows:
1. Premises, buildings and structures: 20 years;
2. Trains, ships, machinery, mechanical apparatus and other
production equipment: 10 years;
3. Electronic equipment, means of transportation other than trains
and ships, as well as appliances, tools and furniture related to
production and business operation: 5 years.
Article 36. Depreciation of fixed assets resulting from
investments made during and after the stage of development by
enterprises engaged in exploiting petroleum resources may be
computed by a composite life method, without retaining the residual
value, d the depreciation period shall not be less than 6 years.
Article 37. " Premises, buildings and structures: referred to
in Article 35 Paragraph 1 of these Regulations mean premises,
buildings structures and their attached facilities used for
production and operation or as living quarters or service centres for
ployees.
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