The Revaluation Rates option located in the Definitions menu of the Administration section is used to record revaluation rates to be used in depreciation and revaluation calculations for fixed assets. The fields and functions of the Revaluation Rates window are:
Year: Indicates the year to which the revaluation rate will be applied.
Rate: This field is used to record quarterly rates by selecting the related Month Rates specified on this field are used in depreciation calculations.
According to latest legal arrangements, taxpayers may revaluate their fixed assets subject to depreciation, and allocate depreciations through such revaluated values when determining income subject to provisional tax. The revaluation transaction is performed using the revaluation rate declared each quarter.
Tax payers with personalized financial periods for whom the fiscal period starts from year 1998 should revaluate their assets using one forth of the revaluation rate declared for this year. Taxpayers for whom the fiscal period starts from year 1999 should revaluate their assets using the rate specified for each provisional tax period.