Deduction for Wear and Tear of Plant and Machinery (Amendment)

L.N. 322 of 2018

L.N. 322 of 2018

INCOME TAX ACT

(CAP.123)

Deduction for Wear and Tear of Plant and Machinery (Amendment)

Rules, 2018

IN EXERCISE of the powers conferred by articles 14(2) and 96

of the Income Tax Act, the Minister for Finance, has made the

following rules:-

(1) The title of these rules is the Deduction for Wear and

commencement.

Tear of Plant and Machinery (Amendment) Rules, 2018 and they shall

be read and construed as one with the Deduction for Wear and Tear of

Plant and Machinery Rules, hereinafter referred to as "the principal

rules".

(2) These rules shall come into force as from year of

assessment 2018 and shall apply for aircraft acquired on or after the

first (1 st ) day of January 2018.

Category 7 of the Schedule to the principal rules, shall be

substituted by the following

Category

Years

"7. Aircraft airframe, aircraft engines, Aircraft

engine or airframe overhaul and Aircraft

4".

interiors and other parts

€0.09