On Dec. 11, DEN GVT issued act amending various accounting laws.
DEN GVT published a new Act amending the depreciation act, the taxation act and the act on deposits in establishment accounts and entrepreneurial accounts, for all firms.
Provides abolition of possibility to immediately depreciate computer software, know-how and patent rights, etc. and increases of expenses for experimental and research.
Law Overview
The law makes various changes to amounts claimable for computer equipment, as well as Operating equipment and ships for experimental and research activities, except for all the relevant operating equipment and ships used for exploration for raw materials.
Deductions for expenses incurred are also being amended as are the know-how and all patent rights and license and usage rights, that had been acquired as part of business.
The details of the relevant changes, spanning a period from 2018 onward are included.
Effectiveness
The new law takes effect after the date of its official publication, as from Jan. 1, 2025.
Section 1, nos. 1, 2, 4 and 5, and section 3, no. 2, will not apply to computer software acquired before Jan. 1, 2025, where all of the rules that were previously in force apply.
