On 17 September 2015, China's State Administration of Taxation announced that the list of industries eligible to apply accelerated depreciation methods has been expanded to include:
- Light industry;
- Textile manufacturing;
- Machinery manufacturing; and
- Automotive manufacturing.
For fixed assets newly purchased on or after 1 January 2015 for use in these industries, the prescribed depreciation period of the asset may be reduced by 40%, or the double declining balance method or sum-of-the-year…