120. RULEBOOK ON CLASSIFICATION OF FIXED ASSETS (NON-CURRENT ASSET) ACCORDING TO GROUPS AND METHODS FOR DETERMINATION OF DEPRECIATION
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1 16 Annex - Taxation 120. RULEBOOK ON CLASSIFICATION OF FIXED ASSETS (NON-CURRENT ASSET) ACCORDING TO GROUPS AND METHODS FOR DETERMINATION OF DEPRECIATION
2 Pursuant to Article 13 paragraph 6 of the Law on Income of Physical Persons (Personal Income Tax), (Official Gazette of Montenegro 65/20) the Minister of Finance hereby issues the following Rulebook on classification of fixed assets (non-current asset) according to groups and methods for determination of depreciation Official Gazette of Montenegro 28/2002 of 13 June 2002 Basic Provisions Article 1 This Rulebook defines the classification of fixed assets according to groups and prescribes methods for determining depreciation of fixed assets for taxation purposes. Article 2 Fixed assets referred to in paragraph 1 of this Article include tangible and intangible assets, except for land and objects of art, with an anticipated life longer than one year and the value exceeding EUR 200. Article 3 Calculation of depreciation of fixed assets according to groups and types of assets shall be completed on the OA Form, which is printed together with this Rulebook and represents the constituent part thereof. Classification of fixed assets according to groups and depreciation rate Article 4 Classification of fixed assets according to groups of depreciation stipulated by Article 13 paragraph 3 of the Law on Income of Physical Persons (Official Gazette of Montenegro 65/20), shall be implemented, depending of the type of asset, as follows: Fixed Assets Group Code Fixed Assets Type Depreciation Rate First (I) 1. Asphalt surfaces 5 % 2. Airport runways 3. Dams for water accumulation 4. Gas pipelines 2
3 5. Berthing for ships 6. Parks 7. Power plants 8. Electricity power lines 9. Escalators 10. Hangars 11. Breakwaters 12. Marinas 13. Bridges 14. Overpasses and viaducts 15. Oil pipelines 16. Water systems 17. Equipment for IT infrastructure (Yupak, Internet) 18. Utility production and distribution systems for electric energy, gas, heat and water 19. Parking spaces 20. Natural sources of water and spas 21. Roads and highways 22. Fishponds 23. Warehouses and reservoirs 24. Salt-works 3
4 25. Sports facilities (stadiums, swimming pools, sports halls) 26. Silos on agricultural estates 27. Tunnels 28. Water supply infrastructure and pipelines 29. Railway infrastructure 30. Buildings Second (II) Aircrafts 15% Cars Ships and other navigating objects Power plant under 15 megawatts Air conditioners Elevators Boilers Furniture on ships Medical equipment Fences Office equipment Equipment for production and distribution of solar energy Tanks for oil storage 4
5 Tanks for water storage Railway carriages Vineyards Orchards Third (III) 1. Tools and inventory 20% 2. Buses 3. Equipment for thermal power stations 4. Equipment for production of milk and dairy products 5. Cash register for VAT (fiscal) control 6. Flippers (amusement gamemachine) 7. Refrigerators for vegetables 8. Calculators 9. Lorries and trailers (articulated vehicles) 10. Laboratory equipment 11. Equipment for grain cleaning 12. Photocopy equipment 13. Furniture not mentioned elsewhere 14. Equipment for research and development 5
6 15. Cement making machinery 16. Movable equipment for electricity production (generators etc.) 17. Radars 18. Television receivers 19. All other fixed assets not specifically indicated in other groups Fourth (IV) Furniture in airplanes 25% Equipment for air and water quality control unlicensed Equipment for radio and TV programme broadcasting Equipment for oil wells Equipment for minerals processing Spare parts for airplanes Telegraphy and telephony equipment (wires and cables) Fifth (V) 1. Taxis and Cars for renting or leasing 30% 2. Billboards 3. Ramparts for roads and railways 4. Electric advertising signs 5. Electronic equipment for data processing (computers) and system and application 6
7 software 6. Films 7. TV commercials and videos 8. Civil-engineering movable equipment 9. Casts for moulding 10. Library books for rent 11. Industrial knives 12. Equipment for tree cutting 13. Sea platforms 14. Textile (carpets, drapes, curtains, etc.) 15. Movable equipment which uses electric energy (borer, grinder etc.) 16. Mobile camps/caravan/trailers 17. Bar-code scanners 18. Tractors 19. Uniforms 20. Video games paid by coins 21. Video tapes, CDs, DVDs etc. 22. Basic cattle-stock 7
8 Methods for determination of depreciation Article 5 Depreciation for fixed assets classified into the first depreciation group shall be determined using straight-line method for each asset separately. Paragraph 1 of this Article shall equal one-twentieth (1/20 that is 5%) for depreciation against the original capital value (purchase value) of the fixed asset, increased for the value of investment that exceed 5% of the original capital value. Article 6 Depreciation of fixed assets classified into the second, third, fourth and fifth group shall be determined using reducing balance method on total value of assets classified according to individual group. Depreciation from paragraph 1 of this Article shall be determined on the residual value of fixed assets of the group (hereinafter: group balance), determined at the end of previous year, increased for value of purchased and decreased for value of sold fixed assets from that group during the year, multiplied by depreciation rate of that group. Value of depreciation at the end of the year shall be deducted from the group balance, where residual value shall represent opening balance value of the group in the following year. Article 7 If the value arising from the sale of all fixed assets during the tax year for groups from two to five exceeds the balance of the group, then the amount that exceeds stated value shall be included into taxable revenue and group balance at the end of the year shall equal zero. Article 8 If the value arising from sale of all fixed assets from depreciation groups from II to V during the tax year is lower than group balance at the end of the year, than remaining group balance shall be deducted against expenditures. Article 9 If the closing balance of individual depreciation group is lower than EUR 1, (one thousand), than the total balance of that group shall be subjected to reduction which shall be shown as expenditure and than the balance of the group shall be zero. Article 10 Reduction of the group balance arising from depreciation for assets from a deprecation group from II to V shall be done on the basis of expenditures for repair of fixed assets from each group. If actual value of repair costs amounts up to 5% of balance of individual depreciation group from II to V during the year, they shall be set against expenditures of the business. If actual value of fixed assets repair costs from paragraph 1 of this Article amount above 5% of balance of individual depreciation group at the end of year, then the group balance shall be increased for the value of investment. 8
9 Article 11 Depreciation of intangible assets, such as: concessions, patents, copyrights, franchises, and other rights shall be done by applying straight-line method on the basis of useful life of such investments. Basis for calculation of depreciation from paragraph 1 of this Article shall consist of investments for development and purchase of that asset. Article 12 Basis for calculation of depreciation at natural wealth exploitation shall consist of value of all exploitation and development costs, including interest that arises on the basis of those investments. Depreciation of natural wealth for the current year shall be determined in the manner where on the purchase value of investment from the paragraph 1 of this Article shall be applied the percentage which arises from relation of natural wealth production in the tax year and total of estimated potentials of such deposits. Final Provisions Article 13 This Rulebook shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro. No: /1 Podgorica, 6 June 2002 The Minister, Miroslav Ivanišević, s.r. 9
10 Form OA CALCULATION OF FIXED ASSETS DEPRECIATION Group number Opening balance Value of purchased assets which are put in use Value of assets sold during the year Residual value (2+3-4) Rate % Depreciation (5 h 6) Residual value at the end of year (5-7) I II 15 III 20 IV 25 V 30 Chief Accountant M.P. D I R E C T O R Date NOTE: Opening balance at the beginning of the year equals the residual value at the end of the previous year. 10
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