Presentation on lease leasing. Presentation "leasing operations". Features of leasing operations in developed countries

Leasing (eng. Leasing from eng. To lease
lease) - type of financial services,
related to the form of acquisition
fixed assets.
The subject of leasing is any
non-consumable things, including
enterprises, buildings, structures,
equipment, vehicles and
other movable and immovable property,
which can be used for
entrepreneurial activity.

ADVANTAGES OF LEASING.

"Corpus delicti" - Educational questions. Signs of the subjective side. Signs of the objective side. The subject of the crime. Special subject of crime. Criminal assault. Subject and subjective side of the crime. Types of objects of crime. The subject of the crime. Corpus delicti. Objective side. Object of the crime.

"European Convention" - District and Regional Courts. Supreme Court. Federal legislation on the application of the Convention. Arbitration courts. Vienna Convention on the Application of International Treaties. Resolutions of the Plenum of the Supreme Arbitration Court on the application of the Convention. The book "Application of the Convention in the Courts of Russia". Application of the European Convention on Human Rights.

"Prevention of neglect and juvenile delinquency" - Educational work of the school. Minors are not allowed. Prevention of neglect and juvenile delinquency. Meeting agenda. The procedure for notifying parents. The procedure for the delivery of children. Draft decision. January. December. Reducing night time. February. October. November.

"Rights and obligations of citizens of Russia" - Withdrawal from citizenship of the Russian Federation. Refusal to terminate citizenship. Acquisition of citizenship. Admission to citizenship. Restoration of citizenship. The Constitution on the Rights and Duties of Citizens of Russia. Rights and freedoms. Social and economic rights. The principles of citizenship in the Russian Federation. Constitutional rights and freedoms. Rights are inseparable from responsibilities.

"Implementation of the rule of law" - Initial. Execution is a form of implementation of legal obligations. Acts of application of legal norms. Right-regulatory. Where is the gap here? Correctly organized legal procedure. The main questions of the topic: Single action. Legal. Subsidiary application of the rule of law. Legal regulation mechanism:

"Land legal relations" - The structure of land legal relations. Types of land legal norms. Subjects of land legal relations - persons or entities. Classification criterion. The economic mechanism of influence. Land legal norms and land legal relations. Types of land legal relations. Grounds for the emergence, change and termination of land legal relations.

Kazakh Financial and Economic Academy

Department ______________________

Course work

by Money Credit Bank

topic: Leasing operations in commercial banks

Student Abishev Arman Group FC-24

Zhumageldyevich _________________________

Supervisor________________ Chengelbaeva Makpal Gabdulmavlyutovna

Commission ________________

________________

___________________

Semey 2009

INTRODUCTION 3

1 CONCEPT AND ESSENCE OF LEASING AS AN ECONOMIC CATEGORY 5

1.1 The economic essence of leasing and its main types 5

1.2 Specificity and distinctive features leasing 7

1.3 Carrying out leasing operations in developed countries 10

2 EVALUATION AND ANALYSIS OF LEASING OPERATIONS IN THE REPUBLIC OF KAZAKHSTAN FOR 2006-2009 13

2.2 Assessment of leasing activities by the lessee and mixed financing 14

2.3 Analysis state of the art leasing in Kazakhstan 17

3 MAIN PROBLEMS AND MEASURES TO IMPROVE LEASING IN KAZAKHSTAN 21

3.1 Problems of the formation and development of leasing in the Republic of Kazakhstan 21

3.2 Measures to develop leasing operations in Kazakhstan 23

CONCLUSION 26

LIST OF USED LITERATURE 28

APPENDICES 30

INTRODUCTION

V modern conditions management, the strengthening of uncertainties in the development of the economy contributes to an increase in interest in various types of entrepreneurship, including investment activities. Most of the economically developed countries, trying to get out of the economic crisis, stepped up investment activity and solving the problems of a sharp increase in the competitiveness of products. In this regard, the use of various forms of economic relations, in particular leasing, which is a form of temporary use and ownership of property, is becoming increasingly important to create conditions for attracting capital to vital sectors of the economy, rational use of financial, material and labor resources, ensuring support of small business.

Leasing operations belong to a wide range of types of operations of commercial banks. Despite the fact that they can be carried out not only by banks, the latter are the most powerful lenders of leasing, and therefore have the greatest importance for the characteristics of these operations. Leasing is a special form of perspective investment financing. Leasing is a good alternative to bank lending, and involves the use of your own financial resources... Leasing is becoming the most promising form of lease, which is widely used in Western countries. Currently, a large number of leasing companies operate on the leasing market, the number of which is constantly growing. These companies are able to set in motion the released production capacity and significantly meet the needs of industrial and commercial enterprises in the use of equipment (property). Moreover, with a shortage of financial resources, these structures are able to help many enterprises survive by providing technological equipment for their production, i.e. to lay the foundations for overcoming the crisis and future economic recovery, which in the current conditions is extremely important and relevant for the economy of Kazakhstan.

The urgent need for a quick and radical renewal of physically worn out and obsolete fixed capital in all sectors of the economy, and especially in the agro-industrial complex of Kazakhstan, the need to accelerate the pace and scale of development of small and medium-sized businesses, and its technical and technological support, are the most important prerequisites that caused close attention and practical interest in the phenomenon of leasing.

Leasing operations, contributing to the transfer of the interests of business entities from intermediary activities to the sphere of material production, have long become a traditional field of activity abroad. An efficiently functioning market for leasing services intensifies the use of the achievements of science and technology, which significantly affects the stabilization of production and the competitiveness of business entities.

Bank workers, financiers often consider leasing as a form of financing capital investments, investments in fixed assets, as well as as a new form of credit (along with bank, commercial and consumer loans) that has received great development in industrial countries in recent decades, classifying it as banking. investment services.

Most domestic economists understand leasing as lease or long-term lease of machinery, equipment, vehicles and production facilities.

A variety of types of leasing relations allows not only to activate investment processes at the enterprise, but also to improve the financial and economic indicators of its activities by accelerating turnover working capital, reducing surplus stocks, increasing the speed of product sales. In modern economic conditions, when many enterprises are faced with the problem of non-payments and high prices for their products, the search for suppliers of raw materials and materials, business entities must not only survive, but also develop their business.

The purpose of this term paper, thus, consists in a theoretical examination of the foundations of leasing operations of commercial banks. As a detailing of the topic, the following tasks will be solved: firstly, to consider leasing operations, their essence and types, and secondly, to determine the procedure for conducting a leasing banking operation, and also to investigate the place of banks in the economic benefits of leasing operations. It is necessary to consider the essence of the concept of leasing and leasing operations, to determine the procedure for its implementation and its participants. At the same time, the question inevitably arises about the role of banks not only in carrying out leasing operations, but also about their impact on economic growth in general.

1 CONCEPT AND ESSENCE OF LEASING AS AN ECONOMIC CATEGORY

1.1 The economic essence of leasing and its main types

In the economic sense, leasing is a complex of property relations that ensures the technical re-equipment of enterprises and the acceleration of scientific and technological progress with the help of direct investments in material and monetary forms. The concept of "leasing" is interpreted in both foreign and domestic entrepreneurial activities rather broadly. The complexity of the relationship developing in connection with leasing determines the existence of several points of view on its essence and origin. Leasing has financial, commercial, legal and technical aspects.

The economic meaning of leasing expresses its definition as a complex of property relations that develop in connection with the transfer of property for temporary use. In addition to the leasing agreement itself, this complex also includes other agreements, in particular, a purchase and sale agreement and a lease agreement. Leasing is characterized by a complex combination of these contracts and the interpenetration of relations arising from their conclusion.

Leasing is a relatively young instrument of financing, but in comparison with traditional forms it has significant advantages. The main advantage of leasing compared to other investment methods is that an entrepreneur can start a business with only a part of the necessary financial resources for the acquisition of fixed assets. In this case, the enterprise is provided not with monetary resources, control over the use of which is not always possible, but directly with the means of production.

Leasing is also an additional service for the client. Among the particularly important advantages of leasing is a fairly wide range of additional services that leasing firms provide to their clients.

The classification of leasing types has received a fairly serious justification both in foreign and domestic theory and practice. When distinguishing types of leasing, one proceeds from the characteristics of the classification. (Appendix A)

These signs include:

1) the composition of the participants in the transaction

2) the type of property being leased

3) the degree of its payback

4) amortization conditions

5) scope of service

6) the sector of the market where transactions are carried out

7) attitude towards tax and depreciation benefits

8) the nature of the lease payments

Depending on the composition of the participants in the transaction, there are: direct leasing, in which the owner of the property (supplier) independently leases the object (bilateral transaction); indirect leasing, when the transfer of property takes place through an intermediary. In this case, a classic trilateral transaction (supplier - lessor - lessee) can take place, or in large complex transactions, a multilateral transaction with a number of participants from 4 to 6-7, including brokerage firms, trust companies, financing institutions and others.

The type of property is distinguished:

movable leasing (machine and technical leasing);

real estate leasing .

According to the degree of recoupment of the property, there are:

leasing with full payback, in which, during the term of one contract, the full payment to the lessor of the cost of the leased property is made;

leasing with incomplete payback, when only part of the cost of the leased property is paid off during the term of one contract.

Depending on the conditions of depreciation, a distinction is made between:

leasing with full amortization and, accordingly, with full payment of the cost of the leased object;

leasing with incomplete depreciation and, therefore, with partial payment of the cost.

By the volume of servicing of the transferred property, the following are distinguished:

net leasing, if all maintenance of the transferred property is undertaken by the lessee;

(leasing with a full range of services, if full maintenance of the property is assigned to the lessor;

leasing with a partial set of services, when only certain functions of property maintenance are assigned to the lessor.

Depending on the market sector where leasing operations are carried out, there are:

domestic leasing, when all participants in the transaction represent one country;

external (international) leasing. External leasing includes transactions in which at least one of the parties or all parties simultaneously belong to different countries.

In relation to tax and depreciation benefits, there are:

(fictitious leasing, if the transaction is speculative in nature and is concluded solely for the purpose of extracting the greatest profit by obtaining unjustified tax and depreciation benefits;

valid leasing, if the above purpose is not the main and decisive one during the transaction.

1.2 Specificity and distinctive features of leasing

The development of leasing operations in developed countries is proceeding at a fairly rapid pace. The share of leasing operations in the total volume of investments is constantly increasing. The modern period is characterized by the creation of international leasing institutions. Thus, the Association of European Leasing Companies covers societies and unions of 17 states. In a number of countries, government agencies use leasing as a special form of support for small businesses. So, in Japan, a system of bodies has been specially created to ensure the provision of leasing services to small enterprises.

Leasing can be viewed as a specific form of financing investments in fixed assets through a specialized (leasing) company that purchases property for a third party and leases it for a long-term period. Thus, the leasing company actually credits the tenant. Therefore, leasing is sometimes called “loan-lease”.

In contrast to the sale and purchase agreement, according to which the ownership of the goods passes from the seller to the buyer, in leasing the ownership of the leased item remains with the lessor, and the lessee acquires only it for temporary use. After the expiration of the lease agreement, the lessee can purchase the object of the transaction at an agreed price, extend the lease agreement, or return the equipment to the owner after the expiration of the agreement.

Also leasing differs from rent:

1) Unlike the lessee, the lessee pays for property insurance, maintenance, reimburses the owner for the loss in case of loss or damage to property;

2) In the event of a defect in the object of the leasing transaction, the lessee presents not to the lessor, but to the supplier of the equipment. In this regard, for the duration of the leasing transaction, a supplier's guarantee for equipment maintenance is provided in parallel.

From an economic point of view, leasing is similar to a loan provided for the purchase of equipment. When making a loan to fixed assets, the borrower makes payments on time to repay the debt. At the same time, in order to ensure the repayment of the loan, the bank retains the ownership of the loaned object until the loan is fully repaid. In the case of leasing, the lessee becomes the owner of the leased property only after the expiration of the contract and payment of the full cost of the leased property. However, this similarity is typical only for financial leasing. For another type of leasing - operational - there is a greater similarity with the classic lease of equipment.

In its legal form, a leasing transaction is a kind of long-term lease of investment values. A clear definition of a leasing operation is of great practical importance, since if the rules for its registration established by law are not observed, it cannot be recognized as a leasing transaction, which is fraught with a number of unfavorable financial consequences for the participants in the operation.

The basis of the leasing transaction is:

1) the object of the transaction. The object of a leasing transaction can be any kind of material assets, if it is not destroyed in the production cycle. By the nature of the leased object, the leasing of movable and immovable property is distinguished;

2) the subject of leasing. The subjects of a leasing transaction are the parties directly related to the object of the transaction. Moreover, they can be divided into direct and indirect participants. Direct participants in the leasing transaction include:

1) leasing firms and companies (lessors or lessors); - manufacturing (industrial and agricultural), trade and transport enterprises and the population (lessees or tenants);

2) suppliers of the objects of the transaction - manufacturing (industrial) and trading companies.

Indirect participants in the leasing transaction are commercial and investment banks that provide loans to the lessor and act as guarantors of transactions, insurance companies, brokerage and other intermediary firms. "Leasing" refers to all firms that carry out lease relations, regardless of the type of lease (short-term, medium-term or long-term). By the nature of their activities, they are subdivided into highly specialized and universal. Highly specialized companies usually deal with one type of goods (cars, containers) or with goods of one group of standard types (construction equipment, equipment for textile enterprises). These firms, as a rule, have their own fleet of machines or stock of equipment and provide them to the consumer (tenant) at the first request of the client. Leasing companies mainly carry out maintenance themselves and ensure that it is maintained in normal operating condition. Universal leasing companies lease various types of machinery and equipment. They provide the tenant with the right to choose the supplier of the equipment he needs, place an order and accept the object of the transaction. Maintenance and the repair of the leased item is carried out either by the supplier or by the lessee himself. The lessor, thus, actually performs the function of an institution organizing the financing of the transaction. Leasing firms are rarely considered independent, i.e. unrelated to other companies. Most of them act as branches or subsidiaries of industrial and commercial firms, banks and insurance companies.

The introduction of banks into the leasing services market is explained, firstly, by the fact that leasing is a capital-intensive type of business, and banks are the main holders of monetary resources. Secondly, leasing services, by their economic nature, are closely related to bank lending and serve as a kind of alternative to the latter. Competition in the financial market pushes banks to expand these operations. At the same time, banks also control independent leasing firms, providing them with loans. By lending to leasing companies, they indirectly finance lessees in the form of a commodity loan;

3) lease term (lease period). Lease period means the term of the lease agreement. Since leasing is a special form of long-term lease, the high cost and long service life of the objects of the transaction determine the time frame of the lease period. When setting the term of the lease agreement, the lessor and the lessee take into account the following points:

1) the service life of the equipment, determined by its technical and economic data. The term of the lease contract cannot exceed the term of the possible operation of the equipment, taking into account the operating conditions of the facility by the lessee. The term of the contract may be limited by law. For example, in Austria the floor is 40% and the upper is 90% of the depreciation period;

2) the equipment depreciation period is set by government agencies. In a finance lease, the term of the contract usually coincides with the amortization period;

3) the cycle of emergence of a more productive or cheaper analogue of the transaction. It is especially important to take this factor into account in industries that upgrade their products in short time; - the dynamics of inflationary processes. It is unprofitable for the lessor to conclude a contract with a rapidly growing inflation for a long period with fixed lease payments, and vice versa, with a downward trend in prices, the lessor strives for a longer term of the agreement;

4) the conjuncture of the loan capital market and trends in its development. Since leasing companies widely use bank loans, the level of interest rates on long-term loans, which are the basis of the lease interest, has a direct impact on the duration of the lease agreement;

4) the cost of leasing. In the project of leasing operations, the most difficult moment is the determination of the amount of lease payments due to the lessor. When renting and hiring, the amount of rental payments is largely determined by the market conditions for rented goods. When leasing, the basis for calculating lease payments is based on methodologically sound calculations, which is associated with the value of the object of the transaction and the long term of the lease contract. Any lease payment includes the following main elements:

1) depreciation;

2) payment for the resources attracted by the lessor to carry out the transaction;
3) lease margin, including the lessor's income for the services rendered (1-3%)

1.3 Carrying out leasing operations in developed countries

Financing lease transactions different types technology and equipment have always been actively used in the United States. Leasing in the United States is a major investment vehicle, accounting for over 30% of equipment investments over the years. Leasing operations made it possible to apply flexible payment schemes, to carry out an off-balance sheet method of property accounting. These circumstances significantly contributed to the rapid development of leasing in the United States. In addition, there was government support for leasing. It provided for the provision of tax, investment, depreciation benefits. In 1963 the Comptroller gave permission to banks to engage in leasing activities. In 1970, the Bank Holding Company Law was passed, which allowed the permissible volume of transactions at the national level, which made leasing an attractive field of financial activity for banks and bank holding companies. Today, many bank holding companies operate leasing offices and own banks with leasing offices.

In 1972, the Board of Governors of the Federal Reserve Service (FRS) passed a resolution allowing a bank holding company to act as broker agent or consultant in connection with a fully paid lease. In 1974, the scope of activities of subsidiaries expanded through the lease (under certain conditions) of real estate. Bank holding companies have the right to lease movable and immovable property; national banks - only leasing of movable property.

Currently, in order for a transaction to meet the conditions of a financial lease, it must have the following characteristics:

1) the minimum investment in the leased property on the part of the lessor must be at least 20% of its value;

2) the lessee cannot have the right (option) to redeem the equipment at a price lower than its market value determined at the time of application of this right;

3) the lessee cannot invest in the equipment rented by him, except for the so-called separable improvements;

4) the leasing period does not exceed 80% of the service life of the equipment;

5) at the end of the lease term, the equipment must have an estimated residual value of at least 20% of its original value;

6) the lessor should expect to receive a positive cash flow, as well as total profit, under the lease agreement, regardless of tax benefits.

In the leasing market, US companies are the most prominent and largest. Table 1 shows data for 12 companies included in the top 50 largest leasing companies in the world. (APPENDIX B)

In Japan, a finance lease is defined as a transaction that meets the following two basic requirements:

1) The lease term is strictly fixed, and the total amount of lease payments is determined in an amount approximately equal to the total cost of purchasing equipment leased out.

2) Cancellation of the lease agreement during the period of its validity is prohibited. If in Japan financial leasing is treated as a sale transaction, then the lessee is entitled to tax depreciation. Otherwise, the lessor will have a similar right.

Financial leasing is considered a product sale transaction if one of the following criteria:

1) upon the expiration of the leasing period, the leased property will be transferred to the lessee for zero or nominal monetary remuneration;

2) equipment that is installed in the building and therefore cannot be moved from place to place is leased;

3) a plant, machinery or equipment manufactured for special purposes specified by the lessee is leased, so that, as a result, the leased property is difficult to use for any other purposes;

4) the lease term is shorter than 70% of the legally stipulated service life of the leased property (60% if this service life is 10 years or more), and the lessee has the right to purchase.

Information on the results of the activities of the Japanese leasing company CenturyLeasingSystem Inc. shown in the table.

Table 1 Indicator of activity of the leasing company CenturyLeasingSystemInc., Mln.

The full pay lease decree defines the economic owner in transactions involving movable property. The definition of finance lease for tax purposes applies when:

1) the contract is concluded for a certain period of time, during which it cannot be terminated by one of the parties, until both parties fulfill their contractual obligations (main leasing period);

2) lease payments paid by the lessee during the main lease period cover the cost of the acquisition or production of the object by the lessor, as well as all incidental costs, including the cost of financing.

From January 1, 2009, the German legislation introduces a norm according to which, if the lessee turns out to be insolvent, the lessor has a pre-emptive right over other creditors as the owner of the leased assets. A number of German leasing companies are among the 100 largest lessors in the world. (APPENDIX C) The annual leasing transactions of some of them exceed $ 3 billion.

2 EVALUATION AND ANALYSIS OF LEASING OPERATIONS IN THE REPUBLIC OF KAZAKHSTAN FOR 2006-2009

2.1 Regulations governing leasing operations

The foundations of the legal regulation of leasing relations in the country were laid by the Decree of the President of the Republic of Kazakhstan, having the force of the Law, dated April 24, 1995 No. 2235 "On taxes and other obligatory payments to the budget." Article 43 of this Decree defines the concept of leasing (finance lease: “Lease of fixed assets subject to depreciation is leasing (finance lease) if it meets one of the following conditions:

1) the lease term exceeds 80 percent of the service life of the fixed assets;

2) the lessee has the right to purchase fixed assets at a fixed price or a price determined at the end of the lease;

3) the residual value of the leased fixed assets at the end of the lease is less than 20 percent of their value at the beginning of the lease;

4) the current (discounted) value of payments for the entire lease period exceeds 90 percent of the value of the leased funds. "

Further development of leasing was facilitated by the Decree of the President of the Republic of Kazakhstan dated December 22, 1995 "On additional measures to support the countryside and the country's agro-industrial complex in 1996-1997" and the government decree "On organizing the provision of the agro-industrial complex with machine-building products on the basis of leasing" dated December 23, 1995 No. 1851 and "On the establishment of a leasing fund to provide the agro-industrial complex of the Republic of Kazakhstan with machine-building products" dated January 29, 1996, No. 117. The same government decrees approved the corresponding "Regulations on leasing in the agro-industrial complex" and "Regulations on the leasing fund to provide the agro-industrial complex of the Republic of Kazakhstan with machine-building products."

Ministries Agriculture and finance were approved on February 7, 1996. "Temporary procedure for providing the agro-industrial complex with machine-building products on a leasing basis (agroleasing)", which was to be in effect before the adoption of the Law of the Republic of Kazakhstan "On Leasing".

In addition, from November 1995 to July 1996, four decrees of the Government of the Republic were successively adopted, regulating the conditions and procedure for the implementation of the Asian Development Bank (ADB) Program Loan for the agricultural sector in the amount of USD 100 million, the first tranche of which was leasing basis.

By the Resolution of the National Commission of the Republic of Kazakhstan on Accounting dated November 15, 1996 No. 5, the Standard accounting 17 "Lease accounting". The objective of this Standard is to determine the accounting for leases, in particular for types of finance leases, current leases, irrevocable (irrevocable) leases. In the "Chapter 29" Property lease (rent) "of the draft of the Special Part of the Civil Code of the Republic of Kazakhstan, 8 articles are devoted to leasing (Art. leasing, the risk of accidental loss of property and expenses, the lessee's obligation to pay remuneration under the lease agreement, the transfer of the subject of the lease agreement to the lessee, the seller's liability issues.

2.2 Evaluation of leasing activities by lessee and mixed finance

Evaluation of a leasing operation - determining its feasibility from the standpoint of the interests of the lessor.

All potential landlords and tenants need to know the return on equity on lease transactions - long-term leases are usually negotiated, so counterparties should know each other's position. Landlord analysis includes:

1) determination of the net cash outflow, which is usually the delivery price of the leased equipment minus the advance payment under the lease agreement;

2) determination of recurring cash flows, which consist of rent minus income tax and maintenance costs, which the lessor is obliged to bear;

3) calculating the residual value of the asset after deducting taxes at the end of the lease;

4) determining whether the rental yield exceeds the opportunity cost of the lessor, that is, whether the NPV of the transaction is positive.

To illustrate the analysis from the perspective of the landlord, consider an example with the analyzed firm.

1) Potential landlord - wealthy individual, receiving current income in the form of interest and paying the aggregate tax at a rate of T = 40%.

2) The investor can purchase 9% bonds providing post-tax yield in the amount of:

9% x (1 - T) = 9% x 0.6 = 5.4%.

This is the return that an investor can get from alternative investing with a similar risk.

3) The liquidation value of the asset at the end of the fifth year is 1,000 tenge. Since the residual value on the balance sheet by the end of the fifth year will be 600 tenge, the remaining 400 tenge. of this thousand are taxed at a rate of 40%. In other words, at the end of the lease, the lessor can count on income from the sale of the asset in the amount of 840 tenge. in post-tax terms.

The algorithm for calculating the NPV of the lease from the position of the investor is shown in Table 4. It can be seen that the lease, considered as an investment project, has an NPV of 26 tenge. Thus, an investor who prefers lease to investments in 9% bonds (5.4% in post-tax terms) will win 26 tenge, that is, lease is more preferable as an investment object.

As shown earlier, the lease is also beneficial to the lessee, so the transaction must take place.

The investor can also calculate the IRR value from the data. In this example, IRR = = 5.5%. Thus, the agreement provides a 5.5% post-tax return for a 40% taxable investor and represents a better investment than buying a 9% bond. Both the NPV and IRR criteria gave the same results for assessing the feasibility of a lease.

Calculation results according to the table:

NPV = = 26 nyu ghb k = 5.4% (1)

IRR: NPV = 0 = IRR = 5.5% (2)

Valuation of blended finance leases. Special attention is drawn to a new type of lease - lease with mixed financing . With the formation of specialized leasing companies in Kazakhstan, this type of leasing may become especially popular. Under such a lease agreement, the lessor organizes the receipt of a loan for a portion of the required amount. The lessor receives tax benefits associated with accelerated depreciation. However, now the landlord has a more risky position due to the attraction of a loan.

Mixed-finance leases, often organized in conjunction with a syndicate of wealthy individuals seeking tax cover and acting as landlords, could become (and in the West) an important part of the modern financial market in Kazakhstan. At the same time, the answer to the question, whether such an operation is a lease in the full sense of the word or not, does not have much. Nevertheless, it is not difficult to change the analysis scheme if the lessor attracts from the outside in full or in part the required 10 thousand tenge, organizing a long-term lease. First of all, you need to add a series of rows to the table to show the cash flow. The interest payable will provide another tax benefit, while the repayment of the loan represents an additional cash outflow. The cost of acquiring the asset will be reduced by the amount of the loan. Having made these changes, it is possible to calculate the new values ​​of NPV and IRR and use them in assessing the feasibility of renting as one of the investment options.

For illustration, let's assume that the landlord can get a loan of 5 thousand tenge. of the required 10 thousand tenge. for five years at 9% per annum on the principal amount. Table 5 shows a landlord's NPV analysis of blended leases. NPV of such a lease (according to line 3) is 26 tenge, as for a regular lease. Note, however, that the lessor in this case invested only 3.65 thousand tenge. equity capital... Consequently, the lessor can arrange 2.37 mixed finance leases for the same amount of KZT 8.65 thousand required for a regular lease, and receive a total NPV of 2.37 X 26 KZT. = 61.62 tg.

Table 2 Analysis of leasing with mixed financing (in tenge)

The impact of borrowing on a lessor's bottom line is reflected in the IRR of a mixed finance lease. The IRR value, according to line 3, is 8.5%, which is significantly higher than the 5.5% post-tax return on conventional leases.

There are two additional points to note with regard to blended finance leases. First, the use of debt capital did not affect the lessor's NPV. The reason is that the lending rate for the lessor (5.4% post-tax) is equal to the discount rate. Second, the cash flow of a mixed finance lease has two IRRs: 0% and about 8.5%.

Explanations for the calculation:

NPV = T= 26tg., With k = 5.4%. 4 = o (1 + k) 4

The landlord takes a loan of 5 thousand tenge. at the moment t = О

and pays it off at t = 5. Interest paid at

end of each year are equal to:

0.09 x 5000 tenge. = 450 tg.,

but they are subject to a tax rebate, so the cash outflow of interest per year is: -450 tenge. x (1 - T) = -450 tg. x 0.6 = -270 tg.

2.3 Analysis of the current state of leasing in Kazakhstan

2000-2008 - the period of formation and growth of the leasing market in Kazakhstan, in which two more stages can be distinguished.

Stage I (August 2000 - 2003) - "banking" stage or stage of formation of private entrepreneurial, commercial leasing after the entry into force of the Law of the Republic of Kazakhstan "On financial leasing", signed by the President of the Republic of Kazakhstan N.А. Nazarbayev July 5, 2000

Thanks to the introduction of the concept of "bank leasing" into the legislation, the number of leasing companies created by the country's leading commercial banks has grown rapidly. Thus, from August 2000 to May 2003, 9 bank leasing companies were established. Bank leasing pioneers were: BTA Leasing JSC (August 31, 2000), which since March 2005 was transformed into BTA ORIX Leasing, Halyk Leasing CJSC (October 2000) and ATF Leasing JSC (October 2000).

Stage II (2004 - 2008) - the stage of a comprehensive revision and improvement of leasing legislation, as well as the stage of the "leasing boom" in Kazakhstan, when the number of leasing companies operating on the market and the volume of leasing services increased sharply, respectively. This stage can also be called the stage of development of transport and industrial leasing.

Currently, there are 26 leasing companies operating in the Kazakhstan leasing market with various industry, sectoral focus and specificity of activities. Seven of them are located in Astana, three in the regions: in the cities of Karaganda, Kokshetau and Petropavlovsk, and sixteen leasing companies are located in Almaty.

In addition, the Small Business Development Fund JSC and 5 commercial banks (Kazkommerts Bank JSC, Bank Turan Alem JSC, Alliance Bank JSC, Tsesna Bank JSC, Caspian Bank JSC) have structure of the leasing unit and carry out leasing operations directly.

Official statistical reporting on leasing operations through the bodies of the Agency of the Republic of Kazakhstan on Statistics in Kazakhstan is currently not kept. Therefore, among specialists there are various, very different from each other, assessments of the capacity of the Kazakhstani leasing market. According to Ph.D. M. Kairlenov in the magazine "NationalBusiness", according to the results of the first half of 2006, the volume of the leasing market in Kazakhstan is estimated at 530-550 million US dollars. At the same time, 90% of the market is accounted for for the first time by 10 leading leasing companies, the total leasing portfolio of which amounted to USD 270 million as of January 1, 2006 and reached USD 499 million as of July 1, 2006.

Judging by the current dynamics, by the end of 2006 we can expect to reach the milestone of 750-800 million dollars, and by the middle of next year we can talk about the volume of the leasing market in excess of 1 billion dollars.

Dynamics of leasing development in Kazakhstan for 2002-2007 looks like this:

Table 3 Dynamics of development of leasing in Kazakhstan in 2002-2007

Thus, the market of leasing services in Kazakhstan shows a very high dynamism, doubling its volumes annually and demonstrating in 2002-2007. growth 21.5 times. At the same time, the number of operating leasing companies is growing from 6 to 33, i.e. 5.5 times and the number of concluded leasing transactions from 291 to 4200, or 14.4 times.

A slightly different assessment of market development financial analysis in Kazakhstan is provided by the Expert Kazakhstan magazine. (APPENDIX D)

Hence, it can be stated that an independent branch of the national economy has been created in Kazakhstan - the leasing industry, the indicators of which can be adequately presented in London Financial Global Leasing Report. As you know, since the late 70s of the XX century. the statistics of leasing operations, which is maintained by London Financial Global Leasing Report, have begun to improve. For many years, information on national leasing markets has been accumulated here, primarily on the 50 largest in the world. Based on these data, information about the continental and world volumes of the leasing business is formed and accumulated.

Nowadays, all the main elements of the modern leasing market are successfully operating in Kazakhstan from the chain "seller - lessor - lessee", represented by "sellers" - representations of the largest manufacturers of machinery and equipment, their service centers, distributors and dealers offering a diverse range of equipment and technologies, "Lessors" - a network of leasing firms and companies, as well as "lessees" - quite solvent consumers of equipment on leasing terms - large, medium and small enterprises from various industries and spheres of material production and services. The infrastructure of the leasing market is also emerging, consisting of numerous service structures that provide repair, service, information, legal, auditing, consulting, insurance and other additional services to the main participants in the leasing market.

Thus, the active development of the leasing market was initiated by the formation of the leasing industry in 2000, which was influenced by the following factors:

1) Adoption of the Law of the Republic of Kazakhstan "On Financial Leasing" in 2000.

2) Depreciation of fixed assets in sectors of the economy, reaching 50-70% (in some industries, this figure reached 80%).

3) The rapid economic development of the country as a whole and the inconsistency of the industrial base with the opening possibilities for increasing production.

In 2004-2008. the market of leasing services has received accelerated development, which was facilitated by:

1) Companies receiving VAT exemptions when importing a certain range of goods under financial lease agreements.

2) Revision and reduction of the terms of depreciation charges for fixed assets.

3) Simplification of judicial and administrative proceedings in resolving disputes in the seizure of property by lessors from unscrupulous lessees.

Leasing, in our opinion, should become one of the important tools for the implementation of the Strategy of industrial and innovative development of the Republic of Kazakhstan for 2003-2015, as well as the Strategy for Kazakhstan's entry into the 50 most competitive countries in the world, and ultimately, a factor in the intensive development of the national economy and increasing its competitiveness in the world market in the context of growing globalization trends and the country's upcoming accession to the WTO.

According to the Ministry of Finance, the renewal of fixed assets of enterprises will require at least 800 billion tenge of investments, which is almost twice the volume of all loans issued by banks over the past year.

Degree of equipment wear on industrial enterprises is 40-70% and more. Only 0.8–1.2 basic production assets are renewed in the republic every year, while in developed countries these indicators are 6–8%. A significant part of investments in fixed assets is financed from own and borrowed funds of enterprises. In the coming years, the national banking system is objectively unable to fully satisfy the economy's need for loans. The capital of the banking system, sufficient to service the normal reproduction process, according to world practice, should be 6 - 7% of GDP.

3 MAIN PROBLEMS AND MEASURES TO IMPROVE LEASING IN KAZAKHSTAN

3.1 Problems of the formation and development of leasing in the Republic of Kazakhstan

However, the rapid development of leasing, in particular commercial (private enterprise) leasing, was hampered during this period and is still hampered by a number of still unresolved problems. (APPENDIX G) Among them are such general economic and sectoral problems as:

1) an exorbitant and disproportionate rise in prices for machinery and equipment and the resulting price disparity between the products of mechanical engineering and other industries;

2) search and attraction of internal and external sources of savings, investments to finance leasing of machinery and equipment;

3) search and finding sources for obtaining and supplying machinery and equipment on a lease basis (domestic production, import and export);

4) the state of payment discipline in the economy. Growth of non-payments and mutual indebtedness of enterprises, non-repayment of loans purchased for last years widespread and widespread.

5) the absence and weakness of the legislative and regulatory framework for the development and regulation of the leasing business;

6) inconsistency, inconsistency and lack of development of the mechanism of state support and stimulation of the leasing business. This was especially evident in the lack of coordination in the implementation of the appropriate investment tax, accounting and depreciation policies.

The most important problem is the creation of economic prerequisites for the real attraction of large non-state investments in the country's economy on leasing terms.

The development of commercial leasing is faced with the problems of accumulating significant funds, especially; necessary for the leasing of agricultural and aviation equipment, ships - for international leasing operations. Along with state funds, the main source of investment in the domestic market should be the savings of the population and economic entities. Only they can effectively work for the economy. But a reliable and strong banking system can accumulate and attract funds to it. The banking system of Kazakhstan is two-tier, except for the National Bank of the Republic of Kazakhstan it currently includes 37 second-tier banks. Most of the commercial banks are now small and weak.

The development of commercial leasing is also limited by the prevailing high rates of bank loans and short lending terms. Their level, as mentioned above, depends on the inflation rate and the refinancing rate of the National Bank of the Republic of Kazakhstan. Under such conditions and opportunities, the banks of Kazakhstan do not show any particular interest in participating in the financing of leasing operations, either in a direct or indirect form.

The most important problem that predetermines the forms of organizing leasing - domestic or international leasing (export and import) - is the determination and optimal selection of sources for the receipt and supply of machinery and equipment to lessees (domestic production, import and export).

Currently, the enterprises of Kazakhstan have mainly physically worn out and obsolete fixed assets, backward resource-intensive technologies. The need for modernization of the potential is extremely high. However, there is practically no production of the main types of equipment required for enterprises of various profiles in the republic. According to experts, at present only 11 percent of the 1500 types of machines needed for the agro-industrial complex are produced in the republic.

The steady aging of the fleet of agricultural machinery remains a serious problem. It is supposed to be solved through contracts with Western firms, as well as supplies on a lease basis from Russian factories, one of the main consumers of which has always been Kazakhstan. Particularly acute is the issue of supplying the republic with grain harvesters and power-packed tractors and trucks... Over the past three years, since 1994, there have been long and unsuccessful negotiations with Russia on the supply of combines and tractors to the republic on a lease basis. The Kazakhstani side is seeking leasing supplies on domestic terms - 20% prepayment for the tractor, and the remaining 80% in installments within 4 years or the sale of equipment with installments of 3-5 years, while the Russian side requires prepayment.

Leasing activities are discriminated against even in relation to conventional investment lending. The fact is that today, in fact, double taxation of leasing activities with value added tax has been established. The first time when the equipment is delivered, the second time when it is leased to the lessee. The presence of VAT on leasing operations, which covers not only the direct income of leasing companies, but also the reimbursement of bank loans for the purchase of leasing equipment and interest on them, raises the cost of leasing for consumer enterprises several times compared to a loan. The norms of the Law of the Republic of Kazakhstan "On Amendments and Additions to the Decree of the President of the Republic of Kazakhstan, having the force of the Law" On Taxes and Other Mandatory Payments to the Budget "dated December 31, 1996, on exemption from value added tax of financial leasing services rendered by banks are not yet valid and other financial institutions licensed by the National Bank, as well as for the provision of tax incentives for income tax, taking into account the applied mechanism of revaluation of fixed assets and accelerated depreciation. In fact, today, the formal permission for leasing companies to apply accelerated depreciation is not used due to the complexity of its practical implementation. Although unprecedented measures have been taken recently in Kazakhstan to stimulate investment activity, as well as the development of small and medium-sized businesses, the development of specific mechanisms to translate them into reality is practically late.

A serious problem identified during the implementation of large-scale leasing projects in the agro-industrial complex with the use of budget funds and foreign loans and borrowings, and which has now become very urgent, is the search, finding and selection on a competitive basis of firms and companies - lessors. Its severity is caused by the absence of a territorial network of specialized leasing companies and the existing prohibitions on banks to participate in direct leasing.

With the growth of non-payments and mutual indebtedness of enterprises, i.e. drastic reduction of payment discipline, a serious task and problem facing banks and the Leasing Fund is the development and debugging of a mechanism for the return of budgetary and other funds allocated for leasing operations. This task is part of a more general problem - the problem of creating an effective system for ensuring the fulfillment of obligations by providing guarantees, property pledge and insurance of commercial risks in leasing transactions.

Below is the scheme of the mechanism for the return of budgetary allocations allocated for leasing operations proposed by the specialists of the Ministry of Agriculture (Appendix D).

3.2 Measures for the development of leasing operations in Kazakhstan

Perspectives further development leasing in Kazakhstan, in our opinion, are associated with three main areas (APPENDIX G):

1) an acute and urgent need for a quick and radical renewal of physically worn out and obsolete fixed capital in almost all sectors of the economy;

2) the rise of investment activity in the economy as the inflation rate decreases and the inflow of direct domestic and foreign investments, loans and borrowings into its priority sectors and spheres;

3) the pace and scale of development of small and medium-sized businesses in the national economy, strengthening its state support and incentives.

In the process of strengthening and developing the Kazakhstani leasing market, new trends have emerged. They are as follows:

1) Serving the regions by the leading leasing companies, now concentrated in the political and economic centers of the country (Astana, Almaty), began to be carried out through the creation and expansion of their regional branches and representative offices.

2) The structure is changing and the sources of financing for leasing operations are becoming more diverse. A year ago, loans from parent banks and state financial institutions occupied the lion's share of the resource base of leasing companies, but they were clearly not enough for the large-scale development of leasing. Market leaders are actively expanding funding sources by attracting external sources, including credit lines from international financial organizations and banks (IFC, EBRD, ADB, etc.), loans from Western export credit agencies, leasing companies, commercial loans from suppliers, funds from the local stock market by issuing bonds of leasing companies (BTA ORIX Leasing) and securitizing debts.

3) Along with state and bank subsidiary leasing companies, new players in the leasing market, represented by foreign leasing companies, began to appear; leasing companies associated with manufacturers and suppliers of machinery and equipment; branch and regional leasing companies; firms associated with financial and industrial groups (FIGs); as well as commercial banks and Funds that carry out leasing operations without creating a leasing company.

4) As a result of the emergence of competition between leasing companies, a variety of leasing products and programs began to be offered on the market, the conditions for the provision of equipment for leasing were improved, and the margin of leasing companies decreased.

For further development and stimulation, improvement of accounting of leasing operations, it is proposed to take the following measures:

1) Adopt new and make changes and additions to the existing legislative and regulatory acts:

1) In particular, to adopt the Law of the Republic of Kazakhstan "On Kazakhstan's accession to the UNIDROIT Ottawa Convention on international financial leasing dated May 28, 1988". Accession to this Convention will open a wide road for establishing international cooperation and exchange of experience in the field of financial leasing, will facilitate the arrival of the largest leasing companies of developed industrial countries in Kazakhstan with leasing investments and the development of international leasing operations, international subleasing operations, respectively.

2) Introduce amendments and additions to article 3 "Forms and types of leasing" of the Law of the Republic of Kazakhstan "On financial leasing", including the concepts of "Direct leasing" or "Vendor leasing", "Direct financial leasing", "Leverage leasing", "Group (stock) leasing ".

3) Introduce amendments and additions to the Tax Code of the Republic of Kazakhstan, providing for the use of accelerated depreciation methods in leasing operations.

The introduction of these types of leasing into the Law of the Republic of Kazakhstan "On Financial Leasing" will significantly diversify and expand the range of leasing services provided, increase the potential and scale of the country's leasing market, link this market with the stock market, with the subsequent use of the resources of the non-state accumulative pension system based on the development and proposal of new financial instruments, as well as funds of state development institutions (Investment Fund, Innovation Fund, Development Fund, Small Business, etc.), created to implement the Strategy of industrial and innovative development of the Republic of Kazakhstan for 2003-2015.

2) To develop programs for the development of leasing in Kazakhstan (national, sectoral and regional) for the purpose of state regulation and support of leasing.

3) Establish contacts and establish partnerships with the European Federation of Associations of Leasing Companies "Evroliz", the Russian Association of Leasing Firms "Rosleasing" and with the Confederation "CIS Leasing" for the exchange of experience and implementation of joint projects.

4) Introduce official statistical reporting on leasing operations in Kazakhstan through the bodies of the Statistics Agency of the Republic of Kazakhstan.

5) Provide statistical information on the national leasing market to LondonFinancialGlobalLeasingReport for their publication and determination of the country rating of Kazakhstan among the 50 largest leasing markets in the world.

The investment summit of the largest firms held in June 2003, familiarization by the Goskominvest delegation during a visit to the United States of representatives of American business, government and international financial organizations with the investment opportunities of Kazakhstan, new investment legislation contributed to the growth in the world of the image and investment attractiveness of Kazakhstan, this can be evidenced data on the projected inflow of foreign investments under the already concluded contracts until 2008. (APPENDIX E)

CONCLUSION

Leasing is becoming a flexible and promising economic lever capable of attracting investment, helping to boost domestic production, attracting capital to vital sectors of the country's economy, providing real support to small businesses, providing long-term and reliable income for commercial banks, etc. Kazakhstan. Nevertheless, despite the widespread use of leasing in developed countries, in the economic environment of Kazakhstan this type of relationship is still very rare due to its comparative novelty, lack of experience and imperfections. legislative framework... The advantages of leasing in comparison with other investment methods are that an entrepreneur can start a business with only a fraction of the funds necessary to purchase premises and equipment (property). Enterprises are provided not with monetary funds, control over the justified expenditure of which is not always possible, but directly with the means of production necessary for the renewal and expansion of the production apparatus. At the same time, leasing stimulates the accumulation of funds from private investors.

Leasing has a high potential for establishing economic cooperation with foreign countries, in connection with which international leasing is becoming more and more widespread.

Objectively, the course of economic reforms in the country determines the leasing direction of activity as one of the most promising in the field of business. The huge unsatisfied need of the country's economic complex for investments is the most important prerequisite for the accelerated development of leasing activities. Strengthening the position of bank capital, actively attracting direct domestic and foreign investments, loans and deputies in priority sectors and sectors of the economy, the rapid development of small and medium-sized businesses give a strong impetus to the large-scale development of the leasing business in Kazakhstan.

World experience shows that leasing will actively contribute to strengthening the country's economy at the stages of its fundamental and structural transformations. So in the mid-seventies, the American economy was faced with the need for a broad renewal of fixed capital. Among its important reasons are: physical wear and tear of a significant part of the means of production; accelerated obsolescence caused by the rise in prices due to the 1973-1974 energy crisis, which made the use of energy-intensive equipment unprofitable and devalued it. All this urgently demanded that the equipment be updated in a fairly short time. To solve this problem, leasing came in handy.

In conclusion, it should be emphasized once again that leasing is not a cheap substitute for credit. There are certain advantages to financing fixed asset equipment, but lending skills and assessing financial flows are just as critical as with an unsecured loan. In other words, the main attractive moment for lessees (in particular for small businesses) disappears, which consists in starting a business without sufficient funds, but with a highly effective project, since banks also require collateral for leasing (the object of a leasing transaction can be of value for the project , but not have enough liquidity to cover the bank's costs).

Thus, leasing has become an effective tool for servicing investment projects of “its” clients of the bank. But the potential of leasing in Kazakhstan is very great and the state and leasing companies have done a great job.

Our country lacks a certain comprehensive program, within the framework of which:

1) a more developed infrastructure of the leasing services market would be thought out and created, which would include: training of qualified personnel, information coverage of the services provided;

2) providing banks with a wider range of benefits for long-term lending of leasing transactions (more than 3 years);

3) development of a system of guarantees to avoid 100% collateral for leasing (for example, insurance).

4) along with the measures already taken (absence of foreign exchange control in international leasing contracts), to strengthen the set of measures to attract foreign investment within the framework of leasing.

Such a program could push commercial banks, instead of receiving dubious, risky profits in the short term, to reorient themselves to long-term investment in the Ukrainian economy in order to obtain confident profits.

LIST OF USED LITERATURE

1) Tax Code of the Republic of Kazakhstan

2) The Law of the Republic of Kazakhstan "On Financial Leasing".

3) Civil Code of the Republic of Kazakhstan

4) Law "On banks and banking activities in the Republic of Kazakhstan"

5) Adilbek Smagulov. Leasing. Almaty 1996. - 12-22s.

6) V.D. Gazman. Leasing market. Moscow 1999. -28-42s., 50-64s.

7) Adilbek Smagulov. Leasing in Kazakhstan: experience, problems, prospects. Almaty 2008. -52-59s., 135-137s., 191-199s.

8) V.M. Dzhukha. Leasing. Rostov-on-Don 1999.-251-255s.

9) Sagadiev K.A ... Leasing in Kazakhstan: theory and practice. Almaty 2000. - 101-128 p.

10) Kraseva T. A. Fundamentals of leasing. Rostov on Don 2003. - 67-73s.

11) Leshchenko MI Basics of leasing. Moscow 2002 - 54-55s.

12) Komarov V.V. Investments and leasing. Tomsk 2001 -135-140s.

13) Goremykin V.A. Leasing. Moscow 2003 -201-203s.

14) Yu.Dolgushina. Leasing. Moscow 2002 -108-111 p.

15) N.D., Istomin. Leasing. Economic and legal basis... Moscow 2005 -25-28

16) Yu. B. Dolgushina. Leasing. St. Petersburg 2006-56-63s.

17) Abashina A.M. Rent and lease. Moscow 1998 -147-150s.

18) Abdullina S.N. Leasing: Tutorial... Kazan 1996 -206-208s.

19) Ali-Askari S.A. Leasing as a means of economic development of an enterprise. Novosibirsk 1999 -97-101s.

20) Baimuratov U., Kairlenov M. Leasing: money is required // magazine "NationalBusiness" -2005-№2-с26-28

21) Kairlenov M. Leasing and industrialization of the whole country // magazine "NationalBusiness" -2006-№7-с-21-22

22) Kairlenov M., Bukharova N. Leasing compass // magazine "National Business" -2007-№3-с24-28

23) Nurzhrn Basil Future in the portfolio // Expert-Kazakhstan magazine

24) Annual report "KazAgroFinance" for 2007

25) Leasing activities in the Republic of Kazakhstan. Enterprise finance. Statistics Agency of the Republic of Kazakhstan 2008

26) Research of the leasing market in Central Asia-2004 // Project for the development of leasing in Central Asia IFC

APPENDIX A

Classification of types of leasing

APPENDIX B

Largest American leasing companies (as of early 2006), USD mln

APPENDIX B

Germany's largest leasing companies

(as of the beginning of 2006), USD mln.

APPENDIX D

Financial leasing market volume in 2002-2007

APPENDIX E

Scheme of the mechanism for the return of budgetary appropriations,

allocated for leasing operations

APPENDIX E

Summary data on attracting foreign investments in leasing of the Republic of Kazakhstan for 2003-2007 million US dollars

APPENDIX G

Problems of formation and measures for the development of leasing operations in the Republic of Kazakhstan

Leasing and engineering One of the forms foreign economic activity is the movement of technology between countries. The movement of technologies takes the form of selling licenses abroad (the right to produce certain goods and technologies for their production), patents (exclusive copyright to dispose of an invention within the period established by law), consulting on technological issues and training engineering and technical personnel. Leasing and engineering are one of the forms of sports lending in the global market and technology movement.

Leasing is a form of export crediting without transferring ownership of the goods to the lessee. Leasing - rent, property rent. Leasing provides the lessor with a profit not lower than the average, the lessee provides: the use of the latest machinery and equipment with minimal capital costs, the construction of enterprises, residential buildings, social facilities, the implementation of the subsequent purchase of machinery and equipment. In international practice, there are two forms of leasing: financial, operational. Leasing

Finance leases Finance leases are characterized by a long lease term during which all or most of the cost of the equipment is amortized. In the case of a finance lease, the lessor fully or partially reimburses the costs of the leased property from the rent, and also makes a profit.

Operational leasing Operational leasing is the lease of property for a period that is shorter than the period of its economic functioning. Construction equipment (cranes, excavators), transport, and computer equipment are usually leased under operational leasing. Leasing differs according to the objects of transactions: movable property, real estate

Leaseback Leasing A special case is leaseback, in which the seller of the leased property is also the lessee.

Leasing Separate leasing with additional fundraising, or leasing partially financed by the lessor. The lessor, buying equipment, pays out of its funds not the entire amount, but only a part. The rest of the amount he borrows

Forms of settlements under contracts When purchasing equipment in a leasing transaction, the main forms of settlements with suppliers are used: direct bank transfer, payment against a guarantee of payment (bank), letter of credit,

General leasing A lease agreement that gives the lessee the right to supplement the list of leased equipment without additional agreement with the lessor. That is, this agreement makes it possible to conclude a general agreement on the provision of a leasing line, according to which the lessee, if necessary, can take additional property without concluding a new agreement each time.

Subject of leasing The subject of leasing is any non-consumable things, including enterprises, buildings, structures, equipment, vehicles and other movable and immovable property. In accordance with part 2 of Article 3 of the Law on Leasing, the subject of leasing cannot be land and other natural objects. , as well as objects limited or withdrawn from circulation. A similar restriction is established by the Civil Code of the Russian Federation, which in article 666 establishes that the subject of a financial lease agreement can be any non-consumable things, except for land plots and other natural objects.

Example of a leasing deal Telecommunications company XYZ is developing a payphone network. In connection with the relocation of business to the regions, it became necessary to open a branch in the city of N. The IT department of the company was tasked with equipping the office: creating a network and information infrastructure, preparing user workstations. To ensure activities in the specified region XYZ, a database server is required, used by the operator's billing system, a network storage system and a switch to build local network... In addition, for the work of employees, it is necessary to equip 14 stationary workstations and two mobile workstations for the head and commercial director of the new office.

XYZ chose IBS Platformix as the equipment supplier. A customized order includes the following hardware: 1 Dell ™ server 1 Dell ™ storage system 1 Dell ™ Gigabit Ethernet switch 14 Dell ™ desktops 2 Dell ™ laptops The hardware cost is $ 30,000.

For a small company that has already invested significant funds actually in the development of business in the region, the one-time costs of $ 30,000 represent a serious difficulty. The company's management decides to apply to the bank for a loan. The Dell Systems manager also suggests considering a leasing deal. The calculation of the lease supply leads to the following results: Cost of equipment Dell (with VAT): $ 30,000 Amount of advance payment: 30% ($ 9,000) Lease term: 12 months Amount of lease payments (including VAT): $ 23,940 Total cost of Dell equipment: $ 32,940

Thus, the coefficient of equipment cost appreciation is about 9%. Compared to a loan, the leasing scheme also has a number of additional advantages: Savings in income tax - $ 4,200 Leasing payments are fully charged to the cost price, which can significantly reduce the amount of income tax. When buying equipment with a loan or own funds only depreciation charges are included in the prime cost. Savings on property tax - $ 600 The purchased equipment is put on the balance sheet of the lessee. In this case, an accelerated depreciation factor of 3 is applied.

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