LAWS OF TUVALU

INCOME TAX ACT 1992

LN 15/95

INCOME TAX (DEPRECIATION) (AMENDMENT) REGULATIONS 1995

(Section 82)

In exercise of the powers conferred by section 82 of the Income Tax Act 1992, the Minister, acting with the consent of the Cabinet, makes the following Regulations - Citation and Commencement 

1. These Regulations may be cited as the Income Tax (Depreciation) (Amendment) Regulations 1995 and shall come into effect on 1st day of January, 1996. Amendment of Schedule 2 

2. Schedule 2 to the Income Tax Act 1992 is amended by repealing Item 3 and substituting the following –

"3. Subject to this schedule and Schedule 8, the rate of depreciation shall be: 

	%Rate	Per month	
	
(a) Buildings (but not the land or other appurtenances on the land)			
(i) Constructed of imported materials	0.3%	3.6%	
(ii) Constructed of local materials	1.25%	15%	
			
(b) Ships and boats			
(i) Constructed of imported materials	0.42%	5%	
(ii) Constructed of local materials	1.25%	15%	
			
(c) Plant and machinery (but not being motor vehicles)	1%	12%	
			
(d) Equipment (computers, photocopiers and other equipment)	1.67%	20%	
			
(e) Furniture and fittings			
(i) Constructed of imported materials	0.42%	5%	
(ii) Constructed of local materials	1.25%	15%	
			
(f) Motor vehicles and transport equipment	1.67%	20%	
			
(g) Capital assets in respect of which a rate is determined by regulation" 			

Made at Funafuti this 29 day of December, 1995.