MOTOR VEHICLES (FIRST REGISTRATION TAX) (DEPRECIATION) REGULATIONS

MOTOR VEHICLES (FIRST REGISTRATION TAX) (DEPRECIATION) REGULATIONS

MOTOR VEHICLES (FIRST REGISTRATION TAX)
(DEPRECIATION) REGULATIONS.

(Cap. 330, section 9).

[1st April, 1967.]

1. These regulations may be cited as the Motor Vehicles (First
Registration Tax) (Depreciation) Regulations.

2. (1) For the purposes of paragraphs (c) and (d) of subsection (1)
of section 4 of the Ordinance, the rate of depreciation, where applicable,
shall be

(a)in respect of petrol-driven motor vehicles, twenty-five per cent
per annum;

(b)in respect of all other motor vehicles, twenty per cent per
annum.

(2) In respect of any period of less than one year or any part of a
year, depreciation shall be calculated by reference to the number of
months in such period or part of a year and the rate shall he one-twelfth
of the appropriate annual rate.

3. The amount of depreciation for any period shall be computed, at
the appropriate rate specified in regulation 2, separately in respect of
each year or part of a year on the reducing value of the motor vehicle,
which, in respect of any year or part of a year, shall be the full value of
the vehicle, calculated in accordance with the relevant provisions of
section 4 of the Ordinance, reduced by the amount of depreciation
relating to each preceding full year (if any) within that period; and the
total of the amounts computed separately as aforesaid shall be the full
amount of depreciation for the whole of that period.
L.N. 54/67. L.N. 114/67. Citation. Rates of depreciation. L.N. 114/67. Computation of amount of depreciation.

L.N. 54/67. L.N. 114/67. Citation. Rates of depreciation. L.N. 114/67. Computation of amount of depreciation.

https://oelawhk.lib.hku.hk/items/show/3249

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