The Income Tax(Amendment) Act 2023 has repealed Section 27A of the Principal Act which provided for initial allowances as a fiscal policy geared at enabling investors in industrialisation and manufacturing to recover costs of acquiring plant and machinery much faster than if they had to recover those costs only through capital deductions allowed through traditional depreciation. A depreciable asset is any plant or machinery, or any implement, utensil or similar article, which is wholly or partly used, or held ready for use, by a person in the production of income included in gross income and which is likely to lose…
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