Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Depreciation allowance - plant and machinery 

Plant and machinery used in the production of assessable profits attract depreciation allowances --- a deduction from assessable profits. Theoretically the allowances can also be claimed under Salaries Tax but this rarely occurs in practice. 

Plant and machinery used for scientific research are fully deductible under Section 16B of Inland Revenue Ordinance. Besides, plant and machinery for manufacturing process and computer hardware and software used for a trade are wholly deductible under Section 16G. In these situations, the traders should claim full deduction under Section 16B rather than depreciation allowances.  

Before 1980/1981, the allowances are separately computed for each asset. This system is generally called “the old system”. Obviously, this system gives a lot of computation work if the taxpayer has many assets. Now this method only applies for assets which are not wholly used for the trade or for assets purchased on hire-purchase

Since 1980/81, the allowances are computed for each pool of assets with the same rate of annual allowance. This system is called “the pooling system”. This system saves a lot of computation work because it dispenses separate record and computation for each asset.

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