3. Are all properties bought by my company for business purposes qualified for building allowances?

3. Are all properties bought by my company for business purposes qualified for building allowances?

No. Certain specified conditions have to be satisfied before an allowance is granted. Broadly speaking, the relevant allowances are classified into 2 groups: “industrial buildings allowances” and “commercial buildings allowances”. For details, please refer to the Inland Revenue Department's Departmental Interpretation & Practice Notes No. 2 (Revised).