.

Leasing subjects

Lessor- an individual or legal entity who, at the expense of borrowed and (or) own funds, acquires ownership of property during the implementation of a leasing agreement and provides it as a leased asset to the lessee for a certain fee, for a certain period and on certain conditions for temporary possession and use with or without transfer to the lessee of ownership of the item leasing .

Lessee - an individual or legal entity who, in accordance with the leasing agreement, is obliged to accept the leased asset for a certain fee, for a certain period and under certain conditions for temporary possession and use in accordance with the leasing agreement.

Salesman- an individual or legal entity who, in accordance with a purchase and sale agreement with the lessor, sells to the lessor within a specified period the property that is the subject leasing . The seller is obliged to transfer the leased item to the lessor or lessee in accordance with the terms of the purchase and sale agreement. The seller can simultaneously act as a lessee within the same leasing legal relationship. Any of the leasing subjects can be a resident Russian Federation or a non-resident of the Russian Federation.

Leasing companies (firms) — commercial organizations(residents of the Russian Federation or non-residents of the Russian Federation), performing the functions of lessors in accordance with the legislation of the Russian Federation and with their constituent documents. Foundersleasing companies (firms) may be legal, individuals(residents of the Russian Federation or non-residents of the Russian Federation).

Types of leasing

According to the composition of the participants and the method of their interaction:

· Direct leasing - in which the owner of the property independently leases the object (bilateral transaction).

· Indirect (classical) leasing - The most common form of leasing transaction, when the transfer of property occurs through an intermediary (tripartite or multilateral transaction).

· Leaseback – A special case of direct leasing is leaseback, the essence of which is that the leasing company purchases equipment from the owner and leases it to him.

· Subleasing - A type of sublease of a leased asset, in which the lessee under a leasing agreement transfers to third parties (lessees under a subleasing agreement) for possession and use of property previously received from the lessor under a leasing agreement.

· Leverage leasing – Leasing involving funds from several lessors. This occurs if leasing transactions, due to their scale, cannot be financed by one or even two lessors.

By type of property there are:

• leasing of movable property;
• real estate leasing;
• leasing of used property.

According to the degree of recoupment there are:

• leasing with full payback, in which during the term of one contract the full payment of the cost of the property occurs;
• leasing with incomplete payback, when during the term of one contract only part of the cost of the leased property is paid off.

According to the terms of depreciation, there are:

• leasing with full depreciation and, accordingly, with full payment of the cost of the leased object;
• leasing with incomplete depreciation, i.e. with partial payment of the cost.

According to the degree of payback and depreciation conditions, the following are distinguished:

• financial leasing, i.e. During the period of validity of the leasing agreement, the tenant pays the landlord the entire cost of the leased property (full depreciation). Financial leasing requires large capital investments and is carried out in cooperation with banks;
• operational leasing, i.e. the transfer of property is carried out for a period less than its depreciation period. The contract is concluded for a period of 2 to 5 years. The object of such leasing is usually equipment with a high rate of obsolescence.

Based on the scope of service, they are distinguished:

• pure leasing, if all maintenance of the leased item is assumed by the lessee;
• leasing with a full range of services - full servicing of the object of the transaction is assigned to the lessor;
• leasing with a partial set of services - the lessor is assigned only certain functions for servicing the leased asset.
• General leasing (most represented abroad) – Allows, with the constant cooperation of the lessor and the lessee, to conclude general agreement to provide a leasing line through which the lessee, if necessary, can take additional property without concluding a new agreement each time.

Depending on the market sector where operations occur, there are:

• domestic leasing – all market participants represent one country;
• international leasing – at least one of the parties or all parties belongs to different countries, and also if one of the parties is a joint venture.

External leasing is divided into export and import leasing. For EXPORT leasing foreign country is the lessee, and in case of IMPORT leasing - the lessor.

In relation to tax and depreciation benefits, the following are distinguished:

• fictitious leasing - the transaction is speculative in nature and is concluded with the aim of extracting the greatest profit by obtaining unjustified tax and depreciation benefits;
• valid lease – the lessor has the right to such tax benefits, such as an investment allowance and accelerated depreciation, and the lessee can deduct lease payments from income reported for taxes.

Based on the nature of leasing payments, they are distinguished:

• leasing with cash payment– all payments are made in cash;
• leasing with a compensation payment - payments are made by supplying goods produced on this equipment, or in the form of providing a counter service;
• leasing with mixed payment.

Existing forms of leasing can be combined into two main types: operational and financial leasing.

OPERATING LEASING- This rental relations, in which the lessor's expenses associated with the acquisition and maintenance of leased items are not covered by rental payments during one leasing contract.

Operating leasing is characterized by the following main features:

• the lessor does not expect to recover all of its costs by receiving leasing payments from one lessee;
• a leasing agreement is concluded, as a rule, for 2-5 years, which is significantly less than the period of physical wear and tear of equipment, and can be terminated by the lessee at any time;
• the risk of damage or loss of the object of the transaction lies mainly with the lessor. The leasing agreement may provide for a certain liability of the lessee for damage to the property transferred to him, but its amount is significantly less than the original price of the property;
• leasing payment rates are usually higher than for financial leasing. This is due to the fact that the lessor, without a full guarantee of cost recovery, is forced to take into account various commercial risks (the risk of not finding a tenant for the entire volume of available equipment, the risk of breakdown of the object of the transaction, the risk early termination agreement) by increasing the price of their services;
• the object of the transaction is predominantly the most popular types of machinery and equipment.

With operational leasing, the leasing company purchases equipment in advance, without knowing the specific tenant. Therefore, companies engaged in operational leasing must be well aware of the market conditions for investment goods, both new and used. In this type of leasing, leasing companies themselves insure the property leased and provide its maintenance and repair.

At the end of the lease agreement, the lessee has the following options for ending it:

• Extend the contract term on more favorable terms;
• Return the equipment to the lessor;
• Buy equipment from the lessor if there is an agreement (option) to purchase at fair market value. Since when concluding a contract in advance it is impossible to determine the residual market value object of the transaction at the end of the leasing contract, this provision requires leasing companies to have a good knowledge of the market conditions for used equipment.

Using operational leasing, the lessee seeks to avoid the risks associated with owning property, for example, obsolescence, a decrease in profitability due to changes in demand for manufactured products, equipment breakdowns, an increase in direct and indirect non-production costs caused by repairs and downtime of equipment, etc.

Therefore, the lessee prefers operating leasing in cases where:

• the expected income from the use of leased equipment does not cover its original price;
• equipment required for short period of time(seasonal work or one-time use);
• equipment requires special maintenance;
• The object of the transaction is new, untested equipment.

The listed features of operational leasing determined its spread in such industries as Agriculture, transport, mining, construction, electronic information processing.

FINANCIAL LEASING- this is an agreement that provides for the payment of lease payments during the period of its validity, covering full cost depreciation of equipment or most of it, additional costs and profit of the lessor.

Financial leasing is characterized by the following main features:

• participation of a third party (manufacturer or supplier of the object of the transaction);
• the impossibility of terminating the contract during the so-called main lease period, i.e. the period required to reimburse the lessor's expenses. However, in practice this sometimes happens, which is stipulated in the leasing agreement, but in this case the cost of the operation increases significantly;
• a longer period of the leasing agreement (usually close to the service life of the transaction object);
• Transaction objects under financial leasing, as a rule, are of high cost.

Just as with operational leasing, after the end of the contract, the lessee can:

• buy the object of the transaction, but at the residual value;
• to conclude new agreement for a shorter period and at a reduced rate;
• return the object of the transaction to the leasing company.

The lessee informs the lessor of his choice 6 months or another period before the end of the contract. If the contract provides for an agreement (option) to purchase the subject of the transaction, then the parties determine in advance the residual value of the object. Typically it ranges from 1 to 10% initial cost, which gives the lessor the right to charge depreciation on the entire cost of the equipment.

Since financial leasing is economically similar to long-term bank lending for capital investments, banks occupy a special place in the financial leasing market financial companies and specialized leasing companies closely associated with banks. In a number of countries, banks are only allowed to engage in financial leasing. The legislation of these countries establishes the requirements that lease relationships must meet in order for them to be classified as financial leasing.

We looked at two main types of leasing. In practice, there are many forms of leasing transactions, but they cannot be considered as independent types of leasing operations.

Forms of leasing transactions refer to established models of leasing contracts. Most widespread in international practice received the following forms of leasing operations:

LEASING "STANDARD". Under this form of leasing, the supplier sells the object of the transaction to a financing company, which, through its leasing companies, leases it to consumers.

At LEASING RETURN the owner of the equipment sells it to a leasing company and at the same time rents this equipment from him. As a result of this transaction, the seller becomes a tenant. Leaseback is used in cases where the owner of the transaction object has an urgent need for cash and with the help of this form of leasing improves its financial condition.

LEASING TO THE SUPPLIER. In this case, the seller of the equipment also becomes a lessee, as in the case of leaseback, but the leased property is not used by him, but by other tenants, whom he is obliged to find and lease to them the object of the transaction. Sublease is a mandatory condition in contracts of this kind.

COMPENSATIONAL LEASING. With this form of leasing, rental payments are made by suppliers of products manufactured on the equipment that is the object of the leasing transaction.

RENEWABLE LEASING. The leasing agreement in this form provides for the periodic replacement of equipment at the request of the lessee with more advanced models.

LEASING WITH FUNDS INVOLVED. This form of leasing involves the lessor obtaining a long-term loan from one or more lenders for up to 80% of the leased assets. Lenders in such transactions are large commercial and investment banks with significant resources attracted on a long-term basis.

Banks finance leasing transactions mainly in two ways:

• loan. The bank lends to the lessor by providing him with a loan for one leasing operation or, what happens more often, for a whole package of leasing agreements. The loan amount depends on the reputation and creditworthiness of the lessor;
• acquisition of liabilities. The bank buys the obligations of its clients from the lessor without the right of recourse (reverse claim), taking into account the reputation of the lessees and the effectiveness of the project. This method is used for large one-time transactions involving reliable borrowers. When organizing project financing with the participation of a leasing company, banking institutions also act as guarantors. The security for a bank loan upon receipt by the lessor (without the right of recourse to the lessee) is the objects of the leasing transaction and leasing payments.

Fund-raising leasing is also called rental investment type or rental with a third party. To reduce payment risk, the lessor's creditors include in leasing contracts special condition which provides an absolute and unconditional obligation to make payments in deadlines and in cases of equipment failure due to the fault of the lessor. Payments are not suspended, and the lessee makes claims to the lessor.

When leasing large-scale objects (aircraft, ships, drilling platforms, towers), group (shareholder) leasing is most often used. In such transactions, several companies act as the lessor.

CONTRACT HIRE– this is a special form of leasing in which the lessee is provided with a complete fleet of machines, agricultural, road construction equipment, tractors, cars for rent Vehicle.

GENERAL LEASING– the right of the lessee to supplement the list of leased equipment without concluding new contracts. In practice there is a combination various forms contracts, which increases their number.

The rapid growth of leasing operations is explained by a number of advantages.

The advantages of the lessee are:

• financing the transaction at fixed rates;
• the ability to expand production and set up equipment without large expenses and borrowings;
• the costs of purchasing equipment are evenly distributed over the entire term of the contract. Funds are released for other purposes;
• protection against obsolescence (obsolescence) – leasing facilitates the rapid replacement of old equipment with more modern equipment, reduces the risk of obsolescence;
• not involved borrowed capital; the balance sheet maintains an optimal ratio of equity and debt capital;
• rental payments are linked to the profitability of using leased equipment;
• maintenance and repairs can be undertaken by the lessor;
• the ability to update equipment without significant costs;
• tax benefits and investment incentives;
• purchase of equipment at the end of the contract;
• with operational leasing, the risk of equipment loss lies with the lessor;
• high flexibility, leasing allows you to quickly respond to market changes;
• leasing payments are not included in the country's external debt indicator.

The advantages of the lessor (bank) in a leasing transaction include:

• expanding the scope of application of banking capital;
• relatively lower risk than providing bank loans;
• tax benefits;
• the opportunity to establish closer contacts with equipment manufacturers, which creates additional conditions for business cooperation.

For the supplier, the benefits of leasing come down to increased sales opportunities and cash flow.

Renting

Renting is a short-term rental of property without the right of its subsequent acquisition by the tenant.

In world practice, a wide variety of types of leasing are used. Their classification can be carried out according to a number of criteria.

The main forms of leasing are domestic leasing and international leasing

In world practice, the most common are four main models of international leasing operations.

First model: A lessor in one country maintains contacts regarding the organization and implementation of a leasing operation with a lessee located in another country.

Second model: A lessor in one country carries out contacts regarding the organization and implementation of a leasing operation with a lessee located in another country, but through a subsidiary located in the lessee’s country.

Third model: A lessor in one country carries out contacts regarding the organization and implementation of a leasing operation with a lessee located in another country, but through an intermediary - a leasing company located in the lessee's country. The intermediary company is entrusted with organizing and conducting negotiations, preparing and concluding a leasing agreement on the agreed terms, as well as its execution. Legally, the relationship between two leasing companies is formalized by a regular agency agreement, and payments are made in the form of either a commission for services, or a counter transaction, or a division of profits.

Fourth model: The lessor of one country carries out contacts on the organization and implementation of the leasing operation with the lessee located in the same country, and transfers the execution of the concluded leasing agreement to an intermediary - a leasing company located in another country - on the above terms of the agency agreement.

It should be noted that one of the main problems facing the lessor is establishing the business reputation of the lessee. This circumstance is of particular importance in international leasing operations. It is clear that when concluding a transaction with a foreign partner, the level of commercial risks increases significantly due to the inherent differences in civil and trade legislation in different countries, tax regime, methods accounting, practice of concluding and executing contracts.

Another feature of international leasing operations is currency risks, most of which are also borne by the lessor. Concluding a long-term transaction, settlements for which are carried out in various currencies, requires reliable guarantees against possible fluctuations exchange rates, changes in national regimes currency regulation, depletion of the partner’s currency reserves and other negative phenomena. The conditions of each transaction are specific, and, as practice shows, it is possible to ensure a high degree of protection against currency risks only with careful consideration of all its nuances.

International operations are more risky for the lessor from the point of view of protecting ownership rights to the leased property, as well as ensuring guarantees of its return upon expiration of the contract. In addition, the deal may be complicated by political risks. When carrying out international leasing, the lessor or lessee is a non-resident of the Russian Federation. When implementing internal leasing the lessor, lessee and seller (supplier) are residents of the Russian Federation. The main types of leasing are: 1) long-term leasing - leasing carried out for three or more years; 2) medium-term leasing - leasing carried out for a period of one and a half to three years; 3) short-term leasing - leasing carried out for less than one and a half years.

The period of use of the leased property serves as one of the criteria for distinguishing between financial and operational leasing, which are especially common in modern business practice. financial leasing- a type of leasing in which the lessor undertakes to acquire ownership of the property specified by the lessee from a specific seller and transfer this property to the lessee as a leased item for a certain fee, for a certain period and under certain conditions for temporary possession and use. In this case, the period for which the leased asset is transferred to the lessee is comparable in duration to the period of full depreciation of the leased asset or exceeds it. The leased asset becomes the property of the lessee upon expiration of the leasing agreement or before its expiration, subject to payment by the lessee of the full amount provided for in the leasing agreement, unless otherwise provided by the leasing agreement. During the term of the contract, the lessor, through leasing payments, returns the entire value of the property and receives profit from the financial transaction. The main features characterizing financial leasing are the following: - the lessor acquires property not for its own use, but specifically for leasing it; - the right to choose the property and its seller belongs to the user; - the seller of the property knows that the property is specifically purchased for leasing; - - the property is directly supplied to the user and accepted by him for operation; - the lessee sends claims regarding the quality of the property, its completeness, and correction of defects within the warranty period directly to the seller of the property; - the risk of accidental loss and damage to property passes to the lessee after signing the certificate of acceptance and commissioning of the property. Financial leasing has several various types, which received their own name. Classic financial leasing is characterized by a tripartite relationship and compensation for the full cost of the property. At the request of the lessee, the lessor purchases the necessary equipment from the supplier and leases it to the lessee, reimbursing its financial costs and making a profit through leasing payments. Subleasing- a special type of relationship arising in connection with the assignment of rights to use the leased asset to a third party, which is formalized in a subleasing agreement. When subleasing, the person carrying out subleasing accepts the leased asset from the lessor under a leasing agreement and transfers it for temporary use to the lessee under a subleasing agreement. The assignment by the lessee to a third party of its obligations to pay lease payments to a third party is not permitted. When transferring the leased asset for subleasing, the consent of the lessor in writing is required.

Operating leasing- a type of leasing in which the lessor purchases property at his own risk and transfers it to the lessee as a leased item for a certain fee, for a certain period and under certain conditions for temporary possession and use. The period for which the property is leased is established on the basis of the leasing agreement. Upon expiration of the leasing agreement and subject to payment by the lessee of the full amount stipulated by the leasing agreement, the leased asset is returned to the lessor. In this case, the lessee has no right to demand the transfer of ownership of the leased asset. With operational leasing, the leased asset can be leased repeatedly during the full depreciation period of the leased asset. Operating leasing is characterized by following signs: - the term of the leasing agreement is significantly less than the standard service life of the property, as a result of which the lessor does not expect to reimburse the cost of the property from proceeds from one agreement; property is leased multiple times; It is not the property specifically purchased at the request of the lessee, but the property available at the leasing company that is leased. In other words, the leasing company, when purchasing property, does not know its specific user. In this regard, leasing companies specializing in operational leasing must be well aware of the market conditions for leasing property, both new and used; - responsibilities for maintenance, repair, and insurance lie with the leasing company; - The lessee may terminate the contract if the property, due to unforeseen circumstances, turns out to be in a condition unsuitable for use; - the risk of accidental death, loss, damage to the leased property lies with the lessor; - - - - the amount of leasing payments for operational leasing is higher than for financial leasing, since the lessor must take into account additional risks associated, for example, with the lack of clients to re-let the property, possible damage or loss of property; - at the end of the contract, the property is usually returned to the lessor. If desired, the lessee has the right to extend the contract on new terms and even acquire ownership of the leased property. If financial leasing in its own way economic essence can be compared with long-term financing capital investments, then with operational leasing, rental payments are comparable to current operating expenses. The formation and development of this type of leasing becomes possible with the emergence of a secondary market for leased equipment, since the lessor has the problem of selling the property at the end of the leasing period. This new problem raises the need for work in the field of property management and resale of property returned to the lessor. The lessor is forced to rent out the leased equipment for temporary use several times, and for him the risk of recovering the residual value of the leased object increases in the absence of demand for it. The risk associated with property management is not limited to the problem of what to do with the property at the end of the leasing period - with an operating lease, the term of the contract is rarely commensurate with the “life” of the property. The growth of the operating lease market is driven by lessors seeking new opportunities in off-balance sheet financing, protection against residual value risks and reduced recurring payments. Lessors, under pressure from competition, are forced to calculate the volume of payments based on after-tax profits and transfer the tax benefits of owning property to the lessee in the form of reduced leasing payments. The property leased out for operating lease is varied: from cars (it is this type of property that primarily dictates the need to create a “secondary” market) to computers, which are associated with the risk of technological obsolescence.

The main differences between operational and financial leasing are presented in the table:

Operating leasing	financial leasing
Short- and medium-term nature of transactions Partial depreciation of equipment, in primary term rent. At the end of the contract period, the equipment can be rented out again The leasing contract provides for the participation of the lessor in technical maintenance, repair and insurance of equipment Offered by equipment manufacturing companies, their leasing subsidiaries and trading companies	Medium- and long-term nature of transactions Depreciation of all or most of the cost of equipment during the initial lease term The leasing agreement is limited primarily to financing and does not provide for the lessor’s obligations to provide any services. Offered by banking and their subsidiaries leasing companies

A type of financial leasing is leaseback. In a transaction of this kind, the lessor enters into an agreement to purchase property from another organization for the purpose of leasing it to the same legal entity. There are only two participants in this operation - the lessee (former owner of the property) and the lessor (specialized leasing company, bank). The first one uses the property, gradually returning the money spent by the lessor capital investments. Thus, the original owner receives the full value of the property from a specialized leasing company, while retaining the right to use it.

Depending on the number of participants in the transaction, there are straight And indirect leasing Direct leasing occurs when the lessor is also a supplier of property, and the transaction itself is bilateral in nature. At indirect leasing There is one or more financial intermediaries between the property supplier and the lessee. If there is only one intermediary, then this is a classic three-way leasing transaction. With an increasing number of intermediaries, complex multilateral transactions are concluded.

Leasing to supplier differs from returnable in that the supplier of equipment, although he acts as a seller and lessee at the same time, is not a user of the property, which he necessarily subleases to a third party.

One of the most complex forms of indirect leasing is the so-called separated leasing, or leasing using additional sources of financing. Transactions of this type are concluded, as a rule, for the implementation of expensive projects, have a large number of participants and differ in the complexity of financial flows.

The peculiarity of separate leasing is that the lessor, when purchasing the property, pays from his own funds only part of its cost. The remaining amount, usually up to 70-80% of the cost of the leased object, is borrowed from one or more lenders. In this case, the lessor enjoys all tax benefits, which are calculated based on the full value of the property. An important point is also the terms of the loan. The borrower - lessor is not directly responsible to creditors for the repayment of the loan. He only formalizes a pledge in favor of the creditors on the leased property and cedes to them the right to receive part of the lease payments to repay the loan. Thus, the main financial risks in the transaction are borne by creditors, and property and lease payments serve as security.

According to the type of property leased, they are distinguished leasing of movable property, i.e. various types of technical equipment, and real estate leasing, i.e. industrial buildings and structures.

Based on the degree of recoupment of the costs of leased property, leasing is distinguished with full and incomplete recoupment. Leasing with full payback occurs when, during the term of one contract, the lessor fully compensates for the costs of acquiring the property transferred for use. At leasing with incomplete payback Only part of these costs is reimbursed.

Depending on the depreciation conditions of the leased property, leasing with full and partial depreciation is distinguished. Leasing with full depreciation means that the term of the leasing agreement approximately coincides with the standard service life of the property and its value is completely written off during the execution of the contract. Leasing with partial depreciation assumes that the contract period is shorter than the service life of the property, and allows you to write off only part of its value.

Based on the nature and scope of servicing the leased property, clean and so-called wet leasing are distinguished. Net leasing occurs when the lessor provides only leasing services, i.e. provides the property for temporary use, and its maintenance and associated costs are borne entirely by the lessee.

« Wet» leasing or full-service (partial-service) leasing is characterized by the fact that the lessor offers the lessee various related services related to the maintenance of the leased property. If equipment is leased, then such services may include its regular preventive maintenance, repairs, insurance, etc. When leasing particularly complex equipment with unique technical characteristics, the lessor may take on additional obligations, including the supply of necessary raw materials and components, personnel training, marketing and advertising support for the lessee’s products. This type leasing is one of the most expensive.

Based on the type of leasing payments, leasing with cash payment is distinguished ( monetary), when all settlements between the parties to the transaction are carried out only in cash; leasing with compensation payment ( compensatory), in which the services of the lessor are paid either by the supply of goods produced using the leased property, or by counter services; leasing with mixed payment ( mixed), when a combination of monetary and compensation forms of payment is used.

For completeness, we note that it is also necessary to distinguish between fictitious And valid leasing.

Fictitious leasing refers to transactions that are not related to the actual transfer of property on lease and are concluded only for the sake of their participants receiving unjustified financial and tax benefits. Real leasing includes all actually performed leasing transactions.

In Western countries and in Russia, the leasing services market is characterized by a variety of leasing forms, models of leasing contracts and legal norms governing leasing operations. This paragraph reflects the most common of them. Forms of leasing are becoming more diverse every day, meeting the ever-new demands of the developing world economy, expanding the variety of characteristics of their classification, which characterize: attitude towards the leased property; type of financing of the leasing operation; type of leased property; composition of participants in the leasing transaction; type of property leased; degree of payback of leased property; market sector where leasing operations are carried out; attitude towards tax, customs and depreciation benefits and preferences; procedure for leasing payments; degree of risk for the lessor and more.

Why, in leasing transactions and in the definition of leasing and its various types, are such economic categories as credit and rent used, but at the same time, we distinguish leasing as a separate concept? The next paragraph of this chapter answers this question and discusses it in more detail. distinctive features leasing from others economic categories, such as credit and rent, as well as the advantages and disadvantages of all these financial instruments.

The variety of items, objects, subjects, terms and other conditions of leasing transactions allows us to create an extensive classification of them. The main types and types of leasing used in domestic and foreign practice, shown in diagram 7.2.

Scheme 7.2.

The Law on Finance Leasing reflects only two forms of leasing - internal leasing And international leasing.

Internal leasing occurs when the lessor and lessee are residents of the Russian Federation.

International leasing occurs, as a rule, when the lessor or lessee is a non-resident of the Russian Federation. The main reason for the entry of leasing into the international arena is the general desire of the leading countries of the world to create conditions for stimulating the export of investments from industrial companies. International leasing, depending on the location of the parties involved in leasing operations, is divided into: export leasing, if the leasing company acquires the leased asset and then transfers it to a foreign lessee; import leasing - a transaction in which the supplier is located in the territory of a foreign state, and international transit leasing - a transaction in which all leasing entities are located on the territory of different states. IN Lately the so-called indirect international leasing - when all three participants in a trilateral transaction are legal entities of one country, and the financial institution financing the transaction by providing a loan to the leasing company is located in another country.

Leasing type determined by the period for which the leasing transaction is concluded:

• o long-term leasing - leasing carried out for three or more years;
• o medium-term leasing - leasing carried out for a period of one and a half to three years;
• o short-term leasing - leasing carried out for less than one and a half years.

Type of leasing determined by the terms of the leasing transaction. The generally accepted parameters for differentiating leasing by type are: the period of use and the associated depreciation of property (leasing payback), the scope of responsibilities of leasing participants, the method of acquiring the property transferred for use and the composition of participants in the transaction, the type of property, the nature of leasing payments.

In practice, there is a wide variety of types of leasing: classic financial leasing, manufacturer leasing, clean leasing, wet leasing and other types of leasing.

At financial leasing The lessor undertakes to acquire ownership specified by the lessee property from specific seller and transfer this property to the lessee as a leased item for a certain fee, for a certain period and under certain conditions In this case, the period for which the leased asset will be transferred to the lessee is comparable in duration to the period of full depreciation leased item or exceeds one hundred. All responsibilities for insurance, maintenance and repairs generally fall on the user of the property. During the term of the contract, the lessor returns the entire value of the property and receives income from the leasing operation. Subject of leasing becomes the property of the lessee upon expiration of the leasing agreement or before its expiration, subject to payment by the lessee of the full amount provided for in the leasing agreement, unless otherwise provided by the agreement (Diagram 7.3).

By general rule The lessor in financial leasing is not liable to the lessee for deficiencies in the supplied equipment. Such liability arises only in cases where the user entrusted the lessor with the choice of supplier and the equipment itself, as well as if losses arose as a result of the lessor’s intervention in resolving these issues.

Scheme 7.3. Algorithm for interaction between financial leasing participants

Financial leasing is the most common type of leasing and contains many different subtypes, which have received their own names.

At operational leasing (operating lease) the lessor purchases at one's own risk property and transfers it to the lessee as a leased asset for a certain fee, for a certain period and under certain conditions for temporary possession and use. The period for which the property is leased is established on the basis of the leasing agreement. Upon expiration of the leasing agreement and subject to payment by the lessee of the full amount stipulated by the leasing agreement, the leased item returned to the lessor, in this case the lessee has no right to demand transfer of ownership of the leased item. With operational leasing, the leased asset can be leased repeatedly during the full depreciation period of the leased asset.

Since in operational leasing the term of the leasing agreement is shorter than regulatory period property services, leasing payments for the duration of one leasing agreement do not cover the full cost of the property. Therefore, the lessor is forced to rent it out for temporary use several times and for him the risk of recovering the residual value of the leased object increases in the absence of demand for it. In this regard, with all other equal conditions The size of leasing payments for operational leasing is much higher than for financial leasing.

Another feature of operational leasing is that it is characterized by a bilateral leasing transaction, and the responsibilities for maintenance, repairs, and insurance lie with the leasing company.

As a rule, a leasing company, when purchasing property under operational leasing, does not know its specific user. Therefore, leasing companies must be well aware of the market conditions for leasing property, both new and used.

Classic financial leasing - This is an option when the leased object is purchased by the lessor from the supplier and transferred to the user on the basis of a leasing contract.

Leaseback (sales agreements And "liz-back") - a type of financial leasing in which the seller (supplier) of the leased asset simultaneously acts as a lessee, i.e. a company that owns land, structures or equipment sells this property to another party to the transaction and at the same time draws up an agreement to lease this property back to a certain period under specified conditions. Thus, the seller-lessee immediately receives the proceeds from the sale of the property to the buyer-lessor, while retaining the right to use it. The buyer of this property may be an insurance company, commercial Bank, a specialized leasing company or an individual investor. This type of leasing is an alternative to obtaining a loan against real estate.

Rental payments during leaseback are set so as to return full price sales to the investor-lessor and provide a set return on investment.

The algorithm for interaction between leaseback participants is shown in Diagram 7.4. Under this scheme, entire enterprises can be leased (for example, when an enterprise is experiencing temporary financial difficulties). However, the difficulty of concluding such a transaction is that it is not always possible to find an investor-lessor interested in it.

Manufacturer leasing- a type of leasing in which the lessor finances a manufacturer performing two functions: the seller of the leased object, and then the lessee, who is not a user, since the property is transferred to them in subleasing to a third party. When subli

Scheme 7.4. (numbers show the sequence of operations)

zinge the main lessor through an intermediary (in in this case it is the manufacturer) will lease the property to the lessee-user (third party).

Thus, subleasing - This a type of sublease of the subject of leasing, in which the lessee under the leasing agreement transfers to third parties (lessees under the subleasing agreement) for possession and use for a fee and for a period in accordance with the terms of the subleasing agreement, the property previously received from the lessor under the leasing agreement and constituting the subject of the lease. This option is widely used in mechanical engineering and allows you to combine the advantages of financial and operational leasing, since the manufacturer’s capital turnover is accelerated and the most qualified technical maintenance of the leased object is ensured. When transferring property into subleasing, the right of claim against the seller passes to the lessee under a subleasing agreement. There are several options for subleasing with different patterns of interaction between the parties to the transaction. The subleasing option reflected in the Finance Leasing Law is shown in Figure 7.5.

Scheme 7.5. (numbers show the sequence of operations)

For direct leasing the manufacturer of the future leased object (equipment, vehicles, etc.) independently leases it, i.e. the supplier and the lessor are combined into one person. In this form, bilateral leasing transactions are not widespread, since with an increase in leasing operations, the manufacturer, as a rule, finds or creates his own leasing company.

Net leasing- this is a relationship in which all maintenance of the property is undertaken by the lessee. Therefore, in this case, maintenance costs are not included in lease payments. This type of leasing is typical for financial leasing.

At full leasing Full maintenance of the leased asset is carried out by the lessor.

Leasing with a partial set of services involves a pre-agreed division of functions for servicing the leased asset between the parties to the contract.

In wet leasing, the lessee is provided with maintenance, repair, and insurance services for the operation of the leased property. In addition, at the request of the lessee, the lessor may assume responsibilities for training qualified personnel, marketing and advertising finished products, supply of raw materials, etc. This type of leasing is typical mainly for operational leasing.

Combined leasing allows the leasing company to provide financing for large projects, while combining the advantages of financial, operational and other types of leasing. For example, during the construction of a turnkey plant, real estate and production equipment are provided to the lessee on financial terms, and construction equipment - on operational leasing terms.

If there is a need to change equipment within the framework of a leasing contract, the parties use renewable leasing, which provides for the periodic replacement of equipment at the request of the lessee with a homogeneous, but more modern one. Revolving leasing, in contrast to renewable leasing, allows the lessee, after a certain period of time, to exchange the equipment used for other equipment needed by the user (for example, due to the peculiarities of technological process production).

Based on the nature of leasing payments, they are distinguished:

• o leasing with cash payment - all payments are made in cash;
• o leasing with compensation payment (buy-back) - payments are made by supplying part of the products produced on the equipment that is the subject of leasing;
• o leasing with mixed payment - settlements are carried out by combining cash and product deliveries;
• o leasing with a "tax lever" (leverage leasing) - the lessee is given the right to transfer unused tax (depreciation) benefits to the lessor, who reduces the rent by an appropriate amount.

To update equipment, purchase new vehicles, expand production or office space, large financial investments are required. What to do if it is not possible to collect the required amount at a time or take out a loan? There is a very effective alternative - leasing. Let's talk about what this term means, what types of leasing there are, what property can be leased, how to correctly complete such a transaction, and what pitfalls this procedure has.

Despite the fact that “lease” is translated from English as “rent,” leasing is a kind of “hybrid” of rent and credit with the involvement of a third party – a leasing company. The latter buys the property from the seller and transfers it to the lessee. He pays a certain amount monthly, which is at the same time rental payment, and loan payment (depending on the user’s further intentions). At the end of the period specified in the contract, the property can be purchased at its residual value or returned to the leasing company.

Simple example:

The auto company plans to renew its bus fleet. It enters into an agreement with a leasing company (let it be VTB Leasing, YarKamp Leasing or any other). A leasing company buys 10 buses from a manufacturing plant (let’s say MAZ) for a total amount of 60 million rubles. The buses are transferred to the auto company, which pays an initial fee in the amount of 10 million rubles, and then deposits 1.6 million rubles monthly into the leasing company’s account for three years.

In the 19th century, leasing began to actively develop in the USA and Great Britain. The concept of “lend-lease” during the Great Patriotic War became significant for our country: the provision of military equipment was also a leasing option. Leasing began to significantly influence economic development in the 50s of the last century. The founder of the modern leasing industry is called American entrepreneur Henry Schofeld, who opened the first specialized leasing company in San Francisco.

In the USSR, leasing was used for enterprises to purchase expensive imported equipment back in the 70s and 80s, but its scale was limited. In the domestic market, the first leasing operations began in 1989. Until the mid-90s, leasing did not have a serious impact on the Russian economy. After modernization tax legislation and adoption in 1998 federal law“On financial lease (leasing)” business interest in this instrument has increased significantly. At the end of 2017, the volume of the leasing market in the Russian Federation was assessed by experts rating agency RAEX (Expert RA) in a trillion rubles.

Parties to the leasing transaction

Typically there are three parties involved in the leasing process:

1 Seller– legal entity or individual entrepreneur(required - VAT payer) who owns or sells the necessary equipment. The property is transferred to the lessor on the basis of a purchase and sale agreement.

2 Lessor– its role is played by a leasing company, which can be registered both as a legal entity and as an individual entrepreneur. Most often, banks or structures with them that have sufficient capital to purchase expensive property (vehicles, real estate, equipment) act as a lessor.

3 Lessee- this is the buyer, also either a legal entity in any organizational and legal form, or an individual entrepreneur who needs equipment, transport or real estate of the seller for use in commercial activities and receiving .

Sometimes the seller is also the lessor, then there are two parties involved in the transaction, not three.

What is the economic meaning of leasing?

Each party to a leasing transaction has its own reasons for participating in it.

• The seller sells his goods and receives the full value of the property and no risks;
• The lessor benefits from an increase in the value of the property included in the lease payment.;
• The lessee buys the property on more favorable (interest rate/down payment) or more loyal (solvency requirements) terms compared to bank loan. He has the right to refuse the purchase if the circumstances of his business have changed. In addition, the buyer saves on tax payments(VAT, income tax, property and transport tax, if vehicles are purchased).

A feature of a leasing transaction is a reduction in the redemption price of the property by the end of the contract. This happens due to depreciation– annual write-off of part of the value of an asset as it wears out. Depreciation is taken into account using special formulas and does not depend on the actual wear and tear of the product. In leasing transactions for certain types of property, accelerated depreciation is applied, due to which, by the end of the contract, transport or equipment has zero cost and pass into the possession of the lessee without additional payment.

According to the federal law “On financial lease (leasing)” (No. 164-FZ dated October 29, 1998 with subsequent amendments), movable and non-movable property can be leased movable property: vehicles, equipment, real estate, enterprises as economic complexes.

The subject of leasing cannot be natural objects, land and restricted property. An exception in this sense is weapons - the Russian Federation has the right to sell them to other countries on lease under the conditions established in international treaties and the law on military-technical cooperation.

There are other leasing restrictions set by the lessors themselves. In particular, buyers who wish to lease the following are refused:

Labor leasing relations in Russia are regulated by federal law dated May 5, 2014 No. 116-FZ. It outlines the following rules:

• Personnel leasing can only be carried out by private recruitment agencies that work on the basic tax system and have received accreditation in public service employment.
• Contracts for the employment of an employee with a lessee cannot be concluded for longer than 9 months.
• All employee transfers can only be carried out with his written consent.
• The salary of a “leasing” employee for the same work cannot be lower than that of the lessee’s full-time employees.
• The leasing company is obliged to pay all necessary compensation for occupational hazards - the same ones that are paid to the main employees of the lessee.

The law establishes certain restrictions for “rental” labor. You cannot engage leasing personnel:

• To perform work of I and II hazard classes or 3 and 4 degrees of harm;
• To perform the work of a freight forwarder or other employees on shipping transport;
• To perform work at enterprises that are in bankruptcy;
• To replace striking workers
• To work in conditions of threat of dismissal of key employees

What types of leasing are there?

In a leasing transaction, a lot depends on the terms of the contract. Depending on them, three types of leasing can be distinguished:

1 Financial

With this option, the lessor is, in fact, only a financial intermediary, formally participating in the transaction. The property is delivered directly from the seller to the lessee; the latter makes claims regarding the quality of this property to the seller. By the end of the lease agreement, the property, as a rule, has a minimum residual value.

In such a scheme, the leasing agreement often stipulates the seller’s obligation to accept the property if the buyer returns it to the lessor. The bank does not need old cars or machines, to put it simply. VTB24, Avangard Bank, Promsvyazkapital group and others have their own leasing subsidiaries.

2 Operating

With this leasing option, the contract term is significantly shorter than the service life of the acquired property (real estate, industrial complex, etc.). In this regard, the role of the leasing company in the transaction is key. The lessor assumes full responsibility for the safety of the leased property, organizing repairs, insurance and maintenance.

The role of the lessee in this scheme is close to the role of the tenant. When the contract ends, the buyer has the right:

• Buy the property at its residual value (in this case, this value is quite high due to long term depreciation);
• Return the property to the leasing company;
• leasing agreement, if the lessor does not object to this;
• Exchange property for another (for example, production equipment for more modern or different characteristics).

The operational type of leasing is often used by dealers of large automakers: the buyer uses a car of a certain brand for 2-3 years, and then rents it out and leases it again for more than modern model.

3 Returnable

The most specific type of leasing. Here the seller and the lessee are one person. In fact, the transaction is a form of secured lending, when the property is transferred to the lessor only formally, while actually remaining in its place. An enterprise can sell the equipment it owns and then lease it, having received a large sum money for development and maintaining production capacity.

However, these types of transactions are also the most corruption-intensive.

A fresh example from the Vologda region

A leasing transaction for the sale of a large cinema center took place here. The seller was an LLC, let's call it Alpha. This company owned the cinema center for over 10 years. but the business did not take off, the debts grew, and the founders of Alpha turned to the regional business support center with a request for state support - the object is socially significant, the building has historical value. Support in the amount of 10 million rubles was provided with the condition that it would be used to develop the film business in the region.

Immediately, Alpha LLC entered into a leasing deal, selling to the lessor (let it be Beta LLC, one of the founders of which was the same regional business support center that provided support to Alpha) property for film exhibition in the amount of 24 million rubles. The lessor transferred this property to the buyer - Gamma LLC, having concluded an agreement for 34 million rubles with the payment of 10 million as a down payment. Nothing unusual, if you do not pay attention to the fact that the founders of Gamma were the same people as Alpha, and the difference between the sale and purchase price exactly repeated the amount of state support provided to film entrepreneurs in the region.

The regional government eventually came to its senses and demanded the money paid as state support back. This led to the bankruptcy of Gamma LLC (the debt written off due to impossibility of collection amounted to 10.07 million rubles), the termination of the activities of Beta LLC, internal proceedings in the regional government and heated discussions about whether government agencies generally participate in leaseback transactions.

Leaseback constantly attracts the attention of tax authorities: a transaction in which there is no explicit economic feasibility, may be considered a form of tax evasion.

Signs of a fictitious leaseback transaction:

• The seller and the buyer are related to each other (for example, one is a legal entity dependent on the second). In this case, the Federal Tax Service may refuse to pay a VAT refund.
• Payment for the leaseback transaction in one of its parts was carried out by checks, bills and other non-cash methods. This may indicate an attempt to withdraw funds by the seller or buyer.
• At least one of the participants has already been caught in unscrupulous leasing schemes.

Leasing transactions by risk level

Like any other transaction for the transfer of property, leasing has its risks - some of them have already been described above. Based on the degree of risk, there are three types of leasing transactions:

1 Guaranteed

The process of transfer of property is insured by specialized insurance companies or several other companies act as guarantors of the lessee, capable of fully compensating the lessor for the cost of the property in case of violation of the contract.

2 Partially secured

The security deposit, paid by the lessee to the leasing company's account, covers part of the cost of the property. If during the entire leasing period there is nothing stipulated by the contract does not happen, the funds will be returned to the buyer.

3 Unsecured

Transactions in which the parties do not guarantee each other the fulfillment of their obligations. Nowadays, such relationships between leasing entities are becoming less and less common; the lack of insurance usually “hints” at a dubious or fictitious transaction.

All stages of the leasing transaction

There are usually five stages of selling property on lease. Let's look at each of them.

Stage 1. Analysis of the leasing market, selection of a leasing company.

The leasing market in the Russian Federation is almost identical to the size of the first hundred banking sector. You can choose a leasing company based on the conditions offered and the reliability of the parent company. The rating of lessors is maintained, for example, on the portal banki.ru/products/leasing/companies/.

Stage 2. Analysis of the conditions offered by the lessor.

The most important points: initial payment (advance payment), monthly payment, overpayment amount, repayment period and schedule, conditions for terminating the leasing agreement.

Stage 3. Drawing up a leasing agreement.

To draw up the text of the contract, the lessor usually requires the following documents:

• statement of intention to lease property indicating the parameters;
• financial statements for the last reporting period;
• an account statement of an enterprise or individual entrepreneur (to assess the turnover of a company or entrepreneur);
• copy of the passport of the manager/individual entrepreneur, order of appointment/certificate of registration;
• insurance policy for the leased object.

The leasing company may also require other documents.

Stage 4. Making an advance (down payment).

The down payment amount usually starts from 5% (these are the conditions for most companies involved in operational leasing of vehicles). On average, the advance in the market is 20-30%. After paying the required amount, the buyer receives the property for use.

Stage 5. Use of property during the term of the contract.

Leased property must be used in strict accordance with the terms of the contract. This applies to annual insurance, maintenance (vehicle, equipment) and, of course, timely payment of monthly payments.

Leasing payment options

Regular payments under leasing agreements can have one of three types of schedule:

1 Regressive – the first payments are the largest, then decrease. An analogue of differentiated payments on loans. This scheme allows you to minimize interest payments.

2 Annuity – payments in equal installments. The most “expensive” schedule, because the first payments go almost entirely to repay the lessor’s interest/margin.

3 Seasonal - a schedule adapted to certain types of business (for example, agriculture, where the main profit comes in autumn and winter - during these periods payments increase compared to average, in other seasons they decrease).

Other special payment schedules may also be used, depending on the specifics of the activities of specific companies.

What is more profitable: credit or leasing?

In each specific case, the answer to this question may be different. It depends on both the type of leasing and the property, the conditions of the lessor and the creditor bank and many other aspects. Let’s not forget that leasing is used primarily for business purposes, and lending conditions for legal entities and individual entrepreneurs differ significantly from those for “physicists”.

First, let's look at the comparison based on external features. Let's say we decide to buy a car worth 1 million rubles. Let’s compare the average parameters of the lending and leasing program at the beginning of 2018.

It seems that it is obviously more profitable to take out a loan. However, let's not forget that the interest rate and the amount of overpayment are not always the main factors when choosing a method of acquiring property.

If you put together all the characteristics by which leasing and lending can be correctly compared, you will get something like this table:

Options	Leasing	Lending
Subject	Legal entities and individual entrepreneurs.	Any individual (including individual entrepreneurs) and legal entities
Right to property after the transaction	The object remains the property of the lessor until full payment of its cost by the buyer	The property becomes the property of the client, remaining pledged to the bank
Terms of service	History of previous leasing transactions and credit history does not matter (except for attempted fraud)	A positive credit history is required
Payments under the agreement	Advance (down payment) Monthly regular fixed payments Payment of the lessor's interest (margin) It is possible to pay for insurance of the leased item	Monthly payments (loan body + interest) Down payment possible Possible commissions (for account maintenance, etc.) Possible payment of insurance
Depreciation of property	For some types of property it is possible to use accelerated depreciation For cars over 300,000 rubles and minibuses over 400,000 rubles, a decreasing depreciation coefficient is applied.	Normal order depreciation calculation
Tax payments
VAT	Included in payments under the leasing agreement. The tax can be claimed for refund after the property is redeemed.	Is not a subject to a tax
Property tax	If the property is on the balance sheet of the lessor, the buyer does not pay tax. If the property is on the buyer's balance sheet, the tax is reduced due to accelerated depreciation.	Property purchased on credit immediately becomes the property of the buyer and is subject to full tax.

There are also differences in the purpose of leasing and credit for business purposes. In general they can be expressed as follows:

• Loan funds can be used by an entrepreneur for any purpose, while leasing funds can be used primarily for business development and renewal of fixed assets.
• In the case of a loan, the bank has to control intended use loan In leasing, control is not required since the property belongs to the lessor.
• When lending to a business, the bank requires guarantees in the form of collateral of property the client already has (which may not exist), as well as insurance. In the case of leasing, the purchased property itself acts as collateral.
• Purchased at credit funds the property immediately goes to the balance sheet of the company that took out the loan. After acquiring property under lease, it can either be on the balance sheet of the lessor or go to the balance sheet of the lessee, depending on the terms of the agreement.
• Purchased at borrowed funds the property is displayed on the borrower’s balance sheet and limits the possibilities for further lending. Leasing property most often passes through the balance sheet of the leasing company, allowing the lessee to easily take out loans.
• Stopping loan payments may also lead to the sale of assets to pay off the debt. Termination of leasing payments only leads to the seizure of the leased property.

From a formal point of view, leasing is similar to renting. In both cases, there is an owner of the property and a person who would like to take possession of this property, but does not immediately have the entire amount to purchase. The owner, in turn, is ready to rent out the property for use at a certain markup.

But along with the similarities between renting and leasing, there are also significant differences.

Options	Rent	Leasing
Formal parameters
Legislative basis	Civil Code RF, Article 34 Federal laws on certain types rent.	Federal Law “On Financial Lease (Leasing)”
Deadlines	Most often short terms with the possibility of extension.	In a significant part of leasing transactions, the contract term is equal to or close to the full depreciation period of the transferred property.
Item	Any non-consumable property that is not limited in circulation.	Non-consumable property that is not limited in circulation and is not a natural object (for example, a land plot)..
Possibility of purchasing the property at the end of the contract	No	There is
Right to property	use
Who chooses the property provided?	Landlord	Lessee
Package of documents	Confirmation of solvency is not required	Documents confirming the existence of the business and solvency
Business scheme
Transaction participants	Landlord, tenant	Seller, lessor, lessee. Banks may also participate Insurance companies, guarantor companies, etc.
Status of seller (manufacturer) of property	Not involved in the deal	The participant in the transaction enters into an agreement with the lessor.
Responsibility for compliance of property with stated requirements	Landlord bears	It is borne by the lessee, with the exception of the situation when the lessor offers the property for leasing, and he is also looking for a seller.
Risk of accidental loss/damage to property	Landlord bears	Bears the lessee
Property insurance subject	Landlord	Most often the lessee

Leasing and taxes

Income tax

For the lessee, leasing payments are considered other expenses (Article 264, paragraph 1 Tax Code RF). Accordingly, the higher the payment, the less income tax you have to pay. This, according to the legislator, stimulates the development of enterprises and the renewal of fixed assets.

When concluding a leasing agreement, there are two options:

1 If the property is left on the balance sheet of the lessor

In this case, the lessee includes the entire amount of the lease payment as expenses.

For example, if the leasing agreement is concluded for 24 months, and total amount payments without VAT is 300,000 rubles, then the monthly amount included by the buyer in his expenses will be: 300,000 rubles / 24 months = 12,500 rubles.

2 If the property is placed on the balance sheet of the lessee

The property must be included in one or another depreciation group at the cost of the lessor's expenses for the purchase of the leased asset and its pre-sale servicing. Depreciation is calculated depending on the group - the multiplying factor for some types of property can reach 3 (depreciation occurs 3 times faster than usual).

The lessee may include the lease payment minus the amount of depreciation of the property as expenses.

Let's take the same example with property leased for 300,000 rubles, and monthly payment 12,500 rubles, and the cost of purchasing the leased item (let it be a computer-controlled machine belonging to the 5th depreciation group) was 200,000 rubles. Minimum term use of property of the 5th group – 85 months. 200,000 rub. / 85 months * coefficient 3 = 7058 RUR.

This amount will be included in expenses to determine the income tax base as the cost of depreciation. Plus, the costs will take into account part of the leasing payment in the amount of 12,500 – 7,058 = 5,442 rubles. As a result, the deduction will still be the same 12,500 rubles, but if it is not completed correctly, income tax will have to be paid without any deductions.

Value added tax

Under leasing agreements, you can receive a VAT refund from the state (Articles 171, 172 of the Tax Code of the Russian Federation). This will happen if you meet the following conditions:

• The leased property is acquired by the lessee for activities subject to VAT.
• The lessor can confirm that he actually provided the lessee with the property (copies of agreements, other documents at the request of the Federal Tax Service).
• The lessee can confirm that he has reflected the leasing transaction in his accounting.
• There is an invoice for the lease payment provided by the lessor to the buyer.

Property tax

If the property remains on the balance sheet of the lessor, the lessee does not pay tax. When registering property on the balance sheet of the lessee, it is possible to reduce property tax due to accelerated depreciation. Tax on movable property is not charged during the period of validity of the leasing agreement, regardless of whose balance sheet it is located on.

Transport tax

It's simple here: this tax is paid by the party that registered the leased vehicle with the State Traffic Safety Inspectorate or Gostekhnadzor, regardless of whose balance sheet the property is on during the period of validity of the leasing agreement.

Frequently asked questions about leasing

Is it possible to close a leasing transaction early?

Most companies provide for early repurchase of the leased asset (this clause must be included in the contract). However, for the lessee this is not the most profitable option: with early payment of the residual value, the repurchase amount is higher and the tax preferences are smaller. In addition, a quick repurchase leads to increased attention to the transaction from outside tax authorities: the Federal Tax Service may cancel the leasing agreement and recognize it as an agreement commodity credit. Then no tax deductions won't happen at all.

In what cases should property purchased under lease be registered in government agencies?

According to the legislation of the Russian Federation, it is necessary to register the following property and the right to it:

• transport (aviation, sea, road)
• high-risk equipment

In each of these cases, the leased asset is registered by agreement between the lessor and the lessee in the name of one of them. If the leasing agreement is terminated due to the lessee's failure to pay regular payments, the registration authorities will cancel the record of the user of the property.

We have government agency. Can we lease property?

Yes, government and municipal institutions has the right to act as a lessee. However, for them, the leasing law (Article 9.1) establishes a number of features:

• The lessor independently determines the seller and is responsible for the timely delivery of the property.
• Payments are made only in cash, barter is not allowed.
• Only leased property can be used as collateral.

The lessor delays the delivery of equipment, citing problems with the supplier. He refuses to compensate for lost time, citing the fact that we looked for the supplier ourselves. Is this legal?

The legislation (Article 34 of the Civil Code of the Russian Federation and Article 22 of the Federal Law “On Financial Lease (Leasing)”) directly indicates that the risk of failure by the supplier to fulfill its obligations under the leasing agreement rests with the party that selected the supplier. Most often, the lessee plays this role. The same applies to the non-compliance of the property with the objectives of the project. If you select equipment and it turns out to be unsuitable, you will be responsible for the costs. If a leasing company was looking for a supplier or equipment, it will pay the costs.

What is subleasing?

This term refers to the transfer of the right to use leased property to third parties. Let's say equipment was leased to implement a project. It's done ahead of schedule. Closing the contract early means incurring losses in terms of tax compensation. A decision is made to sublease the equipment. The former lessee becomes the lessor. In this case, permission to the transaction is required from the original lessor. The new lessee has the same tax preferences as the main lessee. If the main leasing agreement is violated (regular payments are not made), the subleasing agreement is also invalid.

We often hear about fictitious leasing. What it is?

Most often, fictitious leasing is a cover for an installment purchase transaction. Issued in order to receive tax benefits. Since many regions have programs to stimulate economic development, leasing operations there are subsidized by government funds. This also opens up wide scope for fictitious transactions.

In St. Petersburg and Tyumen region At the end of 2017, trials were held in high-profile cases of theft under fictitious leasing agreements: in the first case, 18 million rubles went into the pockets of fraudsters, in the second – over 50 million. The scheme was the same: the authorities received a fake leasing agreement (in fact, no property initially existed and was not transferred), according to which the attackers received the stipulated regional programs compensation of the first installment or interest rate. In the northern capital, an employee of the business support center participated in the scheme, turning a blind eye to the obvious fictitiousness of the contract.

Conclusion

So, leasing is one of the most convenient financial instruments that allows a company to update fixed assets or purchase equipment for the development of new business areas. Its main advantage is that an entrepreneur does not need to invest large sums to implement his plans. own funds and jeopardize the financial stability of the company.

The state provides a number of benefits and tax preferences for companies that use leasing schemes for their development. Some particularly enterprising individuals are trying to benefit from this by using fictitious leasing, but for such things you can get a conviction under the article of the Criminal Code of the Russian Federation “Fraud.”

It must be borne in mind that leasing cannot replace a loan in every case: careful calculation must precede decision-making upcoming expenses and taking into account the surrounding circumstances. However, the prevalence of leasing in the Russian Federation suggests that very often it is the best option for expanding your business.

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Depending on the number of participants in the transaction, direct and indirect types of leasing are distinguished. The first type of leasing occurs in a situation where the lessor at the same time supplies the property, and the transaction is bilateral in nature.

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In indirect leasing, the asset provider and the leaseholder have financial intermediaries. If there is only one intermediary, then this is a regular transaction with three parties. With the increase in the number of intermediaries, complex transactions are carried out involving many parties.

What it is

Leasing - type financial services, a form of lending for the purchase of fixed assets by companies or expensive goods for individuals. persons. The lessor undertakes to buy the stipulated property from the specified seller and provide this property to the leasing recipient for payment for temporary use. This is often done for business purposes.

In world practice, consumer leasing is widespread. The agreement may provide that the lessor makes the choice of the seller and the assets to be purchased. The lease recipient may initially be the owner of the assets.

The legislation of different states treats differently tax consequences leasing In Russia, leasing allows the use of rapid depreciation, and it is possible to split the time for paying taxes. In essence, leasing is a long-term lease of property with a further right of purchase.

In case of direct leasing, at the end of the leasing agreement, all rights of ownership of the leased asset are transferred to the leasing recipient.

Kinds

There are such basic forms leasing:

• Financial leasing is a type of leasing in which the lessor pays the full price of the leased asset and guarantees a profit to the lessor. The amount of money paid by the leasing recipient can be divided into: the amount of the supply price and the lessor's profit. A feature of financial leasing is that at the end of the contract period, the lease recipient receives the subject of the agreement, it becomes his possession.
• The second type of leasing is operational. This is an agreement under which the transfer of assets is made for a period less than the amortization period. The main feature is that the subject of the transaction is returned to the lessor. This type is often used once. With operational leasing, increased leasing payments are paid compared to financial type leasing

According to Russian legislation, there are two main forms of leasing: domestic and international. When implementing the first type of leasing, the leasing recipient and the seller are residents of Russia. It is regulated by Russian laws.

If the lessor is a non-resident of Russia, that is, the subject of the agreement is in the possession of a non-resident of Russia, then the international leasing agreement is controlled by laws in the field of foreign economic activity.

There are three main types of leasing:

• Long-term – leasing carried out for three or more years.
• Medium-term - leasing, which is carried out for a period of one and a half to three years.
• Short-term - leasing, which is carried out for less than one and a half years.

In relation to leased assets, leasing is divided into:

• Net, when all costs for servicing assets are assumed by the leaseholder. At the same time, he forwards the net payments to the landlord. Many services at Russian market leasing are of this type.
• Full leasing, when the lessor covers all the costs of servicing the assets. It is usually used by the supply manufacturers themselves. In terms of price, the full type of leasing is one of the most expensive, because the lessor’s costs for technical service, repairs, supply of components, etc. increase.
• Partial, when the lessor is responsible for only some functions for servicing assets.

By type of financing, leasing is divided into:

• Urgent, when the leasing transaction is carried out once.
• Renewable, in which after the initial period the leasing agreement is extended for another period. At the same time, after a certain period of time, depending on wear and tear, the objects of the transaction are replaced with better samples. The leasing recipient himself changes all supplies. The number of transaction objects and the time of their application according to the renewable type are not discussed in advance by the parties.

A type of renewable leasing is the general type, which allows the leasing recipient to replenish the number of leased supplies without signing new agreements.

This is a significant factor for organizations with a continuous production cycle and with large contractual cooperation with partners. The general type of leasing is used when quick delivery or replacement of supplies is needed, and there is usually no time needed to work out and sign a new agreement.

According to the terms of the agreement, during the general type, the leasing recipient, in a situation of urgent need for additional supplies, will only have to send the lessor a request for the supply of the necessary supplies with a link to the required catalog or list.

At the end of the period for which the contract is signed, leasing payments are calculated taking into account the varying timing of the lessor's costs and another contract is signed.

Depending on the composition of leasing subjects, the following types are distinguished:

• Direct leasing, in which the owner of the assets himself leases out the object. The leasing organization is not involved in this transaction.
• Indirect leasing, when the transfer of assets for leasing is done through an intermediary company. Such a transaction is similar to a regular leasing operation, because it involves three parties.
• Separate type. This type of leasing is known as a type of financing for difficult, large-scale projects. It is also called group or joint-stock with the participation of several supplier organizations and attracting money from a number of banking organizations, as well as insurance of leased assets.

A characteristic feature of this type of leasing is that lessors guarantee only part of the amount that is needed to purchase the leased object. This money is attracted and accumulated by issuing shares and distributing them to landlords, who play a role in the transaction.

The remaining share of the contract price of the transaction object is financed by creditors. At the same time, they do not have the right to claim loan debt from lessors. In such transactions, due to the large number of parties involved, there is: a creditor's attorney to coordinate the actions of the lenders, and a landlord's attorney to manage the joint actions of the counterparties.

The landlord's attorney acts as the nominee landlord and takes title as the owner of the supply. He also divides the income between the participants.

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Direct international leasing

Direct international leasing is an agreement in which all actions are carried out between commercial companies with legal rights persons from two different states. Export leasing may take place here.

The attractiveness of this type of leasing lies in the following circumstances:

• The lessor can obtain an export loan in his country and expand the market for his goods and services.
• The tenant guarantees full financing of the use of modern supplies and rapid technical re-equipment of production.

Agreement

When concluding a leasing transaction, the necessary agreement is signed. The first point in a direct leasing agreement is who will be considered the owner of the acquired assets. The first option is that the lease recipient, as a buyer and user, becomes the owner.

Another option is when the leasing organization becomes the owner, and the leasing recipient rents the property.

There are some pitfalls here:

• If for some reason the lease recipient is unable to pay lease payments, the leasing organization may fine the recipient or seize the assets leased.
• The lessee organization may change its management, which may simply keep the leased object in its possession or change the payment schedule.
• An organization may go bankrupt, then creditors may take its assets for themselves.

Although there is a positive side to the sale of purchased assets into the ownership of a leasing organization, this results in a kind of protection of the leased asset from raider takeovers and arrests by the court.

Essence and mechanism of implementation

With direct leasing, the owner of the property himself leases the object. One of the types of direct leasing is the reversionary type. This is a system of interconnected agreements in which the company that owns land, buildings, structures or supplies sells this property financial organization with the execution of a long-term lease of property under leasing conditions.