Latest regulations on depreciation period of fixed assets: minimum depreciation period of fixed assets: 20 years for buildings; Aircraft, trains, ships, machines, machinery and other production equipment are 10 year; Appliances, tools, furniture, etc. 5 years related to production and business activities; 4 years for vehicles other than airplanes, trains and ships; Electronic equipment is 3 years.
How to pay taxes on the sale of fixed assets
According to the tax law, the main taxes that may be involved in the sale of fixed assets are value-added tax or business tax, as well as income tax and urban construction tax.
VAT general taxpayers selling their used fixed assets are subject to the VAT policy with a simple levy rate of 4%, and ordinary invoices should be issued, and special VAT invoices are not allowed. Article 2 of the Announcement of State Taxation Administration of The People's Republic of China on Value-added Tax during the Pilot Period of Changing Business Tax to Value-added Tax (State Taxation Administration of The People's Republic of China Announcement No.90 1 5) stipulates that since February12006, taxpayers who sell their used fixed assets and apply the simple method to collect 3% and 2% value-added tax can give up tax reduction and collect 3% value-added tax according to the simple method.
For different fixed assets, such as houses and buildings, motor vehicles, motorcycles, yachts and other fixed assets subject to consumption tax, the taxation provisions are different.
Legal basis:
Announcement of State Taxation Administration of The People's Republic of China City, People's Republic of China (PRC) on Issues Related to Value-added Tax during the Pilot Period of Changing Business Tax to Value-added Tax II. For taxpayers selling their used fixed assets, if the current policy stipulates that the simplified method is applied to levy value-added tax at a reduced rate of 3%, the value-added tax will be levied at a reduced rate of 2%, and the preferential policy can be abandoned. If the simplified method is applied to pay value-added tax at a reduced rate of 3%, special invoices for value-added tax can be issued.
What's the latest regulation on the depreciation period of fixed assets? According to the introduction in our article, we can know that when accounting for fixed assets of enterprises, we need to determine the depreciation of fixed assets of enterprises according to their service life and depreciation accounting methods. According to our introduction in the above article, you can choose different ways to deal with it.