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The Fixed Assets Tax Depreciation feature calculates and posts tax depreciation in compliance with the Income Tax Act (Law 586/1992 §26 - §33). This feature has a special setup for tax depreciation groups to enable entering rates and coefficients for new depreciation methods with fixed assets tax depreciation.
Each long-term tangible fixed asset belongs to a depreciation group. These groups determine minimal depreciation periods and parameters used for calculating depreciation. The following depreciation methods are provided for long-term tangible fixed asset (FA) depreciations for tax purposes:
- Regular – This method is based on the acquisition value and percentage (straight line).
- Accelerated – This method is based on the book value and coefficient (declining balance).
- Regular based on the acquisition value and percentage (straight-line intangible).
Each long-term fixed asset belongs to a depreciation group. These groups determine minimal depreciation periods and parameters that are used for calculating depreciation.