Provision for depreciation definition
Provision for depreciation in any year means the deduction of an amount of money from the revenue for using in the replacement of assets which may be repaid. The calculation is made in accordance with the Tax Law. The assets which may be subjected to provisioning include: (a) registration certificates, special rights, concession certificates, licenses, land lease and other intangible assets for which the provisions can be made under the generally acceptable accounting rules; (b) all expenses occurred prior to the commencement of the concerned operation period including the expenses incurred for the acquisition of land survey rights or the acquisition of information on the Feasibility Study and Environmental and Social Reports;(c) structures used for industrial purposes, machinery, excavators, clearing and hauling vehicles used in the Plantation, equipment or set of tools, office equipment and supplies and other tangible fixed assets for which the provisions can be made under the generally acceptable accounting rules.
Examples of Provision for depreciation in a sentence
Provision for depreciation of property, plant and equipment is made primarily on a straight-line basis over the estimated useful lives of the depreciable facilities.
The Trustee’s resignation or removal will be effective on the date we appoint another trustee (the “Replacement Trustee”).
The calculation is as follows: 2000/01 £000 2001/02 £000 Housing amount - 2% of opening 343 credit ceiling 347 Non-Housing amount - 4% of 3,315 opening credit ceiling 3,421 3,658 Minimum Revenue Provision 3,768 1,700 Provision for depreciation 6,442 Reconciling amount to minimum 1,958 revenue provision (2,674) Related parties and related party transactions are defined by the 1998 Accounting Code of Practice.