OK, this a is a long-shot...but Fixed Asset Depreciation!

[Chilli]

I know the chances are slim, but does anyone know much about Fixed Asset Depreciation in the UAE!!!
I've been told that somewhere around July 2010, the UAE brought in a law stipulating that fixed assets (in this case Real Estate) could only be depreciated over 5 years, reducing the term from 10.
What I need to know is specifically what this directive said! Naturally the relevant website was a waste of time. I need to know whether the 5 year period is static from the date of the asset purchase, or if it was 5 years from the issuance of the directive for exisitng assets. Common sence would suggest it was from the date of purchase, but this may have been unworkable by a lot of firms, so I guess there is every possibility that it was from the directive date.

What d'ya think?

Yeah, yeah....I know you don't give a toss, but I really need to know!

Cheers.

[Hitch78]

What's the context Chilli? With a lack of any sort of taxation why would anyone care how you handle your assets?

[Chilli]

Hitch78 said:

What's the context Chilli? With a lack of any sort of taxation why would anyone care how you handle your assets?

Well, quite. However, a friends company auditors (last year) suggested that it was UAE law to depreciated an Investment property over 5 years, when it had previously been depreciated at 10. Given that the 5 year rule also applies to motor vehicles, it seems like madness! I've tried to look on the various government websites, but no luck.