Article 23 - Limits on Depreciation

(1) The deduction under Article 22(1) shall be limited to 5% per annum of original cost, as defined by Article 22(5) for the following classes of assets—
(a) aircraft;
(b) ships;
(c) industrial buildings and offices; and
(d) infrastructure assets including but not limited to roads, bridges and port facilities.
(2) Where depreciation has been limited under Article 23(1) and in a subsequent Accounting Period the depreciation charged in the accounts in respect of that asset is less than 5% of original cost, a tax deduction for depreciation shall be allowed at the annual rate of 5%, provided that—
(a) the asset is still owned by the QFC Entity and is being used for the purpose of its Licensed Activity;
(b) the total accumulated tax deduction does not exceed original cost; and
(c) the total accumulated tax deduction does not exceed the total accumulated depreciation of the asset.
Amended (as from 18th June 2014)