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Recent Provisions on Depreciation and Amortization

Tax Update
Recent Provisions on Depreciation and Amortization
July 15, 2023
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Tax Update: Minister of Finance Regulation Number 72 of 2023 regarding the Depreciation of Tangible Assets and/or Amortization of Intangible Assets.

The government has issued Minister of Finance Regulation Number 72 of 2023 (MoFR 72/2023) regarding the Depreciation of Tangible Assets and/or Amortization of Intangible Assets. The purpose of enacting MoFR 72/2023 is to enhance legal certainty, fairness, and facilitate the calculation of depreciation of tangible assets and/or amortization of intangible assets for taxation purposes.

MoFR 72/2023 emphasizes the importance of accurately classifying assets. If taxpayers have doubts, it would be better to submit a request to the Director General of Taxes to obtain approval of the useful life group to ensure the proper grouping of assets and prevent potential Tax Auditor corrections.

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Recent Provisions on Depreciation and Amortization
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