Wear and Tear or Depreciation is the decrease in value of an asset. Inland Revenue allows you to deduct this decrease each year for the next 3 years from the date the assets was bought. For example if your car cost N$60,000 in the 2014 tax year, you can depreciate the car by N$20,000 each year until 2016 and claim the N$20,000 as a deduction, therefore paying less tax!
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