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If you're a business proprietor, utilizing movable assets for business purposes allows you to categorize their costs as business expenses, making them eligible for tax deductions. Here are several expenses that qualify:

🔵 Depreciation: You can account for the diminishing value of your vehicle over time as an expense, effectively lowering your taxable income 📉.

🔵 Loan Interest: If you acquired a loan to procure the vehicle, you can declare the interest paid on that loan as a deduction from your taxable income.

🔵 Fuel: In the case of a company vehicle used for business travel, the fuel expended for this vehicle is considered an operational expense.

🔵 Repairs and Maintenance: Expenditures incurred for repairing laptops, furniture, or any other business-related equipment can be claimed as valid business expenses.

Depreciation benefits commence from the month of car purchase. If the purchase takes place before September 30th, you're eligible for up to 15% depreciation. Conversely, if the purchase occurs later in the year, the depreciation benefit drops to 7.5%.

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