Fixed Asset Depreciation for Tax Book ITALY
Hello Experts,
Client Requirement: The requirement is for Tax book depreciation calculation for ITALY.
ITALY has different requirement to calculate depreciation for tangible and intangible asset
--------------For Tangible assets-----------------
in the year of asset purchased the depreciation should be calculated 50% of original depreciation rate, and then it will calculate depreciation based on Original rate
For ex: Depreciation rate is 20% then in Year1 depreciation should be calculated at 10% (50% of 20%) then for year 2,3,4,5 it should calculate depreciation 20% basis and in year 6 the remaining 10%
And another condition is irrespective of date of purchase it should calculate the depreciation 10% only for the whole year that means if the assets is purchased in the month of JAN or in DEC the depreciation should be 10% on the first year.