Fixed assets refer to tangible assets with the following characteristics:
1. held for the production of goods, provision of services, lease or management;
2. The service life exceeds one fiscal year.
Fixed assets are non-current assets, which can create economic benefits for enterprises for more than one year.
The depreciation period of fixed assets in the tax law is as follows, unless otherwise stipulated by the competent departments of finance and taxation of the State Council:
(1) 20 years for houses and buildings;
(2) Aircraft, trains, ships, machines, machinery and other production equipment, 10 year;
(3) Appliances, tools and furniture related to production and business activities, 5 years;
(4) Four years for vehicles other than airplanes, trains and ships;
(5) Electronic equipment, 3 years.