Fittings for Laboratories and Experimental and Research Interim regulations ( arisins from revised tax law of 18.7.1958) concerning fittings RATES lnstead of normal depreciation it is possible to write off 5% in the year of completion and 5% in each of the next 7 years, making 40% in ali. There- Section 36 provided for abatement of taxes on income and profits in Workshop and Store Equipment. assets in Schedule II, as a basis to determine the rate of depreciation under SLM, WDV or UOP (Unit of Production) Original Cost, Residual Value, Useful Life, Companies Act, Income Tax Act, Depreciation. Introduction Furniture & Fittings. 4 Mar 2020 For tax depreciation, different assets are sorted into different classes, and each class has its own useful life. In the case of intangible assets, the act of depreciation is called amortization. Formula: (2 x straight-line depreciation rate ) x (book value at the beginning of the year) 7-year property, 7, Office furniture and fixtures, farm equipment, any assets that don't fit into other classes.