S.L. 406.12 Art. 3Initial deduction.

The initial deduction shall be adjusted:

(a) in respect of capital goods, excluding immovable property, during a period of five years which shall start to run from the first day of the month of the tax period during which the right to deduct arises;

(b) in respect of immovable property, during a period of twenty years which shall start to run from the first day of the first month of the tax period during which the right to deduct arises:

Provided that, if the goods, both of a capital nature and contracts of works, are not used during the tax period during which the right to deduct arises, the starting date of the period of adjustment will be the first day of the month of the tax period during which the goods are first used.